Encryption Daily: Employment data exceeds expectations, BTC breaks 90,000 USD

Author: Deep Tide TechFlow

Market dynamics yesterday

Early this morning, BTC broke through 90,000 USD, and ETH broke through 3,000 USD.

According to HTX market data, BTC broke through 90,000 USD early this morning, currently reported at 90,507.98 USD, with a daily increase of 4.03%.

ETH broke through 3000 USD, currently at 3028.04 USD, with an intraday increase of 3.49%.

The United States has extended the exemption period for some tariffs on China until November 10, 2026.

According to a report by Jiemian News, on November 26 local time, the Office of the United States Trade Representative announced that it will extend the exemptions for tariffs established under the Section 301 investigation concerning China's technology transfer and intellectual property issues until November 10, 2026. The existing exemption was originally set to expire on November 29 of this year.

Federal Reserve Beige Book: Economic activity has remained largely unchanged in recent weeks, with increasing polarization among consumers.

According to a report from Jinshi Data, the Federal Reserve's Beige Book indicates that U.S. economic activity has remained largely unchanged in recent weeks, with overall consumer spending declining further, except for high-end consumer groups. The Beige Book notes a slight weakening in the U.S. labor market, with prices continuing to rise moderately. The Federal Reserve stated in the report: “Overall economic outlook remains stable, and some surveyed companies have warned of the risk of an economic slowdown in the coming months, while the manufacturing sector shows cautious optimism.” Due to the longest government shutdown in U.S. history, which lasted until November 12, key economic data collection was interrupted, making recent on-the-ground surveys reflecting the actual conditions of businesses and consumers particularly noteworthy. Federal Reserve officials will not have access to complete labor market and inflation data for October and November before the December policy meeting.

The number of initial jobless claims in the U.S. for the week ending November 22 was 216,000, expected to be 225,000.

The number of initial jobless claims in the United States for the week ending November 22 was 216,000, the lowest since the week of April 12, 2025, compared to expectations of 225,000, and the previous value was revised from 220,000 to 222,000.

Uniswap: The “UNIfication” proposal contract has been deployed to the Ethereum mainnet, ready for on-chain voting.

According to the official announcement, Uniswap's “UNIfication” proposal contract has been deployed to the Ethereum mainnet, ready for on-chain voting. Anyone who discovers a serious vulnerability will be rewarded with up to $15.5 million.

According to previous news, the main content of the proposal includes:

Enable protocol fees, all collected fees will be used to burn UNI;

Burn 100 million UNI tokens from the treasury in one go.

Establish protocol fee discount auction ( PFDA ), increase liquidity provider earnings;

Upgrade Uniswap v4 to an on-chain aggregator, charging fees from external liquidity;

Adjust the relationship between Uniswap Labs and the foundation to jointly focus on protocol development.

Vitalik announced this morning that he donated 128 ETH each to Session and SimpleX, stating his support for the development of privacy communications.

Ethereum co-founder Vitalik Buterin posted on social media this morning that he has donated 128 ETH each to two privacy-focused cryptocurrency communication applications, Session and SimpleX Chat.

Vitalik stated that encrypted communication is crucial for protecting digital privacy, and two important development directions in this field are permissionless account creation and metadata privacy protection. Session and SimpleX Chat are driving the development in these directions. He also pointed out that decentralization, metadata protection, multi-device support, and resistance to Sybil/DoS attacks remain challenges that require more developers to invest in improving such privacy communication tools.

Cosmos Hub launches ATOM token economics research, adopting a revenue-driven model.

Cosmos Hub officially launches the ATOM token economics research program, aimed at designing a sustainable, income-based token economic model to reflect the core position of ATOM in the Cosmos ecosystem. The research will be conducted in five stages: proposal request, research team selection, information collection, research results analysis, and governance voting.

The research will focus on a foundational model of token economics based on actual income, rather than jumping directly into individual mechanisms or flywheel designs. Cosmos Labs stated that this model will break free from the limitations of cyclical token economic systems, driving the long-term growth of ATOM through sustainable income generated by enterprises adopting the Cosmos technology stack.

The community will play a key role throughout the process, including participation in the selection of research teams, providing feedback, and ultimately on-chain voting. Cosmos Labs claims this could be “one of the most important governance proposals in the history of Cosmos.”

Huma Finance announces that the second quarter airdrop query is now live.

According to the official announcement, Huma Finance has announced that its second quarter airdrop inquiry is now live.

Binance Wallet has launched the “On-chain Stock Trading Feature”

According to official news, Binance Wallet has added an on-chain stock trading feature.

Strategy: Even if BTC drops to the average cost price of $74,000, the asset is still 5.9 times the convertible bond.

Strategy stated on social media early this morning: “If the price of Bitcoin falls to our average cost price of $74,000, we still have assets equivalent to 5.9 times our convertible debt, which we refer to as the Bitcoin rating of the debt. If the price of Bitcoin falls to $25,000, that ratio would be 2.0 times.”

S&P has downgraded Tether's stability rating to the weakest level, stating that reserves cannot withstand a drop in Bitcoin.

According to The Block, S&P Global Ratings has downgraded Tether's USDT stability assessment to the weakest level 5 on its scale, citing an increase in the risk components of its reserve assets. According to the S&P report, Bitcoin now accounts for about 5.6% of the circulating USDT, surpassing the 3.9% reserve buffer implied in Tether's latest third-quarter proof, which means a significant drop in Bitcoin's price could lead to insufficient collateral for USDT.

As of September 30, Tether's high-risk assets (including Bitcoin, gold, secured loans, and corporate bonds) accounted for 24% of reserves, up from 17% a year ago. S&P noted that these risk exposures, along with ongoing issues with reserve transparency, are the main reasons for the downgrade.

Ministry of Industry and Information Technology and six other departments: Support platform enterprises in applying digital technologies such as virtual reality, metaverse, artificial intelligence, and blockchain to create consumer experiences.

According to reports from Wall Street News, the Ministry of Industry and Information Technology, the National Development and Reform Commission, the Ministry of Commerce, the Ministry of Culture and Tourism, the People's Bank of China, and the State Administration for Market Regulation issued the “Implementation Plan for Enhancing the Adaptability of Supply and Demand for Consumer Goods to Further Promote Consumption.” The plan proposes to orderly develop platform consumption. It calls for the orderly development of new business formats such as live e-commerce, instant retail, curated retail, and circular e-commerce. It encourages platform enterprises to legally and compliantly utilize artificial intelligence technology to explore user needs and match and push products and services. It supports platform enterprises in applying digital technologies such as virtual reality, the metaverse, artificial intelligence, and blockchain to create multi-scenario, immersive consumption experiences. It guides platform enterprises to carry out brand quality promotion activities to stimulate consumption. It emphasizes the main responsibility of platform enterprises, strengthens the qualification review of operators and the verification of product information, and improves the rapid processing mechanism for consumer disputes.

Market Dynamics

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