A Reuters poll shows over 80% of economists expect the Federal Reserve to cut interest rates by 25 basis points in December.
Author: TechFlow
Yesterday's Market Dynamics: US initial jobless claims for the week ending November 29 were 191,000, below the expected 220,000; the previous week's figure was revised from 216,000 to 218,000.
According to Jinshi Data, US initial jobless claims for the week ending November 29 were 191,000, below the expected 220,000; the previous week's figure was revised from 216,000 to 218,000.
Reuters Poll: Over 80% of Economists Expect Fed to Cut Rates by 25 Basis Points in December
According to Jinshi Data, a Reuters poll shows that the Federal Reserve will cut interest rates by 25 basis points at its December meeting to support the cooling labor market. Of the 108 economists surveyed, 82% (89 economists) hold this view. This strong consensus is largely consistent with the November survey results and aligns with the nearly 85% probability of a rate cut in the interest rate futures market, but it contrasts sharply with the widening divergence among policymakers—who disagree on whether the global economy needs further easing next year. The survey's forecasts for 2026 reflect this lack of consensus. While the median forecast indicates two more rate cuts, bringing the federal funds rate down to 3.00-3.25% by year-end, no clear majority has been formed for any quarter.
Ethereum L2 Network Base Launches Solana Cross-Chain Bridge
According to The Block, Coinbase-incubated Ethereum Layer 2 network Base announced on Thursday the official launch of a cross-chain bridge connecting to Solana, an integration powered by Chainlink's Cross-Chain Interoperability Protocol (CCIP).
This integration will allow developers on Base to natively support Solana's SPL token in their applications, while also allowing users to export Base assets to the Solana network. The Base team stated that this is a significant step towards its goal of becoming the "center of the economy," enabling users to transfer assets across blockchains at "internet speeds," regardless of which blockchain the assets reside on.
Blockaid: Pepe's Official Website Attacked, Links Redirected to Malicious Sites
According to Cointelegraph, cybersecurity firm Blockaid discovered that the Pepe website suffered a front-end attack, with attackers redirecting links to malicious sites.
Blockaid detected that the website contained Inferno Drainer code. Inferno Drainer is a fraud toolkit used by threat actors for phishing website templates, wallet drainers, and social engineering tools.
Lighter Announces Spot Trading Functionality
Decentralized exchange Lighter announced the upcoming launch of spot trading functionality. Users can now deposit, withdraw, and transfer ETH on the platform.
HSBC: Current Private Chain Standard for Tokenized Deposits is Compatible with Ethereum and ERC-20
According to Caixin, Sun Lei, Global Director of Local and Innovative Payment Products at HSBC Global Payment Solutions, stated in an interview that HSBC has long invested resources in promoting tokenized deposit business. Even if only 5%-10% of commercial bank deposits are tokenized in the future, it will still far exceed the scale of any cryptocurrency currently on the market. HSBC's current private chain is technically compatible with Ethereum's EVM and ERC-20 standards. It is not ruled out that some user scenarios may require choosing a public chain technology route in the future. Regarding whether to launch tokenized loans, HSBC is already discussing related programming applications with clients.
Twenty One Capital Expected to List on the NYSE on December 9th
According to BUSINESS WIRE, Bitcoin investment firm Twenty One Capital and special purpose acquisition company Cantor Equity Partners (NASDAQ: CEP) announced that CEP shareholders approved the proposed merger of their businesses at a special shareholders' meeting.
The merger is expected to close on December 8th, and the combined company will operate as Twenty One Capital. Its Class A common stock is expected to begin trading on the New York Stock Exchange on December 9th under the ticker symbol "XXI".
TD Cowen lowers Strategy's price target to $500
According to Decrypt, investment bank TD Cowen on Wednesday lowered its price target for Strategy, the world's largest holder of Bitcoin, from $535 to $500, citing increased stock price volatility and exacerbated shareholder dilution. Strategy recently announced it has raised $1.44 billion to build cash reserves, primarily for preferred stock dividends, and stated it may sell its Bitcoin holdings if necessary.
Strategy has issued $7.7 billion in preferred stock this year, but its stock price has fallen by about 24% in the past month and is currently hovering near a 13-month low, resulting in a greater-than-expected dilution effect. TD Cowen analysts believe that while building liquidity reserves is a prudent move, the company's high volatility necessitates reducing its earnings multiple from 9x to 5x.
Meanwhile, investment bank Benchmark is optimistic about Strategy, raising its 2026 price target to $705, believing the company's stock remains "one of the most promising asymmetric investment vehicles in the global market" due to its unparalleled fundraising capabilities and potential gains from Bitcoin's rise.
BlackRock CEO: Multiple Sovereign Funds Are Increasing Holdings During BTC Price Decline
According to Forbes, BlackRock CEO Larry Fink revealed that multiple sovereign funds are increasing their holdings during the Bitcoin price decline. Fink stated that "many sovereign funds are on the sidelines" and "gradually buying" as Bitcoin's price fell from its peak of $126,000. He confirmed that these funds "bought more" in the $80,000 range, establishing long-term holdings.
Recently, sovereign funds from Abu Dhabi and Luxembourg have disclosed purchasing shares in BlackRock's IBIT Bitcoin fund. Fink warned at an event with Coinbase CEO Brian Armstrong that other countries will surpass the US if it doesn't accelerate its digitalization and tokenization efforts.
Digital Asset Announces $50 Million Funding Round with Participation from BNY Mellon, Nasdaq, and Others
According to PRNewswire, blockchain technology company Digital Asset announced it has secured strategic investments of $50 million from BNY Mellon, iCapital, Nasdaq, and S&P Global. This investment reflects the accelerating convergence of traditional finance (TradFi) and decentralized finance (DeFi).
Digital Asset is the creator of Canton Network, which currently supports over $6 trillion in on-chain assets, covering multiple asset classes including bonds, stocks, money market funds, alternative investment funds, and commodities. Over 600 institutions have participated in its ecosystem. CEO Yuval Rooz stated that the participation of these institutions reinforces the necessity of building blockchain infrastructure for regulated markets. All investors have expressed their intention to deepen their cooperation with Digital Asset to advance the construction of next-generation financial market infrastructure.
Portal to Bitcoin, a Bitcoin-native interoperability protocol, has raised $25 million in funding, led by JTSA Global.
According to Cointelegraph, Portal to Bitcoin, a Bitcoin-native interoperability protocol, has raised $25 million and launched an atomic OTC platform based on Hash Time Locked Contracts (HTLCs).
This funding round was led by digital asset lending firm JTSA Global. The project had previously received investment from Coinbase Ventures, OKX Ventures, Arrington Capital, and other institutions.
Portal to Bitcoin founder and CEO Chandra Duggirala stated that the protocol aims to "make Bitcoin a settlement layer for global asset markets, eliminating the need for bridging, custody, or packaging assets." The platform is built on the BitScaler Layer 3 network and uses a Lightning Network-like architecture, operating through a validator consortium as the central node and liquidity providers as radiating nodes.