5 Things to Know in Crypto Today – NASDAQ Composite Delivers $1 Trillion

Key Insights:

• XRP and the broader crypto market are in rally mode, with the crypto market cap returning to $1 trillion for the second time since September 13.
• The US jobs report delivered the perfect combination of numbers for the NASDAQ Composite Index and the crypto market.
• Mainstream players continue the expansion into the crypto space, with MoneyGram and Fidelity in the news.

US Jobs Report Drives Demand for Riskier Assets and a Dollar Slide

On Friday, the all-important US jobs report delivered perfect numbers for the NASDAQ Composite Index and the crypto market.

In October, average earnings rose by 4.7% year-over-year versus 5.0% in September, with the unemployment rate up from 3.5% to 3.7%. The unemployment rate rise came despite the participation rate falling from 62.3% to 62.2% and a 261k increase in nonfarm payrolls.

Notably, the wage growth figures showed early signs of easing price pressure that could allow the Fed to take its foot off the gas.

In response, the NASDAQ Composite Index ended the day up 1.28%, with the S&P 500 gaining 1.36%.

Beyond the US equity markets, the crypto market is up $53.5 billion to $1,010 billion, with 85 minutes (UTC) of the session remaining. The return to $1 trillion is only the second since the US CPI report on September 13.

The probability of a 75-basis point Fed rate hike in December also tumbled alongside the Dollar Spot Index (DXY), which slid by 1.82%.

According to the FedWatch Tool, the probability of a 75-basis point rate hike stands at 38.5%, down from 43.4% one week earlier.

Polygon (MATIC) Continues the Charge on News of Instagram NFTs

Today, polygon (MATIC) is up 24.15% to $1.1805 as bullish sentiment allowed investors to respond further to Wednesday’s Instagram news.

On Wednesday, Meta (META) updated a May 2022 announcement, stating,

“Creators will soon be able to make their own digital collectibles on Instagram and sell them to fans, both on and off Instagram.”

The announcement went on to say,

“They’ll have an end-to-end toolkit – from creation (starting on the Polygon blockchain) and showcasing, to selling.”

MATIC hit a day high of $1.1979, its highest level since $1.2455 on April 29.

XRP Revisits $0.50 on Investor Sentiment Toward the SEC v Ripple Case

Today, XRP is up 9.58% to $0.4985. Notably, XRP revisited $0.50 for the first time since October 14.

While the US jobs report drove demand for riskier assets, XRP and solana (SOL) lead the top ten responses.

Investor optimism toward the SEC v Ripple case supported the return to $0.50. Court rulings in favor of Ripple Labs and executives have provided an XRP price cushion, reflecting investor sentiment toward the SEC v Ripple case. XRP last visited sub-$0.40 on September 21.

XRP has enjoyed an upward, albeit choppy, trend since the early Motions for Summary Judgment filings on September 17.

Robinhood (HOOD) Faces a New Rival in the Crypto Space

This week, Fidelity Digital Assets reportedly announced zero commission crypto trading on the Fidelity Investments App. Fidelity will also launch a crypto educational program to draw in new crypto investors as signs emerge of a possible end to the crypto winter.

Fidelity’s plans will be a headache for Robinhood (HOOD), which released its Q3 2022 results on Tuesday. According to the press release, cryptocurrency transaction-based revenues fell 12%, while revenues increased for options (10%) and equities (7%).

Payment Platform MoneyGram Enters the Crypto Trading Space

This week, MoneyGram (MGI) announced the introduction of a new crypto service. According to the statement,

“Consumers in the US can now trade and store bitcoin (BTC), ethereum (ETH), and litecoin (LTC) by using the Company’s leading mobile app.”

The news created renewed investor interest in LTC, which has struggled over the crypto winter. Up 8.97% today, LTC is up 22% for the week.