5 Things to Know in Crypto Today – XRP Joins the Market Recovery

Key Insights:

• XRP and the broader crypto market are in recovery after the Fed Chair Powell-fueled sell-off on Wednesday.
• Arweave (AR), Litecoin (LTC), and polygon (MATIC) lead a bullish morning session.
• Crypto Winter news continues to hit the wires, however.

XRP Joins the Broader Crypto Market in Recovery Mode

On Wednesday, Fed Chair Powell wiped $41 billion off the crypto market cap in a few hours. Powell poured cold water on investor hopes of a December Fed pivot. The Fed Chair warned the markets of high inflation and the need to continue with aggressive policy moves to bring inflation to target.

Riskier assets found buyer support this morning. The crypto market is on track to reverse a $20.8 billion loss from the Wednesday session.

However, market volatility will likely pick up later today. US economic indicators could support Powell’s more hawkish stance. We expect the ISM Non-Manufacturing PMI and its sub-components to draw the most investor interest.

A pickup in hiring and prices could test today’s bullish sentiment.

While arweave (AR), litecoin (LTC), and polygon (MATIC) lead the way, XRP is also on the move. Hopes of a favorable outcome to the SEC v Ripple case continue to limit the downside.

This morning, the crypto market was up $15.2 billion to $966.8 billion, with XRP up 1.26% to $0.4559.

Polygon (MATIC) Responds to News of Instagram NFTs

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.”

Investors responded favorably to the news, with MATIC up 10.64% to $0.9659 this morning.

JPMorgan Executes DeFi Trade on Public Blockchain in Singapore

On November 2, the Monetary Authority of Singapore announced the completion of its first live trades under Project Guardian, which ‘explores potential decentralized finance (DeFi) applications in wholesale funding markets.’

According to the announcement,

“DBS Bank, JP Morgan (JPM), and SBI Digital Asset Holdings conducted foreign exchange and government bond transactions against liquidity pools comprising of tokenized Singapore Government Securities Bonds, Japanese Government Bonds, Japanese Yen (Yen), and Singapore Dollar (SGD).”

Robinhood (HOOD) Sees Revenue Fall 12% in Q3 2022

On Tuesday, Robinhood (HOOD) released its Q3 2022 results. According to the press release, cryptocurrency transaction-based revenues fell 12%, while revenues increased for options (10%) and equities (7%).

While transaction-based revenues fell, Robinhood enhanced user experiences in the quarter. Notably, the report stated,

“Robinhood rolled out the beta version of Robinhood Wallet, our self-custody, web3 wallet to the first ten thousand customers on the waitlist. The approachable, standalone app gives customers total control of their crypto, allowing them to trade and swap with no network fees.”

In the quarter, Robinhood also expanded its coin listings to include USD Coin (USDC), cardano (ADA), uniswap (UNI), stellar lumen (XLM), and avalanche (AVAX).

Dapper Labs Announces 22% Reduction Citing Macroeconomic Factors

This morning, Founder and CEO of Dapper Labs Roham Gharegozlou announced a 22% cut in the Dabber Labs workforce. In the announcement, the Dapper Labs CEO said,

“These reductions are the last thing we want to do, but they are necessary for the long-term health of our business and communities. We know web3 and crypto is the future across a multitude of industries – with 1000x potential from here in terms of mainstream adoption and impact— but today’s macroeconomic environment means we aren’t in full control of the timing.”

The announcement coincided with news of NBA Top Shot having its worst month since 2020. According to CryptoSlam, sales totaled $2.68 million in October 2022, down from $4.68 million in September. October sales were the lowest since $0.87 million in December 2020. Sales peaked in February 2021 at $224.07 million.