Bitcoin mining revenues fell 20% in November
Stocks soared near key technical levels as traders await today's employment data for clues on the Fed's next move.
The highly resilient US job market is expected to cool, but capturing labor market milestones can be difficult. The dollar index fell to its lowest level since June this year, and the 10-year Treasury yield fell 10 basis points. In the crypto market, Thursday's rally was short-lived as traders remained cautious about the industry's outlook and macroeconomic uncertainty. Major cryptocurrencies have struggled to defend their restored support levels.
Bitcoin mining revenues fell 20% in November
As the assessment is prepared, Bitcoin's price action remains volatile around $17,000, after reporting a marginal loss in the past 24 hours. Similarly, Ethereum is trading slightly lower than a day ago, changing hands around $1,280. The market's performance in November put an end to the "ultrasound money" narrative for now, as the daily supply of Ethereum once again returned to the inflationary model. Medium to large-volume altcoins have seen mixed performances, with TWT taking the lead, up 9% over the same period. BTC mining revenues fell 20% in the mining sector in November to approximately $472.64 million. While most of the revenue comes from block reward subsidies, only 3% comes from transaction fees.
NFT marketplace Magic Eden is preparing to introduce a code that will allow NFT creators on the platform to enforce creator copyrights on new collections. The move comes shortly after the Solana-based marketplace announced that it will soon be making a move towards an optional royal model that will allow buyers and sellers to determine what percentage of sales go to the original artist. Magic Eden's earlier decision not to enforce creator copyrights sparked criticism from the community. The latest solution, called Open Creator Protocol (OCP), is built on Solana's SPL-managed token standard. It will help enforce copyrights on all collections that adopt the protocol, and will allow users to ban marketplaces that do not charge royalty on their collections. Copyrights for new collections leaving the OCP will remain optional.
