November Jobs Report Bolsters Case for Fed Rate Cut, Boosting Bitcoin Outlook

The U.S. economy added 227,000 jobs in November, surpassing expectations, but a rise in unemployment to 4.2% has strengthened predictions of a Federal Reserve interest rate cut later this month. Analysts suggest lower rates could weaken the dollar and boost Bitcoin, with Grayscale’s Zach Pandl and others forecasting extended crypto market gains into the New Year. The Fed is now widely expected to reduce rates by 0.25% following its December meeting, further supporting Bitcoin’s rally potential.

Crypto Enters a New Era of Growth and Integration

The 2024 Chainanalysis Cryptocurrency Report reveals rapid growth in the crypto ecosystem:

• Bitcoin Milestones: BTC hit all-time highs of $73K in March and $100K in December 2024.

• DeFi Resurgence: Activity returned to record highs, paralleling broader market rallies.

• Stablecoin Dominance: Stablecoins now account for up to 75% of on-chain transaction volume, driven by global demand for financial stability.

• Bitcoin ETFs: Daily BTC ETF trading volumes neared $10 billion, making it the fastest-growing ETF in history, surpassing gold ETFs.

• Tokenization Growth: Real-world asset (RWA) projects exceeded $100 billion in market cap, with institutional players like Goldman Sachs entering the space.

• Wallet Growth: Over 400 million wallets now hold crypto, reflecting steady global adoption.

Ripple CTO Optimistic About Stablecoin Launch Despite Holiday Hurdles

Ripple’s CTO David Schwartz expressed optimism about launching the Ripple USD (RLUSD) stablecoin by the end of the year, despite acknowledging potential delays caused by the holiday season. RLUSD, a U.S. dollar-pegged stablecoin, is set to operate on the XRP Ledger and Ethereum, with testing initiated in August. Schwartz highlighted the complexities of coordinating with partners and adhering to stringent compliance reviews by the New York State Department of Financial Services, a key regulator. While hopeful for a timely launch, Ripple remains focused on ensuring a smooth rollout amid these challenges.

OFAC sanctions TGR Group over money laundering network using USDT and crypto for Russian interests

The U.S. Treasury’s OFAC, in collaboration with the UK and UAE, sanctioned five individuals and four entities tied to the TGR Group. Led by Ukrainian national George Rossi, the group facilitated cash-for-crypto exchanges, prepaid cards, and property purchases for Russian nationals in the UK, using the sanctioned crypto exchange Garantex for USDT transactions. The network spanned global entities, including Wyoming-based Pullman Global Solutions and UK-based TGR Corporate Concierge, linked to laundering Hydra dark market funds. CoinDesk reports Tether froze $8 million in USDT linked to the scheme.

Resources:

Cointelegraph

Chainalysis

The Block

Protos