Crypto Morning Brief: Jobs data exceeds expectations, BTC breaks through $90,000

Author: TechFlow

Market Highlights from Yesterday

BTC surged past $90,000 and ETH broke $3,000 early this morning

According to HTX market data, BTC broke $90,000 early this morning, currently trading at $90,507.98, up 4.03% on the day.

ETH surpassed $3,000, now at $3,028.04, rising 3.49% during the session.

U.S. extends partial tariff exemptions on China until November 10, 2026

According to Jiemian News, on November 26 local time, the Office of the U.S. Trade Representative announced an extension of tariff exemptions related to China's technology transfer and intellectual property issues under Section 301 investigations until November 10, 2026. The previous exemptions were set to expire on November 29 this year.

Fed Beige Book: Economic activity largely unchanged recently, consumer spending polarization intensifies

According to Jinshi Data, the Federal Reserve's Beige Book shows that economic activity in the U.S. has remained mostly flat in recent weeks, with overall consumer spending continuing to decline except among high-end consumers. The report notes a slight weakening in the labor market and prices increasing moderately. The Fed stated: "Overall economic outlook remains stable, though some businesses warn of risks of economic slowdown in the coming months, while the manufacturing sector expresses cautious optimism." Due to the longest government shutdown in U.S. history, which disrupted key economic data collection through November 12, field surveys reflecting real business and consumer conditions have drawn significant attention lately. Fed officials will not have access to complete labor market and inflation data for October–November ahead of their December policy meeting.

U.S. initial jobless claims for the week ending November 22: 216,000, below expected 225,000

U.S. initial jobless claims for the week ending November 22 came in at 216,000—the lowest since the week of April 12, 2025—compared to an expected 225,000 and a prior revised figure of 222,000 (originally reported as 220,000).

Uniswap: “UNIfication” proposal contract deployed on Ethereum mainnet, ready for on-chain voting

According to an official announcement, Uniswap’s “UNIfication” proposal contract has been deployed on the Ethereum mainnet and is ready for on-chain voting. Anyone who discovers a critical vulnerability can receive a reward of up to $15.5 million.

Previous updates indicate the proposal includes:

• Enabling protocol fees, with all collected fees used to burn UNI;

• A one-time burn of 100 million UNI tokens from the treasury;

• Establishing a Protocol Fee Discount Auction (PFDA) to boost liquidity provider returns;

• Upgrading Uniswap v4 into an on-chain aggregator that collects fees from external liquidity;

• Adjusting the relationship between Uniswap Labs and the Foundation to jointly focus on protocol development.

Vitalik announces donation of 128 ETH each to Session and SimpleX, supporting privacy communication development

Ethereum co-founder Vitalik Buterin announced on social media this morning that he has donated 128 ETH each to two privacy-focused encrypted messaging apps, Session and SimpleX Chat.

Vitalik emphasized that encrypted communication is crucial for protecting digital privacy, highlighting two key development directions: permissionless account creation and metadata privacy protection. He noted that Session and SimpleX Chat are advancing these areas, while challenges remain in decentralization, metadata protection, multi-device support, and Sybil/DoS resistance—areas requiring more developer contributions for improvement.

Cosmos Hub launches ATOM tokenomics research, adopting revenue-driven model

Cosmos Hub has officially launched its ATOM tokenomics research initiative, aiming to design a sustainable, revenue-based token economic model reflecting ATOM’s central role within the Cosmos ecosystem. The research will proceed in five phases: request for proposals, research team selection, information gathering, analysis of findings, and governance voting.

The study will focus on establishing a foundational tokenomics model based on actual revenue, rather than jumping directly into specific mechanisms or flywheel designs. Cosmos Labs stated this approach will move beyond the limitations of circular token economies by driving long-term ATOM growth through sustainable revenue generated from enterprise adoption of the Cosmos tech stack.

The community will play a key role throughout the process, including selecting research teams, providing feedback, and participating in final on-chain votes. Cosmos Labs called this potentially “one of the most important governance proposals in Cosmos history.”

Huma Finance announces second-season airdrop claim portal is live

According to an official announcement, Huma Finance has launched its second-season airdrop claim portal.

Binance Wallet rolls out “on-chain stock trading” feature

According to official news, Binance Wallet has added an on-chain stock trading feature.

Strategy: Even if BTC drops to average cost of $74,000, assets still worth 5.9x convertible debt

Strategy posted on social media early today: “If Bitcoin falls to our average cost of $74,000, we still hold assets worth 5.9 times our convertible debt—we call this Bitcoin’s credit rating for debt. If Bitcoin drops to $25,000, the ratio would be 2.0x.”

S&P downgrades Tether stability score to weakest level, citing reserves’ vulnerability to Bitcoin price drops

According to The Block, S&P Global Ratings has downgraded Tether’s USDT stability assessment to level 5—the weakest on its scale—due to increased risk exposure in its reserve assets. S&P’s report indicates Bitcoin now accounts for approximately 5.6% of USDT’s circulating supply, exceeding the 3.9% reserve buffer implied in Tether’s latest Q3 attestation, meaning a sharp drop in Bitcoin’s price could leave USDT under-collateralized.

As of September 30, Tether’s high-risk assets—including Bitcoin, gold, secured loans, and corporate bonds—made up 24% of its reserves, up from 17% a year earlier. S&P cited these exposures, along with ongoing concerns over reserve transparency, as the primary reasons for the downgrade.

MIIT and five other departments: Support platform enterprises in applying VR, Metaverse, AI, blockchain, and other digital intelligence technologies to enhance consumer experiences

According to Wall Street Insights, the Ministry of Industry and Information Technology (MIIT), National Development and Reform Commission (NDRC), Ministry of Commerce, Ministry of Culture and Tourism, People’s Bank of China, and State Administration for Market Regulation jointly issued the “Implementation Plan on Enhancing Consumer Goods Supply-Demand Alignment to Further Promote Consumption.” The plan proposes orderly development of platform-based consumption, including live-stream e-commerce, instant retail, curated retail, and circular e-commerce. It encourages platforms to use AI technologies lawfully and compliantly to analyze user demand and deliver personalized product and service recommendations. Platforms are supported in applying digital-intelligence technologies such as virtual reality, metaverse, artificial intelligence, and blockchain to create multi-scenario, immersive consumer experiences. The plan also urges platforms to promote brand and quality-driven consumption campaigns, strengthen responsibility, verify merchant qualifications and product information, and improve fast-resolution mechanisms for consumer disputes.

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