Crypto News Key Highlights:
October's non-farm payroll data fell short, recording 150k jobs versus the 180k forecast. The unemployment rate ticked up from 3.8% to 3.9%, and average hourly earnings showed mixed results, with yearly gains but a slight monthly dip. The FOMC meeting earlier raised both hawkish and dovish concerns, including ongoing tightening and economic prospects.

https://www.coingabbar.com/en/crypto-currency-news/crypto-daily-roundup-nov-weak-nfp-boosts-crypto-amid-usd-drop

£300 Million in AI Supercomputers will be Invested by the UK
The UK will invest £300 million in two AI supercomputers to enhance research on safer advanced AI models, as announced after the AI Safety Summit.

These supercomputers, part of the "AI Research Resource," will provide over 30 times the capacity of current public AI computing tools and are set to be operational by summer 2024

Bitcoin Surges to $35,902 - Is This the Beginning of a Bullish Trend?
Bitcoin, the most famous digital currency, recently hit a significant landmark. This has caused quite a stir in the cryptocurrency world. On November 1, Bitcoin's price soared to $35,902, a peak not seen in the last 18 months. This remarkable 25% increase over a fortnight has the crypto world wondering - Is this the beginning of the much-anticipated Bull Run?
The market is alive with optimism, and investors are closely monitoring Bitcoin's movements for potential signals of a sustained upward trend. Many are speculating whether this surge could signal a significant turning point after a period of relative stability in the cryptocurrency markets. As Bitcoin's value continues to fluctuate, all eyes are on whether it will maintain this momentum or experience a correction.

Moreover, this surge in Bitcoin's price has led to renewed interest and discussions about the future potential of various cryptocurrencies, with debates intensifying about the broader implications for the entire digital asset landscape. This recent spike serves as a reminder of the volatility and unpredictability inherent in the crypto market, leaving many to wonder if this is a short-lived surge or the beginning of a more extended bullish phase.

Upward Momentum Empowers Bullish Market Sentiment
Analysts are paying close attention to Bitcoin's bullish patterns. A sustained uptrend has been evident since early 2023, with Bitcoin carving out higher highs and lows—a technical hallmark of buyer dominance. However, as the currency approaches the crucial $35K resistance level, there seems to be a bit of hesitation, hinting at a possible temporary dip. Nevertheless, the market's overall momentum remains strong, as Bitcoin has surpassed key high points, signaling substantial demand.

What's Behind the Recent Surge in Crypto Markets?
Several key factors are currently contributing to the bullish trend in the cryptocurrency market. One significant factor is the recent decision by the Federal Reserve to pause interest rate hikes, which typically benefits asset prices, including cryptocurrencies like Bitcoin. This strategic pause by the Fed makes Bitcoin more attractive to investors seeking growth opportunities beyond traditional interest-bearing assets.

Another significant factor is the anticipated approval of a spot Bitcoin ETF. Asset manager Bernstein predicts that this approval could propel Bitcoin's value to an impressive $150,000 by 2025. An ETF would bring Bitcoin into mainstream investment portfolios and might redirect a significant portion of its supply toward the ETF market.

Furthermore, the upcoming Bitcoin halving event in 2024 is also generating positive sentiment. This event historically precedes a price increase because it reduces the rate of new Bitcoin creation, adding an element of scarcity to the already limited supply.

A Digital Safe Haven in Uncertain Times
In a world of economic uncertainties and doubts about the trustworthiness of old-school safe assets like U.S. Treasury bonds, Bitcoin is stepping up as a modern stronghold for safeguarding investments. Its increasing reputation as a dependable store of value is stoking the curiosity of investors, making Bitcoin a fascinating choice compared to traditional investments.

Turkey Aims to Revise Crypto Rules to Exit the FATF Grey List
Turkey aims to create new crypto regulations to address FATF concerns and exit its "grey list." A FATF report found that Turkey complied with most of the watchdog's 40 standards, except for crypto assets.

Turkish Finance Minister Mehmet Simsek plans to propose crypto asset-related legal changes to parliament but has not provided details.

Near Protocol Collaborates with Nym to Enhance Privacy
Near, Layer-1 protocol has partnered with Nym to enhance privacy within its ecosystem. Nym is a blockchain security firm that will provide end-to-end encryption and metadata privacy services using its mixnet tools.

This partnership will protect Near Protocol users from unwanted surveillance and cyber threats, ensuring added privacy in a Web3 environment. Nym's mixnet technology covers blockchain traffic, making it more challenging to analyse metadata.

https://www.coingabbar.com/en/crypto-shorts-news

Tether Reports Cash Reserves Hit Record, Plans Real-Time Audits
Tether's recent attestation report by BDO reveals that 86% of its reserves were in cash and cash equivalents on 30 September, the highest ever for the Tether Reserve. Tether aims to introduce real-time audit reports in 2024.

It detailed $56.6 billion in US Treasury bills, $8.8 billion in reverse repurchase agreements, and $8.2 billion in Money Market funds, reducing reliance on secured loans to $5.1 billion. Tether plans to further reduce loans by $1.1 billion by October 31, leaving $900 million in loans as part of reserves.

Kasikornbank Acquires Stake in Thai Crypto Business Satang
One of Thailand's largest banks, Kasikornbank is acquiring a 97% stake in Satang, a local cryptocurrency business, for around $103 million. The move is part of the bank's foray into the cryptocurrency industry.

A major player in Thailand's crypto sector, Satang will rebrand as Orbix Trade Company Limited. The investment will permit Kasikornbank to establish divisions for custody, investment, and blockchain technology.