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US stocks dropped for a second straight session as fresh employment data came in below the forecast, underscoring the strength of the labor market. 10-year Treasury yields climbed after Federal Reserve officials reiterated their resolve to press on with their measures to curb inflation and warned of further financial stress ahead.
The broader crypto market is still absorbing the aftershock of the FTX collapse as more key industry players are reported to have succumbed to liquidity issues. However, major cryptocurrencies managed to livile for another day amid the downward spiral. As of the time of writing, BTC is trading sideways in the upper region of the $16k handle after rising 1.7% in the last 24 hours. The largest cryptocurrency by market cap seems to be gaining a stronger footing above the support it established a week ago. On-chain metrics show that BTC is flooding out of exchanges, with the Sovereign Supply hitting a five-year high near 87.7%. Meanwhile, long-term BTC holders, who are known for their price insensitivity, experience around 33% in unrealized losses, a level comparable to the depths of the bear market in 2018.
In a similar vein, ETH is well-bid above the $1,200 handle after posting a 1.1% increase in the same period. Mid-to-large-cap tokens see mixed performances, with LTC leading the pack on an 8.8% increase in a similar time frame.
In some news to distract us from the FTX saga, Starkware recently deployed its native token STRK on the Ethereum network. However, the token is currently in a “no-trade status” and will likely remain in place until the StarkNet Foundation determines the tokenomics, according to a blog post published on Nov. 16. What we do know is that tokens held by StarkWare shareholders, employees, and independent partners are locked for a four year period, with a gradual release starting one year later. However, the locked tokens can be used for staking during the lock-in period. The STRK token will be used for paying transaction fees, governance, and staking on its network.