GM! Today’s leading stories: Major cryptocurrencies experience a surge before the FOMC meeting, with Ethereum leading the charge at +6%; Bitcoin reaches $92,000. PNC Bank has begun offering Bitcoin spot trading for its Private Bank clients. Senator Cory Booker cautions that the Crypto Market Structure bill will likely fail without increased Democratic representation. Meteora provides updates on its DLMM while teasing a ‘New Meteora’ set for launch in 2026. A significant day for ICOs has unfolded, with HumidiFi’s WET token soaring 6x, Rainbow announcing a $100 million ICO, Octra aiming for a $200 million ICO, and Fogo preparing an ICO for 2% of its supply.
📝 JPMorgan Declares No New Crypto Winter in Sight
Although Bitcoin has experienced a downturn, causing widespread concern in the crypto community and on social media, one major financial institution remains unfazed.
📌 What Occurred
Analysts at JPMorgan have released new insights that challenge the notion that the current market downturn signifies the onset of another crypto winter. Instead, they characterize it as a “meaningful correction” rather than the beginning of a prolonged bear market. They attribute the recent sell-off to several short-term factors: ETF outflows connected to basis-trade unwinds, liquidations affecting highly leveraged positions, seasonal liquidity issues as the year closes, and a soft macroeconomic environment ahead of the Federal Reserve’s decision today. The bank emphasized that these factors do not indicate a fundamental weakening of demand for cryptocurrencies. Furthermore, they pointed out that institutional interest, real-world adoption, and tokenization initiatives continue to thrive.
🗣️ Analysts’ Perspectives
“The recent market downturn has raised alarms across crypto media and among investors, leading to fears of an impending crypto winter. While we do not foresee the conclusion of the current bull cycle, we recognize this pullback in November as significant.” “Overall, we find it difficult to interpret these recent market fluctuations as indicative of systemic deterioration within the crypto landscape, and therefore, we maintain a positive outlook on the sector.” – JPMorgan analysts. “This time is indeed different. We believe that the era of crypto winters is behind us.” – Geoffrey Kendrick, head of digital assets at Standard Chartered.
🧠 The Importance of This Insight
The overarching message from JPMorgan is clear: although prices have dipped, the foundational bullish thesis for cryptocurrency remains intact. They are closely monitoring vital trends in the crypto space, including ETF inflows, tokenization projects, participation from banks, and the expansion of stablecoins. These significant fundamental indicators continue to progress, with some even accelerating. Additionally, both JPMorgan and BlackRock maintain a bullish stance on equities (particularly in AI) leading into 2026, suggesting a broader positive macro outlook. This implies that the only substantial bear argument left hinges on the cyclical nature of the market over four-year periods. Unfortunately, this latest decline has coincided almost perfectly with a four-year cycle perspective, allowing bears to gain control—at least for the time being. If and when prices recover towards all-time highs (ATH), the bullish case put forth by JPMorgan and others will shine even more brightly, posing a dilemma for those who strictly adhere to four-year cycles. With the Federal Reserve’s meeting approaching today, the catalyst for a potential rally back to ATHs could be imminent. Only time will reveal the outcome…
🌎 Macro Trends in Crypto and Memes
Here are some noteworthy developments in the Crypto and Web3 space: Major cryptocurrencies surged before the FOMC meeting, with ETH leading the way; Bitcoin up 1% at $91,900; ETH up 6% at $3,320; BNB down 1% at $885; SOL up 3% at $137. ZEC (+11%), ADA (+3%), and DASH (+3%) were among the top gainers. Fed Chair Jerome Powell is expected to announce a 25 basis point interest rate cut today. PNC Bank has begun Bitcoin trading for its customers through Coinbase’s Crypto-as-a-Service, joining the trend of U.S. banks providing direct BTC access. SEC Chair Paul Atkins remarked that many ICO-style tokens, particularly meme, utility, and DeFi tokens, may fall outside SEC jurisdiction and could be overseen by the CFTC. Stripe and Paradigm’s Tempo blockchain recently launched its public testnet. Circle and Aleo introduced USDCx, a privacy-focused variant of USDC on Aleo’s testnet. Senator Cory Booker cautioned that the Senate’s crypto market-structure bill may face significant hurdles without a greater number of Democrats in leadership at the SEC and CFTC. An American Teachers Union has called for the Senate to abandon the crypto market bill, arguing that it would undermine essential investor protections. Representative Keith Self has proposed an amendment to a crypto-related bill ahead of a key hearing, seeking to prohibit any future U.S. central bank digital currency (CBDC).
In Corporate Treasuries / ETFs
Memecoin leaders are predominantly in the green; DOGE +3%, Shiba -1%, PEPE +1%, PENGU +4%, BONK -3%, TRUMP +1%, SPX +2%, and FARTCOIN -4%. The token 67 spiked 80% to $20 million, leading the charge among on-chain meme movers, with pippin up 80% and spark up 74% also making notable gains.
💰 Overview of Token, Airdrop & Protocol Developments
Here’s a summary of significant news regarding tokens, protocols, and airdrops: HumidiFi’s WET token experienced a remarkable 220% increase upon launch, reaching a market cap of $325 million, translating to a 5-6x return for presale investors. Meteora provided updates to its DLMM, including limit orders and automated vaults, while hinting at a “new Meteora” expected in Q1 2026. Polymarket has surpassed both DraftKings and FanDuel in site visitors this November, ranking third, just behind Robinhood and Coinbase. Rainbow Wallet announced an ICO on Coinlist, offering 3% of its supply at a $100 million fully diluted valuation, starting on December 11. Octra, a privacy blockchain initiative, has announced an ICO set at $200 million on Sonar, selling 10% of its tokens, beginning December 18. Fogo revealed plans for a FOGO presale for 2% of its supply, slated for December 17.
🚚 Developments in the NFT Space
Here are other notable headlines from the NFT sector today: NFT leaders displayed mixed performance; Punks remained stable at 30 ETH, Pudgy down 1% at 5.28 ETH, BAYC down 3% at 5.35 ETH, while Hypurr saw an increase of 11% to 497 HYPE. Beeple’s ‘Regular Animals’ rebounded by 40% to 7.85 ETH, and the top mover in revenue was Ton’s NFT marketplace Fragment, which overtook Hyperliquid and Pump Fun with $2.83 million in 24-hour sales. Doodle’s Doopies mint is currently live but has not yet sold out.
