Solana decentralized exchange (DEX) Jupiter will revise its airdrop plan after a governance proposal did not reach a 70% supermajority, which would have led to $1.6 billion worth JUP being airdropped to users of its platforms across multiple waves.
Earlier this week, a Jupiter DAO proposal penned by pseudonymous Jupiter co-founder Meow went live for voting, letting token holders determine whether Jupiter would airdrop up to $1.6 billion in JUP across two separate airdrops apparently planned for subsequent Januarys ahead.
“Because we are looking for a 70% supermajority, we will be proceeding with a second vote,” Meow said on X (formerly known as Twitter). “While this uncertainty is definitely tiring, and weighing down on sentiment, it is also crucial to remember that if we do unify behind a plan—we will emerge far stronger.”
Now Meow and Jupiter will go back to the drawing board, first reviewing the feedback from dissenting voters and then addressing those concerns in a new proposal, which is expected to go up for vote next week.
“I think the idea to ‘Grow the Pie’ with Jupuary is great. I would blindly vote ‘yes’ if the quantity was different,” said user Juanortuzar.sol on the proposal’s forum.
The JUP quantity—1.4 billion tokens in total—and other factors may need to be modified for Meow and team to get the additional support they need to earn a passing proposal.
JUP, the Jupiter ecosystem’s native token, is up nearly 4% on the day and trading at $1.15.
The West Texas Intermediate crude oil or the US oil markets initially tried to rally during the trading session on Wednesday, but the $70 level has caused a bit of a headache.
We pulled back from there to turn around and form a negative candlestick.
This probably isn’t too much of a surprise considering that the $70 level is a large round psychologically significant figure so there’s probably a lot of options being traded there. Plus, it has also been both support and resistance in the past, so a little bit of market memory came into the picture as well.
Underneath we have the $66.50 level offering and support followed by the $65 level which have been massively supported.
The Noise has Been a Bit Much
Crude oil has been very noisy as of late, but there are a lot of concerns about demand. That just doesn’t seem to be as much as the global economy is slowing down. All of this being said, it is worth noting that the Trump administration in the United States will almost certainly increase production and therefore add more supply to the mix. But on the other side of this equation, and this is one that might be a bit more immediate, the escalation in Ukraine is going to make some people nervous about Russian supply. Furthermore, let’s not forget that the Middle East can go up in flames at any time as well.
So, with all of this being said, I do think we’re closer to a bottom than a top, but a short term pullback does make a certain amount of sense. If we could break above the $70 level, it could open up a move to roughly $70.50 followed by $72. All things being equal, this is a range-bound but somewhat limp market. With this, I would focus on short term trading more than anything else, perhaps looking at smaller positions as well.
Data revealed that Tokyo’s core CPI increased by 2.2% in November.
Market participants are pricing a 57% chance of a BoJ rate hike in December.
The dollar was frail on Friday amid the Thanksgiving holiday.
The USD/JPY outlook shows the yen nears a six-week high after hotter-than-expected Tokyo inflation figures. At the same time, the dollar remained fragile with the ongoing Thanksgiving holiday.
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The yen rallied on Friday and was heading for a 3% gain this week as markets raised the likelihood of a Bank of Japan rate hike in December. Data revealed that Tokyo’s core CPI increased by 2.2% in November, above forecasts of 2.1%. Moreover, it was a big increase from the previous month when inflation rose by 1.8%. The surge in price pressures brightened the outlook for the yen as the BoJ will be more willing to hike interest rates.
Consequently, market participants are pricing a 57% chance of a rate hike in December. The yen has suffered since Trump won the US election. Initially, Japan’s currency had recovered at the prospect of an aggressive Fed rate cutting cycle. However, that outlook has shifted significantly, with markets now pricing a gradual pace next year. Therefore, there is more pressure on the Bank of Japan to do something to support its currency.
On the other hand, the dollar was frail on Friday amid the Thanksgiving holiday. At the same time, traders are more convinced the Fed will cut rates in December after inflation figures on Wednesday came in line with expectations. The next major report will show the state of the labor market, further shaping the outlook for Fed rate cuts.
USD/JPY key events today
Market participants do not expect any key reports from Japan or the US. Therefore, traders will keep absorbing Japan’s inflation figures.
USD/JPY technical outlook: 150.02 support looks vulnerable
USD/JPY 4-hour chart
On the technical side, the USD/JPY price has dipped below the 150.02 support before pulling back above the level. The price trades well below the 30-SMA, with the RSI in the oversold region, indicating a strong bearish bias.
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Bears made a sharp decline after the price retested the 151.74 level as resistance. They are now facing the 150.02 support level. A break below this level will continue the downtrend with a new low. However, the price might pull back to retest the 30-SMA before making new lows.
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Indulgent and creamy eggnog fuses perfectly with earthy matcha to create a luxe coupe of festive cheer.
Matcha eggnog
Serves 1
40ml spiced rum – we use Bacardí 30ml double cream 20ml egg white 1 barspoon (5g) matcha powder, plus extra to finish 20ml gingerbread syrup 10ml pimento liqueur – we use The Bitter Truth’s pimento dram
Measureeverything into a shaker filled with ice, then hard shake until very cold to the touch. Double strain into a chilled coupette, garnish with a light dusting of matcha powder and serve.
Copper, the third most used metal, plays a crucial role in the energy transition, particularly in electrification and renewable energy. Recent market movements, particularly China’s stimulus measures, have led to significant volatility in copper prices, making the metal’s future uncertain.
Copper futures are actively traded on major platforms like the London Metal Exchange (LME), COMEX, and the Multi-Commodity Exchange (MCX) in India. Copper is the third most used metal globally, particularly in modern industries.
Chile is the top producer, contributing over one-third of the world’s supply, followed by Peru, the Democratic Republic of the Congo, China, the United States, and others. The largest copper importers include China, Japan, India, South Korea, and Germany.
Copper prices have shown significant volatility in October 2024, driven primarily by economic developments in China. The country’s central bank introduced a substantial stimulus package in late September to revive its economy, including monetary measures like lowering interest rates and easing mortgage payments.
These actions briefly boosted copper demand and drove the London Metal Exchange three-month (LME 3M) copper price to a four-month high of $9,995 per metric ton on September 27.
However, the optimism was short-lived as market participants realized that details about the spending of the stimulus package were unclear. This, combined with a stronger U.S. dollar and weaker demand for copper, led to a price dip.
By October 17, the LME 3M copper price had fallen to $9,506 per metric ton as reported and shown below by S&P Global Commodity Insights.
On Monday, copper futures fell to around $4.31 per pound after gaining in the prior two sessions. This decline was driven by a stronger dollar and rising U.S. Treasury yields as a resilient US economy dampened hopes for significant interest rate cuts by the Federal Reserve.
Meanwhile, investors are watching the upcoming National People’s Congress meeting in China (November 4-8) for updates on debt and fiscal measures.
Production Setbacks Tighten Supply
Global copper supply has faced challenges, particularly from production setbacks in key regions. A significant incident affecting supply was a fire at Freeport-McMoRan Inc.’s Manyar smelter in Indonesia, which delayed the smelter’s production start to early 2025. This event has resulted in adjustments to the concentrate market deficit forecast.
Other production challenges included reduced output at key smelters in China, including Baiyin and Jinxin, further tightening the concentrate supply.
Therefore, the anticipated deficit for 2024 is now at 52,000 metric tons. And a larger deficit of 848,000 metric tons is projected for 2025.
Despite these supply disruptions, treatment charges (TC) for copper concentrates could stay at $35 per dry metric ton in 2025. This suggests that tightness in concentrate supply will persist, potentially causing upward pressure on smelter margins.
Demand Dilemma: EV Boom Bolsters Copper, But Buyers Hold Out for Better Prices
The Chinese market exhibited mixed signals. Following the national holidays in early October, downstream copper buyers anticipated further price drops, leading to a slowdown in new orders.
As a result, production cuts were reported among wire and cable manufacturers. Some buyers shifted to using copper scrap due to its greater availability, delaying purchases of primary copper.
Not all demand indicators were weak. China’s electric vehicle (EV) sector provided a boost, with EV production rising 48.8% year-over-year in September 2024. This trend supported higher demand for copper components, crucial in EV manufacturing.
Copper is the best metal for conducting electricity, so it is critical for EVs and batteries, as well as other green energy sources like wind and solar.
An EV uses about 3x more copper than a regular gas-powered car. As the shift to cleaner energy continues, EVs are expected to increase their share of total copper demand from around 11% in 2021 to over 20% by 2040.
According to BHP’s data, global copper demand will increase by about 70%, reaching over 50 million tonnes annually by 2050. The traded metal will see an average annual growth rate of 2% as shown below.
Source: BHP website
Market Outlook: Copper Prices in 2025
Looking ahead, experts expect copper prices to stay under pressure due to the current balance of supply and demand. However, potential boosts in orders at lower prices and seasonal demand could provide support for prices.
For 2025, the forecast is for a tighter concentrate market, with a predicted shortfall of 848,000 metric tons. This, in turn, could help stabilize prices around $9,825 per metric ton. Despite current challenges, the outlook suggests a mix of cautious optimism and continued volatility in the copper market.
GBP/JPY has fallen to a trendline for the August rally.
The pair is in a downtrend with odds favoring an extension lower.
GBP/JPY is trying to pierce the trendline for the uptrend since the August lows. If it is successful and decisively breaches the trendline, it will suggest a follow-through lower to a fresh downside target at 186.20, the 61.8% Fibonacci of the down move prior to the trendline (blue rectangle on chart).
The pair is now in a short and probably medium-term downtrend (since the October 31 high) and according to technical analysis lore trends have a tendency to extend, suggesting the odds favor even more downside to come.
GBP/JPY Daily Chart
GBP/JPY is making its way down to the next target for the pair at around 189.56, the low of the Right-Angled triangle that formed in late September and early October.
It is also possible it could bounce from the current level at the trendline which is a support level.
The Relative Strength Index (RSI) is not yet oversold which indicates the pair could still have further to fall before it gets oversold.
A decisive breach of the trendline would be one accompanied by a long red candlestick that closed near its lows and well clear of the trendline, or three consecutive red candles that breached the level.
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XRP,Ripple’s cryptocurrency focused on global payment solutions, posted an extraordinary price rally, pushing its price to levels last seen in the 2021 cryptoboom. At thetime of writing, the token, now ranked 5th with a market capitalization of $96billion, is trading for $1.7. The figure represents a 15% gain in the past dayand week.
Interestingly,XRP has soared 225% in the past month alone, according to the data fromCoinMarketCap, and now the bulls are targeting the psychological price of $2.
Thetoken’s bullish sentiment is reportedly driven by a combination of legaloptimism, ETF speculation, and heightened trading activity. As the token hovers around $1.70, traders and investors are speculating about the possibility ofthe price reaching $2 or even beyond.
XRP Weekly Price Chart, Source: CoinMarketCap
Optimismfor Ripple
Ripple’songoing legal battle with the U.S. Securities and Exchange Commission (SEC) hasbeen a defining narrative for XRP. Recent developments suggest the saga mayfinally be nearing resolution.
On thefundamental aspects, the announcement that SEC Chair Gary Gensler will leave office on January 20, the same day Donald Trump will be inaugurated, has fueled hopes for a more crypto-friendly regulatory environment.
In 2020,the SEC charged Ripple Labs, the entity behind XRP and two of its executives,for allegedly raising $1.3 billion through the sale of unregistered securitiesofferings. The crypto is now hoping that the SEC will dismiss the lawsuitagainst Ripple under a new administration.
If Gensler and the SEC were rational, they would have moved on from this case long ago. It certainly hasn’t protected investors and instead has damaged the credibility and reputation of the SEC.
Somehow, they still haven’t gotten the message: they lost on everything that… https://t.co/1hW7xVSL9b
Oct 02, 2024
Secondly,XRP has benefited from asset management firms, which are eying the possibility of listingits exchange-traded fund (ETF). Bitwise Asset Management recently filed for amulti-crypto ETF, allocating 1.5% of its holdings to XRP, Cryptopotatoreported. Historically, ETF approvals have triggered significant priceincreases for underlying assets.
XRP’smeteoric rise isn’t driven solely by legal and regulatory news. South Koreanexchange exchanges have emerged as major hubs for the token’s trading,accounting for a significant portion of the billions of its trading volume,Bitcoin.comNews reported.
OpenInterest in XRP
Openinterest in XRP futures contracts has also hit record highs, signaling strongconfidence in further price movement, data from Coinalyze shows. The percentagechange for perpetual and futures contracts has jumped 31% and 21%,respectively.
Source: Coinalyze
Althoughthe anticipated launch of an XRP ETF depends on regulatory approval, theanticipation of new developments within Ripple’s ecosystem has provided anadditional boost to the XRP price.
WisdomTree,another prominent New York-based asset management firm, filed for an XRPexchange-traded fund (ETF) in Delaware this month. Canary Capital and 21Shares have also joined the race.
WhileXRP’s performance has been impressive, analysts have warned of potentialcorrections. Massive transfers between unknown wallets, including a recent 35million XRP transaction, have raised concerns about possible marketmanipulation.
With thepotential for an ETF launch, a favorable outcome in the Ripple-SEC case, andgrowing investor confidence, XRP could achieve the $2 price milestone.
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Calcium and magnesium are important dietary nutrients for your overall health, but a new study looked at how these two vital minerals may impact cognitive function, too.
The study, published in the journal Nutrients, looked at adults over 60 who were hospitalized in Poland, and compared their cognitive function to their calcium and magnesium levels. They found that the individuals who scored lower on the cognitive tests generally had lower levels of magnesium and calcium in their blood.
Having enough calcium is key to building and maintaining strong bones. It’s also the most abundant mineral in the human body and plays a role in other vital functions, like helping with muscle and nerve health, moving blood through blood vessels, and releasing certain hormones.
Magnesium helps regulate multiple body processes, including muscle and nerve function, blood sugar levels, and blood pressure. It is also a key nutrient for making bone and DNA.
What the Study Found
The researchers, based out of the Medical University of Łódź Department of Geriatrics in Poland, looked at data from 1,220 hospitalized people aged 60 and older. Unlike a previous study that measured calcium and magnesium levels through dietary intake, this new study used blood tests.
Researchers separated participants into four groups: those with normal serum levels of magnesium and calcium, those who just had low magnesium levels, those who just had low calcium levels, and those who had low levels of both magnesium and calcium.
Participants then took two different tests to check their cognitive function. Researchers found that people with lower levels of magnesium and calcium performed worse on both cognitive tests than people with normal levels. People with normal calcium levels but low levels of magnesium also scored worse than those with normal levels of both nutrients. Those with normal magnesium levels and low calcium levels did not test as poorly.
Researchers also found that other factors, such as age, BMI, and heart failure, were linked to lower cognitive scores.
What These Study Results Actually Mean
It’s important to understand that the study shows a correlation, not causation, said Katherine Tucker, PhD, emerita professor and founder of the Center for Population Health at the Center for Digital Health at the University of Massachusetts Lowell. And, the researchers didn’t account for other factors that could have contributed to cognitive decline.
“They adjusted for heart failure, but they didn’t adjust for diabetes in terms of calcium and magnesium,” Tucker said. They also didn’t take kidney function into account, which could make magnesium and calcium levels higher or lower, Tucker said.
Hospitalized people also have higher rates of cognitive issues and may be undergoing treatment that could impact their magnesium and calcium levels, said Luke Kim, MD, a physician at the Center for Geriatric Medicine at the Cleveland Clinic. The low levels of magnesium and calcium “might be just an indicator of their illness,” he added.
Past research, including a study Tucker co-authored this year, has found similar links between magnesium levels and cognitive function, but not the same results.
“We found that low magnesium, or high magnesium, was associated with cognitive decline, and it really is about having the balance,” Tucker said. “You want the right amount of magnesium.”
How to Get Enough Magnesium and Calcium in Your Diet
Most adults are advised to get about 310–420 mg of magnesium and between 1,000–1,300 mg of calcium in their diet every day. Foods with magnesium include beans, nuts, legumes, and chia seeds. Calcium-rich foods include dairy products like milk, cheese, and yogurt, as well as dark, leafy greens like kale, broccoli, and bok choi.
If you eat a complete diet full of both calcium and magnesium, you likely don’t need additional supplements. But, almost half of Americans aren’t getting enough magnesium in the foods they eat, Tucker said. The reasons for this are complicated, but has to do with Americans eating more processed foods, and a decline in the mineral content of vegetables.
If it’s difficult to get enough magnesium or calcium in your diet, you can take supplements to help you get these key nutrients. Just be sure that you’re staying within the recommended ranges.
What This Means For You
Getting enough calcium and magnesium in your diet or with supplements is important for your overall bodily functions. While a new study found that low levels of calcium and magnesium are correlated with cognitive decline, it’s not something you should be worried about in your everyday life.
:max_bytes(150000):strip_icc()/VWH-GettyImages-1495599782-a69f5e1f02c24ec5a1350b5584aefc8b.jpg "Are You Missing These Key Minerals? Study Links Deficiency to Cognitive Decline")