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	Happy Friday! Billy Bambrough here with what's driving the day in the world of bitcoin and crypto. 🚨🚨 Deadline: Today is the last day to nominate companies for the fourth annual Forbes Blockchain50, categorizing the world's best blockchain business. See here for details.


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24-hour crypto market snapshot

$61,554

$4,497

$607.98

$0.0000507

🤑 Next stop $3 trillion?


	The cryptocurrency market is currently bouncing around a combined value of $2.7 trillion, up around $300 billion since the end of October and leaving it on the cusp of $3 trillion. Much of those gains have come from ethereum and its many rivals jostling for market share, with bitcoin taking a back seat. The bitcoin price, down around 1% on this time yesterday, is flat over the last week. However, while ethereum has added 4% during the last seven days, it's been outperformed by Binance's BNB and solana—both up 20% since last Friday. Ethereum is down on the last 24 hours by 1%, with BNB up 9%. Solana has given up some of its recent gains, dropping 2%. The dog fight looks to be over, for now at least, with dogecoin rival shiba inu losing another 5% over the last 24 hours and dropping further from the crypto top 10. Doge is also down but is clinging onto 9th in the CoinMarketCap crypto rankings. Today, markets are closely watching for the latest U.S. jobs report, expected to show the U.S. added 450,000 jobs in October, according to a Bloomberg survey of economists. A higher number may cause the Federal Reserve to accelerate its plans for a return to interest rate normality. Now read this: A major crypto exchange’s CEO is set on holding Shiba Inu crypto long term despite its recent tumble. Here’s why

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NYC turns up the heat on Miami 🔥



	New York Mayor-elect Eric Adams Anadolu Agency via Getty Images


	Outdone: After Miami mayor Francis Suarez made headlines this week when said he'd take his first pay check in bitcoin after he was re-elected, Eric Adams, mayor-elect for New York City, has said he'll take his first three pay checks in bitcoin. Go big or go home: "In New York we always go big, so I’m going to take my first three paychecks in bitcoin when I become mayor," Adams, a former police captain who will take over at the end of mayor Bill de Blasio's term in January, wrote in a Twitter post. "NYC is going to be the center of the cryptocurrency industry and other fast-growing, innovative industries! Just wait!" This week, New York has played host to the NFT NYC conference that's generated a raft of headlines, including film director Quentin Tarantino's plans to auction off seven uncut scenes from the cult classic Pulp Fiction as nonfungible tokens (NFTs). Escalation: It's not the first time Adams has challenged Suarez for the crypto city crown. After winning the Democratic nomination for mayor in June, Adams said New York would become "the center of bitcoins" and "the center of all the technology"—adding: "Miami, you had your run." But Adams has some catching up to do if New York is going to be seen as the U.S. home of bitcoin and crypto. Blockchain.com moved its U.S. operations from New York to Miami earlier this year and the home of the Miami Heat basketball team was renamed FTX Arena in June after the cryptocurrency exchange signed a $135 million sponsorship deal with the city. Meanwhile, after Miami hosted the wildly successful Bitcoin 2021 conference earlier this year—where El Salvador’s president announced that the country would be adopting bitcoin as an official currency—Suarez has backed the MiamiCoin project that lets people invest crypto into the city. Suarez also said that he hopes the city’s payroll and taxes could one day be paid in bitcoin. Adams told Bloomberg that he would like to do something similar in New York. But but but... Adams could face an uphill struggle at home, with New York Attorney General Letitia James, recently launching a crackdown on unregistered cryptocurrency companies. Last week James announced her candidacy for New York governor. Job board: New York and San Francisco are attracting the most crypto and blockchain talent of any U.S. city, according to a study conducted by LinkedIn for Bloomberg. Los Angeles ranked in third place, followed by Miami and Chicago. Good to know: Bitcoin bulls see ‘trillions’ of inflows when spot ETF wins approval

What's in a name? 🤔


	🏷️ Securities and Exchange Commission (SEC) chairman Gary Gensler has said new names or labels don't alter the realities of securities definitions—calling out decentralized finance (DeFi) and crypto products. 🗣️ "Sometimes, people focus on labels. For example, we hear terms like 'decentralized finance', 'currency,' or 'peer-to-peer lending.' It can seem easy to take these words at face value. Make no mistake: regardless of the label or purported mission, we will be looking at the economic realities of a given product or arrangement to determine whether it complies with the securities laws," Gensler reportedly said at the Securities Enforcement Forum yesterday. The Block has a write-up. 🙅 Meanwhile, a U.S. jury has for the first time voted against the SEC designation of a crypto asset as a security, it was reported by Protos, citing Law360. The jury found a series of digital assets linked to a 2016 cryptocurrency mining operation do not count as securities. Now read this: We need to talk about techie tunnel vision

	Billy Bambrough
	Forbes Senior Contributor

I am a journalist with significant experience covering technology, finance, economics, and business. I write about how bitcoin, crypto and blockchain can change the world.

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