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Mastercard and JPMorgan Team Up on Blockchain Payment Solutions
Mastercard and JPMorgan have partnered to enhance cross-border business-to-business payments by integrating Mastercard’s Multi-Token Network (MTN) with JPMorgan’s Kinexys Digital Payments. The collaboration enables faster settlements and improved transparency via a single API connection. Originally launched as Onyx in 2020, Kinexys has expanded its payment capabilities, now processing $2 billion in daily transactions. Mastercard’s MTN, which facilitates blockchain-based solutions, previously piloted tokenized carbon credits and central bank digital currency use cases. The integration is set to streamline global digital payments, leveraging blockchain for efficient financial transactions.
Mara Holdings Secures $1B for Bitcoin Purchases and Debt Buyback
Mara Holdings has raised $1 billion through convertible senior notes, primarily for Bitcoin acquisitions and debt management. Of the net proceeds, $199 million will repurchase $212 million in notes due 2026, while the remainder will fund BTC purchases, operational growth, and strategic investments. The notes carry a 42.5% premium over Mara's recent share price. CEO Fred Thiel expressed optimism for Bitcoin mining under a Trump administration, expecting favorable industry growth. Despite missing Q3 earnings expectations, Mara reported a 34.5% revenue increase, with its stock up 10% year-to-date as Bitcoin approaches $100,000.
Solana reaches all-time high, two years after FTX catastrophe
Solana hit a new all-time high of $264.31 on Nov. 22, surging 11% in 24 hours and marking a 160% gain in 2024. This milestone comes two years after FTX's collapse drove SOL to a low of under $10. Momentum has been fueled by recent filings for spot Solana ETFs and growing demand, with analysts eyeing a potential target of $400. Solana's DeFi sector has grown over 500% in total value locked, reaching $8.8 billion. Broader crypto market gains, including a $3.42 trillion market cap, are tied to expectations of friendlier U.S. regulation under President-elect Donald Trump and news of SEC Chair Gary Gensler’s upcoming resignation. Ripple, Cardano, and Avalanche also saw double-digit growth.
Trading Desk Insights
Bitcoin is steering the crypto market, signaling that institutional interest—largely fueled by ETF buying—is in the driver’s seat. Crypto ETFs continue to stack up, powering BTC’s price action. BTC raked in $490.3 million in inflows on Friday, while ETH had a solid rebound with $91.3 million, breaking its six-day losing streak. On Friday, BTC flirted with the psychological $100,000 mark, peaking at $99,850 before stalling—a level likely to act as short-term resistance.
Looking under the hood, BTC’s order book tells a cautious tale. Bullish flow is thinning out, with sellers gradually taking control as market depth erodes. The rally lacks the fresh buying power we saw earlier, making it clear that new players need to step in to sustain momentum. Over the weekend, volatility wiped out over $500 million in liquidations across both long and short positions, underscoring the heightened risk environment.
November's options expiry looms, with a hefty $9.4 billion in BTC and $1.3 billion in ETH open interest. Notably, BTC’s max pain point stands at $78,000, well below the current spot price—suggesting an imbalance that could play out in the coming weeks. Most of the put open interest reflects hedging, not outright bearish bets, indicating traders are managing risk rather than positioning for a steep downturn.
MicroStrategy remains a standout story. Canaccord bumped its price target to $510, while Bernstein raised theirs to $600, projecting the company could own 4% of the global BTC supply by 2033. Currently sitting at 1.7%, this highlights their long-term bullish thesis on Bitcoin. MicroStrategy recently purchased another $5.4 billion worth of Bitcoin, paying $97,862 per coin—well above the market's current levels.
U.S. stock futures edged higher Monday as Wall Street entered a shortened Thanksgiving week. With markets closed Thursday and an early close Friday, expect lower trading volume. Meanwhile, President-elect Donald Trump announced plans to nominate Scott Bessent, founder of Key Square Group, as Treasury Secretary—a move welcomed by investors. The market sees Bessent as a stabilizing figure who could temper Trump’s more aggressive protectionist policies, giving equities a potential tailwind.
Crypto Charts
Disclaimer
This research is for informational use only. This is not investment advice. Other than disclosures relating to Secure Digital Markets this research is based on current public information that we consider reliable, but we do not represent it is accurate or complete, and it should not be relied on as such. The information, opinions, estimates, and forecasts contained herein are as of the date hereof and are subject to change without prior notification. We seek to update our research as appropriate.
Any forecasts contained herein are for illustrative purposes only and are not to be relied upon as advice or interpreted as a recommendation. The price of crypto assets may rise or fall because of changes in the broad market or changes in a company's financial condition, sometimes rapidly or unpredictably. Past performance is not a guide to future performance, future returns are not guaranteed, and a loss of original capital may occur. Fluctuations in exchange rates could have adverse effects on the value or price of, or income derived from, certain investments. We and our affiliates, officers, directors, and employees, excluding equity and credit analysts, will from time to time have long or short positions in, act as principal in, and buy or sell, the securities or derivatives, if any, referred to in this research.
The information on which the analysis is based has been obtained from sources believed to be reliable such as, for example, the company’s financial statements filed with a regulator, company website, company white paper, pitchbook and any other sources. While Secure Digital Markets has obtained data, statistics, and information from sources it believes to be reliable, it does not perform an audit or seek independent verification of any of the data, statistics, and information it receives.
Unless otherwise provided in a separate agreement, Secure Digital Markets does not represent that the report contents meet all of the presentation and/or disclosure standards applicable in the jurisdiction the recipient is located. Secure Digital Markets and their officers, directors and employees shall not be responsible or liable for any trading decisions, damages or other losses resulting from, or related to, the information, data, analyses, or opinions within the report.
Crypto and/or digital currencies involve substantial risk, are speculative in nature and may not perform as expected. Many digital currency platforms are not subject to regulatory supervision, unlike regulated exchanges. Some platforms may commingle customer assets in shared accounts and provide inadequate custody, which may affect whether or how investors can withdraw their currency and/or subject them to money laundering. Digital currencies may be vulnerable to hacks and cyber fraud as well as significant volatility and price swings.
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