InterLink has officially surpassed 11 million members as the ITLG Mainnet Era successfully launched last night. This major milestone marks the transition of ITLG into a transferable, on-chain asset playing a core role across the entire InterLink ecosystem. To fully participate, community members can now complete a streamlined KYC process focused on real human verification.

Simple KYC for Transferable ITLG
If you have already completed Step 1 of the previous verification process, you are already one step ahead. There is no need to repeat that step. You can simply stay ready for the next stage.

The KYC process for Transferable ITLG has been designed to be straightforward. The most important requirement is genuine Human verification. Users should carefully review all submitted information before finalizing their application.

The KYC portal will only remain open for a limited period. Once the window closes, the next stage toward transferable ITLG distribution will proceed according to the official rollout schedule. Completing this step brings the community closer to broader participation across the InterLink ecosystem.

The market is anticipating a diplomatic resolution to the conflict in the Middle East.
Speculators are unwinding their long positions in Brent, but the bulls’ trump cards remain in play.

Signals from the diplomatic front are mixed, but the market prefers to take a more conciliatory approach. While mediators are proposing new ways to bring the US and Iran back to the negotiating table, and investors are downplaying the impact of US strikes on Qeshm Island, Donald Trump’s comments about cutting military aid to Israel are acting as a catalyst for the fall in Brent prices.

Israel’s possible loss of $4 billion in military aid at a time when it needs it most is being interpreted by the market as proof that the US will be scaling back its presence in the region. The Republicans believe that their defeat was caused by a geopolitical situation that drove up oil prices and fuelled inflation.

Investors are more inclined to trust diplomacy, which is narrowing the premiums between grades with immediate and more distant delivery dates. For instance, in early October, Dated Brent was trading at a $30-per-barrel premium to ICE Brent. In November, the difference narrowed to $3.7. At the same time, the rise in oil exports from the Middle East to pre-war levels is reducing transport costs.

In these circumstances, speculators’ reduction of their long positions in Brent appears justified; however, the bulls still have some cards up their sleeves. According to the American Petroleum Institute, crude inventories fell by 5.3 million barrels. If these figures are confirmed by the Energy Information Administration, this will mark the fifth consecutive decline. This points to rising demand and supports prices.

The Republicans’ defeat in the elections does not mean that the conflict in the Middle East will not escalate. History teaches us precisely the opposite. In 2006, both houses of Congress came under Democratic control due to the unpopular war in Iraq. However, in early 2007, George W. Bush increased the military presence in the region, and US troops did not withdraw until 2011.

Tehran claims that Washington’s response to its demands was unsatisfactory. Time remains on the US side. The blockade on Iranian oil is having an effect, while oil supplies from the Middle East are hovering close to pre-war levels. The parties remain far apart, and a breakdown in negotiations would result in a resumption of the Brent rally.

The FxPro Analyst Team

Summary: Brent is falling on hopes of a diplomatic resolution and as speculators cut longs, but a possible fifth straight draw in US inventories supports the bulls. A breakdown in talks would revive the rally.
Fig. 1. Brent and WTI.
Fig. 2. US crude oil inventories, thousand barrels.

Brent,WTI

The loss of American exceptionalism will weaken the greenback.
A shift of capital to Europe and Asia will boost the euro and the yen.

The US stock market fell to five-week lows following the initial results of the US midterm elections. EURUSD tested the upper boundary of the 1.11–1.125 consolidation range, while the Japanese yen and the Swiss franc were the main beneficiaries of the blue wave.

Although the count is still ongoing (results for two senators and 77 representatives have yet to be announced), the Democrats have already secured a majority in both the Senate and the House of Representatives. The initial negative reaction in equity markets is more likely due to the typical nervousness associated with a shift in the political alignment of the majority of legislators. Furthermore, for the US dollar, the ‘blue wave’ is clearly negative in several respects.

The USD index reached an almost 18-month high in October thanks to American exceptionalism. The US economy was growing faster than its peers, shares were being snapped up due to high demand for artificial intelligence technology, and Treasury bonds were in demand for their higher yields compared with bonds of other major economies.

A potential deadlock over the debt ceiling, with a Democrat-controlled Congress, carries the risk of a government shutdown and a slowdown in US GDP growth. At the same time, tighter regulation of artificial intelligence technologies and issues with data centres will slow down a key component of economic growth, investment in AI. In addition, we can expect greater resistance to the President’s foreign policy initiatives, including tariffs.

The likelihood that lawmakers will launch impeachment proceedings against Donald Trump has risen sharply to 70%, undermining confidence in the dollar. As a result, EURUSD took off, while USDJPY lost nearly 1% within a few hours. However, both currency pairs typically rise during periods of strong upward momentum in equities; consequently, the recent rally in equities has allowed USDJPY to recoup some of its losses, as EURUSD has continued to move towards new highs.

The fall in Treasury bond yields will not be driven solely by a slowdown in GDP and a slump in stock indices. The Democrats will oppose Donald Trump’s plans to cut taxes and increase government spending. This will lead to lower Treasury issuance volumes, eroding the dollar’s recent advantage.

American dissatisfaction with the conflict in the Middle East will accelerate the peace negotiation process. A reduction in geopolitical risks, amid a recovery in oil exports from the region, will lead to a fall in Brent prices. The eurozone and Japan, as net importers of energy commodities, will benefit, as will their currencies, the euro and the yen.

The FxPro Analyst Team

Summary: The Democrats’ victory weakens the dollar: fading American exceptionalism, debt-ceiling risks and lower Treasury yields will support the euro and the yen.
Fig. 1. USDCHF and USDJPY price movements.
Fig. 2. The US Dollar Index and 10-year Treasury yields.

eurusd,usdjpy,usdchf,us$idx_z26,brent,tlt.o

Market Overview
The crypto market has lost 2% over the past 24 hours, falling to $2.57T, its lowest level in six weeks. The market has been in a fairly steady downtrend for almost a month, with occasional pauses, and is down more than 14% from its peak. It appears that the bears will not face serious resistance until the $2.48T region, where the 200-day moving average lies, and that level is not far from bear market territory ($2.36T). Sell-offs dominate among the most liquid coins, led by Near Protocol (-8.5%), Dash and Aave (-5% each). The top three performers of the day are Tron (+1.8%), XRP (0%) and Filecoin (-0.8%).

The sentiment index has plummeted to 26, just 1 point above the extreme fear zone and a three-month low. The last similarly dramatic shift in sentiment occurred in October last year, after which the indicator stayed in the lower half of its range for an extended period. However, unless equities see a repeat of the dot-com crash, growth is more likely to resume.

Bitcoin has returned to last week’s lows, trading at around $76.6K. Near this level lies a significant support zone, which has held back sell-offs since the second half of August, with its lower boundary just below $75K. In this case, we see the 200-day moving average at $73K as stronger support. The market looks bleak enough to test the most important support levels of recent months, with no hope of a sudden reversal in the absence of a catalyst.

News Background
Bitcoin has held support just above $76K following the $6.3 billion Binance hack. However, weak institutional demand, escalating tensions in the Middle East and the theft of 18,270 BTC are putting pressure on the market, according to QCP Capital.
Investors who bought Bitcoin worth $707 billion are currently sitting on losses. Only coins worth $380 billion remain in profit, according to CryptoQuant’s calculations. Many will want to sell as soon as the price returns to their purchase level, which will hold back growth.
The number of active addresses on the Bitcoin network has almost halved from its December 2024 peak, and the decline is already comparable in scale to that of 2018, notes analyst Axel Adler Jr. For investors, this is a worrying sign: with low network activity, demand for BTC may remain sluggish for some time.
The decline in network activity coincides with a cooling of interest among US investors. Bitcoin on Coinbase is trading at its widest discount to Binance since the FTX collapse in November 2022, CryptoQuant points out.
Strategy has resumed buying Bitcoin after a week-long hiatus. The company purchased a further 811 BTC last week at an average price of $80.8K per coin. It now holds 849,327 BTC at an average price of $75.5K.
Strive has sharply reduced the pace of its Bitcoin purchases after two weeks of record-breaking acquisitions this year, buying just 124 BTC. Strive’s Bitcoin reserves have risen to 43,124 BTC at an average price of around $82.7K. The company ranks fourth among public companies by Bitcoin reserves.
Last week, BitMine purchased an additional 8,573 ETH, bringing the total amount of Ethereum in its reserves to 6.06 million ETH (4.96% of the total supply). To reach its target of purchasing 5% of the total ETH supply, the company needs to buy a further 42,000 ETH or so.
The FxPro Analyst Team

Fig. 1. The crypto market has been on a downward trend since the start of October.
Fig. 2. The sentiment index is on the verge of extreme fear.
Fig. 3. Bitcoin has returned to its recent lows and may fall further.

Summary: The crypto market has fallen by 2% to $2.57T, whilst the fear index has dropped to 26. Bitcoin is trading at $76.6K and is likely heading towards support at $75K and the 200-day moving average at $73K. The market is under pressure from the Binance hack, weak demand and investor losses.

BITCOIN,NEAR,DASH,AAVE,TRON,XRP,FILECOIN,ETHEREUM

Market Overview
The crypto market has fallen by 2.2% over the past 24 hours to $2.61T, having dipped to $2.57T at its lowest point, matching the lows seen on 16 September. The market is currently undergoing a crucial test of buyer sentiment. In theory, we could see a wave of sell-offs due to a reassessment of risks facing the sector. However, it is worth remembering that even the collapse of FTX at the end of 2022, an event on a larger scale than the recent Binance hack, dealt a short-lived blow, and the market stabilised within the following days.

Bitcoin fell below $76.5K early on Friday, hitting its lowest level in nearly 6 weeks amid the $6.3 billion Binance hack, the largest in history. Following reassuring comments from the exchange, the leading cryptocurrency rebounded to $78K, but external factors, such as sell-offs in big-tech shares and metals, are creating a negative backdrop, hindering any recovery. The technical picture also favours the bears, as the sell-off in BTC has intensified after a failed attempt to return to the 50-day MA. On the downside, the nearest support level appears to be $75K, from where a rebound occurred in the middle of last month. However, a slide down to $73.3K, near which the 200-day MA lies, cannot be ruled out.

The crypto market sentiment index fell 21 points over the day, plunging to 30. This sharp return to the ‘fear’ zone raises the question of whether the autumn surge in optimism was a trap for the bulls. In our view, this hack and big-tech sell-offs are simply an unfortunate coincidence that could have occurred at any time, regardless of the market cycle. We note that the market has quickly recovered, which we regard as an important sign of underlying strength. In terms of market activity, we expect the moderately negative trend to fade in the coming days, and the market to remain above the key 200-day moving averages of $73.3K for BTC and $2.48T for the total cryptocurrency market capitalisation.

News Background
According to Arkham, hackers withdrew approximately $6.3 billion from Binance in USDT, BTC, ETH, USDC, TRX, SOL and other cryptocurrencies. The exchange stated that it had managed to freeze approximately $3 billion of the funds withdrawn by unknown parties. Withdrawals from Binance and trading on Binance Alpha have been suspended.
The exchange stated that a preliminary investigation suggests that “the security incident may be linked to a compromised laptop belonging to a DevOps engineer, which allowed the attacker to gain access to the service container and carry out unauthorised fund withdrawals”.
Investment firm Bitwise has raised its Bitcoin forecast to $1.6 million by 2036. The updated model projects an average annual growth rate of 34.3%. Analysts attribute the rise in BTC price primarily to large-scale capital inflows.
Strategy’s shareholders have almost unanimously approved the switch to daily dividend payments on the preference shares STRC, STRF, STRK and STRD. The company stated that the reason for the changes to its dividend policy is that the rate at which Bitcoin is purchased depends on the issue volume and value of the securities.
Thirty-three major companies have banned the tokenisation of their shares on the OKX-ICE platform, created by crypto exchange OKX and Intercontinental Exchange (ICE), the owner of the New York Stock Exchange.
The Supreme Court of Thailand has recognised Bitcoin as property that may be subject to theft. The ruling was handed down in a robbery case in which the criminals forced the victim to transfer $50K worth of cryptocurrency to them.
The FxPro Analyst Team

Fig. 1. The crypto market has returned to its September lows.
Fig. 2. Bitcoin has plummeted but does not appear to be broken.
Fig. 3. The sentiment index plummeted by 21 points to 30.

Summary: The $6.3B Binance hack pushed the market down 2.2% to $2.61T and BTC below $76.5K. It recovered quickly; we expect the dip to fade as BTC holds above its 200-day MA at $73.3K.

BITCOIN,ETHEREUM,TRON,SOLANA

INTERLINKLABS.AI: Real-World Application at InterLink Labs
The ITLX Pay ecosystem currently utilizes stablecoins as its primary payment rail to connect on-chain assets with real-world commerce (e.g., purchasing Amazon Gift Cards), eliminating price volatility risks. In the future, the system will gradually transition to using the native $ITL token as a real-world payment currency.

Stablecoins are blockchain tokens designed to maintain a stable value (typically $1), solving the price volatility problem of cryptocurrencies and providing a reliable asset for trading, cross-border payments, and DeFi.

Main Types of Stablecoins

Fiat-backed: Backed by cash or treasury reserves (e.g., USDT, USDC). These offer the highest stability but require strict issuer transparency.

Crypto-collateralized: Over-collateralized by other cryptocurrencies (like ETH) and managed by smart contracts to offset price fluctuations.

Algorithmic/Hybrid: Uses code to automatically expand or contract supply to maintain the peg, but carries a very high risk of depegging.

Yield-bearing: Combines collateral with investment strategies to generate returns.

Key Risks to Consider
Stability is a promise, not an absolute guarantee. Users face reserve risks (issuer lacking actual funds), depeg risks (price dropping below $1), centralization risks (issuers freezing addresses), and smart contract vulnerabilities.

Real-World Application at InterLink Labs
The ITLX Pay ecosystem currently utilizes stablecoins as its primary payment rail to connect on-chain assets with real-world commerce (e.g., purchasing Amazon Gift Cards), eliminating price volatility risks. In the future, the system will gradually transition to using the native $ITL token as a real-world payment currency.

The ECB’s confidence and Alphabet’s sell-off pulled the euro back from the brink.
The US dollar’s weakness due to the midterm elections is short-lived.

The greenback turned lower in the second half of the day on Thursday, following signals from the ECB about a rate rise in December and a decline in Treasury yields amid sell-offs in mega-caps. As a result, EURUSD returned to 1.12 by Friday morning, forming a double bottom. The DXY has been losing ground for the third day in a row, retreating from the region above 102, as it did earlier this month.

The US economy recorded its strongest growth in the third quarter at 3.4% y/y, while the growth rate of the PCE price index, the Fed’s preferred inflation gauge, impressed investors.

As expected, the ECB did not raise interest rates, and Christine Lagarde noted that there is no clear evidence that high energy prices are driving up core inflation. On the other hand, the direction of the deposit rate appears clear. This comment prompted the futures market to raise its estimate of the probability of a rate rise in December from 80% to 88%, reversing the bearish sentiment on the euro that had intensified over the past week. As a result, EURUSD managed to find its footing and rise by 0.7% from intraday lows near 1.11, once again attempting to climb above 1.12.

The US dollar took a hit from a sell-off in Alphabet shares following a disappointing set of corporate results. The shares slumped by almost 13%, and the loss of market capitalisation of around $500 billion was the largest in the company’s history. Investors rushed to safe-haven assets, benefiting the low-yielding euro and the yen, although the Swiss franc, which proved to be a safe haven, strengthened much more sharply.

The approaching US midterm elections also contributed to the decline in the USD index. As expected, the Bank of Japan left its overnight rate at 1.25% and announced that core inflation had reached its 2% target. Around 80% of experts believe the BoJ will raise rates in December, while Bloomberg reports that rates will reach 2% by July 2027.

Citigroup notes that, historically, the US dollar has weakened in the run-up to midterm elections when a divided Congress was expected, which is consistent with the current situation. Nevertheless, the bank believes that any declines in the USD index will be bought, given the impending Fed rate hikes.

The FxPro Analyst Team

Summary: EURUSD recouped losses on ECB signals of a December rate rise and the Alphabet sell-off. Citigroup sees the dollar’s weakness ahead of the midterm elections as short-lived.
Fig. 1. EURUSD and 10-year Treasury yields.
Fig. 2. Key interest rates of the Bank of Japan and the Fed.

eurusd,us$idx_z26,usdjpy,usdchf,googl.o

Signals from the Bank of Japan about a December rate hike will favour the bears on USDJPY.
The ECB is likely to follow the Fed’s lead and adopt a cautious stance.

The US dollar corrected as the Fed, having left its key rate unchanged on Wednesday, refrained from signalling a rate rise in December. Fed Chair Kevin Warsh highlighted the economy's strength and the fact that inflation remains high. He noted that the central bank remains vigilant and that financial conditions remain tight. However, the Chair’s remarks that an acceleration in GDP growth would not necessarily lead to a surge in inflation have caused markets to doubt that there will be several rounds of policy tightening in 2027.

According to Warsh, the AI sector is becoming increasingly sensitive to rate rises. It is precisely thanks to new technologies that productivity is rising, and growth is accelerating. If growth is aggressively curbed through aggressive monetary tightening, the structure risks collapsing.

As a result, yields on 2-year Treasuries have fallen as markets have become less concerned about a sharp tightening of monetary policy and have priced in increasingly dovish expectations. Consequently, the US dollar retreated, EURUSD rebounded from a 17-month low, and USDJPY edged back. The euro and the yen are bracing for central bank meetings.

All but one of the experts polled by Bloomberg believe that the ECB will keep its key rate at 2.65% on Thursday and raise it in December. There are a few signs that high energy prices are feeding through to core inflation; the eurozone economy is losing momentum, and the surge in European bond yields has already significantly tightened financial conditions.

All experts surveyed by Bloomberg forecast that the BoJ’s overnight rate will remain at 1.25%. The main outcome of the Bank of Japan’s meeting will be the declaration of victory over inflation. Although consumer prices have been above target for several years, the core inflation rate only returned above the 2% mark in September. Its trajectory was distorted by government measures designed to cushion the negative effects of rising prices on households. October marks the moment to announce that the target has been achieved.

Although the BoJ would like to bring rates to a neutral level as quickly as possible, the risks of inflation spiralling out of control are not high enough to warrant tightening monetary policy at every meeting. It is most likely that BoJ Governor Kazuo Ueda will signal a continuation of the cycle in December.

The FxPro Analyst Team

Summary. The Fed declined to signal a December rate rise, and the dollar retreated. The ECB and BoJ are expected to hold rates while laying the groundwork for a December rate hike.

Fig. 1. The Fed’s key interest rate and core inflation, y/y.
Fig. 2. The Bank of Japan’s key interest rate and core inflation, y/y.

eurusd,usdjpy

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