Bitcoin’s consolidation near the $90,000 mark has steadied the broader cryptocurrency market, with trading volumes on centralised exchanges significantly declining. Binance, the largest crypto exchange, reported a 15.2% drop in daily trading volumes, while other major platforms like Bybit and OKX saw declines of 14.6% and 18%, respectively, according to CoinGecko. Activity on decentralised exchanges also dipped by 4% to $9 billion.
The market-wide cooldown comes as leading cryptocurrencies such as Ethereum, BNB, and Toncoin enter overbought territory. Analysts view this consolidation as a normal profit-taking phase, with long-term and short-term investors responding to recent price gains. Meanwhile, total crypto liquidations have dropped sharply from $869 million on 12 November to $231 million, signalling reduced sell-offs across the market.
Despite these trends, investor optimism remains high, with a 1.5% increase in total open interest reaching $104 billion. Market participants anticipate heightened volatility as Bitcoin’s dominance, currently at 56.2%, continues to influence broader market movements. Bitcoin’s next move could determine the trajectory of the entire cryptocurrency sector.
Tether has introduced Hadron, a cutting-edge platform for asset tokenisation aimed at institutions, corporations, fund managers, and governments. The platform, announced on 14 November, enables clients to tokenise a variety of assets, including stocks, bonds, stablecoins, and loyalty points. Tether describes Hadron as a seamless solution for issuing, managing, and investing in tokenised assets within a secure and regulated framework.
CEO Paolo Ardoino highlighted Hadron’s potential to revolutionise the finance sector by offering an inclusive and transparent alternative to traditional closed financial systems. He noted that Tether’s robust infrastructure, already managing $125 billion in assets, ensures that tokenisation is secure, scalable, and accessible. The platform provides advanced compliance tools, such as KYC, AML, and risk management, alongside features for customising token lifecycles.
Hadron supports multiple blockchains, including Bitcoin layer-2 solutions like Blockstream’s Liquid, marking Tether’s continued expansion into diverse financial segments. Recently, Tether’s Trade Finance division funded a $45 million oil deal in the Middle East using USDT, reflecting its growing influence in global finance. With Hadron’s launch, Tether aims to further bridge the gap between traditional finance and blockchain innovation.
Ilya Lichtenstein, a New York tech entrepreneur, was sentenced to five years in prison for laundering stolen cryptocurrency from Bitfinex, one of the world’s largest exchanges. Lichtenstein admitted to hacking Bitfinex in 2016, stealing around 120,000 bitcoin using advanced tools. At the time of the theft, the bitcoin was valued at $71 million but had soared to $4.5 billion by his arrest in 2022.
Lichtenstein and his wife, Heather Morgan, were arrested in February 2022. Morgan, a self-styled rapper known as “Razzlekhan,” also pleaded guilty to conspiracy charges and is set to be sentenced on November 18. US authorities recovered $3.6 billion of the stolen funds in what Deputy Attorney General Lisa Monaco called the largest financial seizure in the Justice Department’s history.
Alongside his prison term, Lichtenstein will serve three years of supervised release, marking a significant milestone in the fight against cryptocurrency-related crimes.
Attorneys General from 18 US states have launched a joint lawsuit against the Securities and Exchange Commission (SEC), its Commissioners, and Chair Gary Gensler. The coalition, led by states such as Kentucky, Texas, Florida, and Nebraska, accuses the SEC of overstepping its constitutional authority with aggressive actions against the cryptocurrency industry. The lawsuit seeks court intervention to curb what they describe as “unconstitutional persecution” of the sector.
The complaint argues that states have successfully fostered innovation and safeguarded consumers through local regulatory frameworks, enabling blockchain experimentation and adaptation to regional needs. Examples include licensing requirements for digital asset platforms, taxation rules for digital currencies, and procedures for handling unclaimed digital property. The lawsuit claims the SEC has ignored these efforts, instead attempting to impose federal mandates without Parliamentary approval.
The Attorneys General allege that the SEC’s enforcement actions violate the separation of powers, undermining state authority over crypto regulation. With all 18 Attorneys General being Republicans, the lawsuit calls for judicial intervention to reaffirm states’ rights and halt the SEC’s centralised approach.
Pennsylvania’s legislature has unveiled a bold proposal to invest state funds in Bitcoin. Led by Representative Mike Cabell, the bill, known as the Pennsylvania Bitcoin Strategic Reserve Act, aims to allocate up to 10% of the General Fund, Rainy Day Fund, and State Investment Fund into the leading cryptocurrency. Cabell argues that Bitcoin could provide a hedge against inflation, helping to stabilise the state’s economy in uncertain times.
The initiative reflects growing interest in Bitcoin as a store of value across the United States. Prominent firms such as BlackRock and Fidelity have backed Bitcoin as a strategic asset, lending weight to Cabell’s vision. This legislative push coincides with discussions of a national Bitcoin reserve, particularly if President-elect Donald Trump’s administration follows through on its pro-crypto agenda.
Pennsylvania’s move follows its recently passed Bitcoin Rights bill, which ensures residents can securely hold digital assets. With the state embracing Bitcoin on multiple fronts, it could signal a shift towards broader cryptocurrency adoption in government policies.
Societe Generale-FORGE, a subsidiary of the French banking giant, has announced plans to launch its euro-pegged stablecoin, EURCV, on the XRP Ledger in 2025. This move continues SG-FORGE’s multi-chain strategy, following previous deployments on Ethereum and Solana. By leveraging the XRP Ledger’s low-cost, high-speed infrastructure, the company aims to expand EURCV’s adoption, particularly in cross-border payments.
EURCV is designed to comply with the EU’s MiCA regulatory standards, ensuring transparency, consumer protection, and market integrity. Stablecoins like EURCV, which are tied to traditional assets such as the euro, offer a stable and less risky alternative to volatile cryptocurrencies, making them an ideal solution for institutional finance.
Guillaume Chatain, Chief Revenue Officer at SG-FORGE, emphasised that the XRP Ledger’s speed and cost-efficiency make it a strategic platform for EURCV. Since its inception in 2012, the XRP Ledger has processed over 2.8 billion transactions and supported more than 5 million active wallets, reinforcing its reputation as a reliable blockchain network. SG-FORGE’s efforts to integrate EURCV into the financial ecosystem align with its broader vision for compliant and secure digital assets.
The British government is stepping up efforts to regulate stablecoins and redefine rules around staking, aiming to bolster its appeal as a crypto-friendly destination. Expected by December, these measures follow increased scrutiny of digital assets in the US, prompting firms to seek more welcoming jurisdictions.
Key elements of the proposal include giving the Financial Conduct Authority (FCA) authority to draft stablecoin regulations and revising staking rules to exclude them from traditional investment schemes. Insiders also point to updates on the UK’s digital securities sandbox, a joint blockchain initiative with the Bank of England designed to drive innovation.
In Parliament, recent efforts have centred on recognising digital assets as personal property to improve fraud protection and ownership rights. While the former Conservative government outlined ambitious crypto plans, the Labour government’s stance on digital assets appears more reserved.
Jay Clayton, former Securities and Exchange Commission (SEC) chair, predicts that cryptocurrency legislation could be on the horizon during Donald Trump’s upcoming administration. Speaking in New York, Clayton, who is a candidate for attorney general in Trump’s second term, shared his expectations that a shift in regulatory priorities may favour the establishment of new crypto laws. He noted that under Trump’s leadership, crypto regulations could address long-standing issues that the Biden administration has not acted on directly.
During Biden’s presidency, regulators have intensified enforcement actions against cryptocurrency companies without adopting the rules the industry has been advocating. Clayton hinted that Trump’s approach could ease regulatory burdens, aiming to encourage companies to go public and create a more business-friendly environment. However, this marks a shift from Biden’s SEC, which implemented rules that many firms consider burdensome, especially around climate-related disclosures.
Clayton has criticised Biden-era SEC policies, arguing that recent regulations requiring disclosures of climate-related expenses could discourage companies from public listings. He called these policies ‘terrible,’ suggesting they deter firms from entering public markets due to the perceived regulatory complexities.
While Clayton did not confirm if he would accept a role in Trump’s administration, he indicated a willingness to serve if asked. His comments underscore a potential policy shift, particularly in financial and crypto regulations, as the industry anticipates possible changes under new leadership.
The US Senate is working to establish a strategic Bitcoin reserve within the first 100 days of Donald Trump’s presidency, with Senator Cynthia Lummis leading the charge. Her BITCOIN Act proposes creating decentralised vaults across the country to securely store one million BTC over five years. The plan includes revaluing assets such as gold certificates to fund Bitcoin purchases, aiming to strengthen the nation’s financial position.
The initiative has sparked optimism within the crypto industry, with analysts predicting it could accelerate Bitcoin’s growth and attract institutional interest. David Bailey, CEO of BTC Inc., has called the reserve the most transformational policy on Trump’s agenda, highlighting its potential to reshape the financial landscape.
Bitcoin’s price has soared recently, repeatedly hitting all-time highs and reaching $93,000 amid a broader market rally. While some attribute this surge to Trump’s pro-crypto stance, others suggest predictable post-halving dynamics as the primary driver. Regardless, the combination of policy support and market conditions appears to be boosting Bitcoin’s appeal as a major investment asset.
Fireblocks, a digital assets platform, has partnered with South Korea’s NongHyup Bank to develop a blockchain-powered prototype for tax refunds. The project will utilise Fireblocks’ Tokenisation Engine to simplify value-added tax (VAT) and goods and services tax (GST) refunds on retail purchases, focusing on increased security and real-time tracking of transactions.
The initiative aims to enhance transparency while reducing operational costs, with tokenisation providing immutable records that prevent fraud. NongHyup Bank, which serves over 10 million customers, views the partnership as a step forward in delivering innovative blockchain solutions.
Fireblocks continues to expand beyond its core custody services, recently offering derivatives trading and launching a Web3 kit for start-ups. With over $6 trillion in digital assets securely transferred, the company’s collaboration with NongHyup Bank highlights the growing adoption of blockchain in traditional financial services.
