Bitcoin surged to a record high of over $94,000, driven by reports that Donald Trump’s social media company, Truth Social, is in talks to acquire cryptocurrency firm Bakkt. The news raised hopes of a more cryptocurrency-friendly approach under a Trump administration. Bitcoin’s price has more than doubled this year, with the latest trading at $92,104.
The potential acquisition, as reported by the Financial Times, is expected to be an all-stock deal between Trump Media and Bakkt, which is backed by the Intercontinental Exchange. This news, combined with the launch of options trading for Bitcoin ETFs on Nasdaq, has spurred further optimism.
Since the US election on 5 November, traders have been betting that President-elect Trump will foster a less restrictive regulatory environment for digital assets, leading to a renewed rally in Bitcoin. The global cryptocurrency market has now surpassed a $3 trillion valuation, according to CoinGecko.
Market analysts suggest there is strong buying momentum behind Bitcoin, with the potential for further gains as traders continue to seek out opportunities in the growing market.
A new studio, Promise, has been launched to revolutionise filmmaking with the use of generative AI. Backed by venture capital firm Andreessen Horowitz and former News Corp President Peter Chernin, the startup is setting its sights on blending AI with Hollywood storytelling. The announcement coincided with the conclusion of its fundraising round.
Founded by Fullscreen’s CEO George Strompolos, ex-YouTube executive Jamie Byrne, and AI artist Dave Clark, the studio aims to harness the GenAI boom to streamline and enhance content creation. Promise is collaborating with Hollywood stakeholders to develop a multi-year slate of films and series, combining creative expertise with cutting-edge technology.
The company is also developing an AI-driven software tool named Muse, designed to assist artists throughout the production process. Muse aims to integrate generative AI at every stage, offering a streamlined approach to creating movies and shows. Promise hopes to position itself as a leader in the evolving landscape of AI-powered media.
Generative AI has gained traction in Hollywood, with tools like OpenAI’s Sora and Adobe’s video-generation model prompting industry interest. These innovations have spurred discussions about potential collaborations to reduce costs and speed up production. Promise’s launch adds to this momentum, marking a step forward in AI-driven entertainment.
Gold dropped to a one-month low of $2,543 on 14 November, following the release of the US Consumer Price Index report, which confirmed inflation at 2.6% for October. Despite a brief recovery to $2,623, the precious metal remains 2.6% lower over the past month. Meanwhile, Bitcoin soared to a record-breaking high of over $93,400, underscoring its growing appeal as a digital alternative to traditional inflation hedges like gold.
Experts suggest this trend could continue, as Bitcoin’s higher yield and appeal as a diversification tool attract investors. Maruf Yusupov, co-founder of the gold-backed stablecoin Deenar, noted that Bitcoin’s rising popularity may challenge gold’s long-standing dominance as an inflation hedge. The Federal Reserve’s hawkish policies and the strengthening US dollar are also likely to weigh on gold’s attractiveness.
Adding to the momentum, Republican Senator Cynthia Lummis recently proposed selling some of the US Federal Reserve’s 8,133 tonnes of gold reserves to invest in Bitcoin as a national reserve asset. The proposal reflects a shifting perspective among policymakers, signalling a potential long-term shift in investment strategies.
Donald Trump’s media company, Trump Media and Technology Group, is reportedly in advanced negotiations to acquire Bakkt, a crypto trading platform backed by the Intercontinental Exchange. According to sources cited by the Financial Times, the deal would be an all-stock acquisition.
News of the talks caused Bakkt’s shares to skyrocket by nearly 66% before trading was temporarily halted due to volatility. Neither Trump Media nor Bakkt has commented on the matter, while the Intercontinental Exchange declined to respond.
If finalised, the deal would deepen Trump’s ties to the cryptocurrency industry, which he has actively supported long before the US presidential election. In a related move, Trump recently launched a new crypto initiative called World Liberty Financial.
Africa’s financial landscape is undergoing a transformation as crypto adoption grows, offering solutions to long-standing challenges such as limited banking access and high remittance costs. Crypto exchange VALR is leading the charge, leveraging its platform to bridge traditional financial services with the opportunities presented by digital currencies. The platform supports retail users, small businesses, and institutions across the continent.
According to VALR’s CEO, Farzam Ehsani, cryptocurrencies provide unique advantages for Africans, including affordable money transfers, inflation hedging, and improved access to global financial markets. Stablecoins are particularly valuable, enabling users to preserve value and move funds quickly and cost-effectively across borders. Despite slow progress, major financial institutions in Africa are beginning to explore the potential of blockchain and crypto solutions.
Headquartered in Johannesburg, VALR has grown to become Africa’s largest crypto exchange by trading volume, with operations expanding internationally. The company’s innovative features, such as negative maker fees and robust API tools for fintech integration, reflect its commitment to shared value. As VALR develops new products like VALR Pay and multichain support, it aims to unlock Africa’s vast potential by making financial services more inclusive and accessible.
Gemini has launched its cryptocurrency trading platform in France, tapping into the nation’s growing interest in digital assets and its supportive regulatory environment. The expansion follows Gemini’s registration as a Virtual Asset Service Provider earlier this year, enabling French users to trade or store over 70 digital assets via its web and mobile platforms.
The platform supports funding through local payment methods, including debit cards, bank transfers, and Apple Pay, with transactions available in both Euros and British Pounds. Institutional investors can also benefit from Gemini’s advanced ActiveTrader™ platform and over-the-counter trading services, offering deep liquidity and competitive pricing.
France has positioned itself as a leader in the global crypto market, driven by a robust regulatory framework and rising adoption rates. According to Gemini’s 2024 Global State of Crypto report, 18% of French citizens now own digital assets, with nearly half of past owners planning to re-enter the market within a year. Women represent 35% of French crypto owners, one of the highest percentages globally.
This move marks another milestone for Gemini, which recently secured in-principle approval for a Major Payment Institution license from Singapore’s Monetary Authority. The firm aims to leverage France’s trust in digital assets and expand its presence in the European market over the coming months.
The city of Paju in South Korea’s Gyeonggi Province has announced its intention to seize and liquidate cryptocurrency holdings from residents who have failed to pay their taxes. Notices were issued to 17 individuals owing a combined 124 million Korean won (around $88,600), warning that crypto assets on exchanges would be confiscated if debts are not resolved by the end of November.
Authorities in Paju are intensifying efforts to track crypto holdings, highlighting that digital assets have become a popular tool for evading tax obligations. Officials clarified that individuals with the means to pay cannot shield their wealth through cryptocurrencies. In July, Paju seized $72,000 worth of crypto from other delinquent taxpayers in similar enforcement actions.
Separately, South Korea’s NongHyup Bank is advancing a pilot project to tokenise VAT refunds in collaboration with digital assets platform Fireblocks. The initiative aims to reduce operational errors and fraud by assigning digital identifiers to assets for real-time tracking, ensuring greater transparency and trust between banks and customers.
Keppel DC REIT will acquire full ownership of two data centres in Singapore, KDC SGP 7 and KDC SGP 8, as part of a $1.03 billion divestment deal. The acquisition involves Keppel’s Connectivity Division transferring its 51% stake in a joint venture with Cuscaden Peak Investments to Keppel DC REIT. Keppel will retain operational and management roles for the facilities.
The transaction aims to bolster Keppel DC REIT’s income stability while unlocking potential growth opportunities, including rental increases and expanded capacity. CEO Loh Hwee Long highlighted the deal’s immediate benefits, describing it as accretive to distribution per unit and supportive of long-term portfolio strength.
To fund the acquisition, Keppel DC REIT announced plans for an equity fundraising effort targeting approximately S$1 billion. New units will be priced between S$2.074 and S$2.128, providing additional financial stability for the purchase.
Keppel’s share of the divestment price is estimated at S$280 million. The move further strengthens the company’s commitment to the data centre industry while maintaining a key management role within its facilities.
Germany‘s Federal Court of Justice (BGH) has ruled that Facebook users affected by data breaches in 2018 and 2019 are entitled to compensation, even without proving financial losses. The court determined that the loss of control over personal data is sufficient grounds for damages, marking a significant step in data protection law.
The case stems from a 2021 breach involving Facebook’s friend search feature, where third parties accessed user accounts by exploiting phone number guesses. Lower courts in Cologne previously dismissed compensation claims, but the BGH ordered a re-examination, suggesting around €100 in damages could be awarded per user without proof of financial harm.
Meta, Facebook’s parent company, has resisted compensation, arguing that users did not suffer concrete damages. A spokesperson for Meta described the ruling as inconsistent with recent European Court of Justice decisions and noted that similar claims have been dismissed by German courts in thousands of cases. The breach reportedly impacted around six million users in Germany.
The court also instructed a review of Facebook’s terms of use, questioning whether they were transparent and whether user consent for data handling was voluntary. The decision adds pressure on companies to strengthen data protection measures and could set a precedent for future claims across Europe.
The Thai government will extend its digital wallet scheme to a second phase, covering four million people and distributing 40 billion baht, according to Finance Minister Pichai Chunhavajira.
Around 14.5 million people benefitted from the initial phase, which was part of a nationwide economic stimulus effort aimed at boosting consumer spending.
The programme is expected to reach a total of 45 million individuals once fully implemented, cementing its role as a flagship government initiative.
Officials in Thailand are positioning the digital wallet scheme as a cornerstone of the country’s recovery strategy, with significant investments planned to stimulate growth.
