By Kapil Rajyaguru
Bitcoin Breaks $95K as Ethereum Hits 6-Month High Amid Market Frenzy.
Bitcoin has reclaimed bullish momentum, briefly spiking to $97,300 before settling near $96,200—up 1% in the past 24 hours and an impressive 35% monthly gain. This surge comes as U.S. consumer spending rises and inflation persists above the Federal Reserve’s 2% target, keeping traders on edge about potential monetary policy shifts.
Ethereum (ETH) joined the rally, tapping $3,700—its highest in six months before settling near $3570—while altcoins like Binance Coin (BNB), Cardano (ADA), and Ripple (XRP) posted significant gains.
Options activity adds fuel to the market buzz. Friday’s expiry will see 98,500 BTC options, worth $9.48 billion, with the $100,000 strike price dominating open interest at $2 billion. With a put/call ratio of 0.84, bullish sentiment prevails.
As macroeconomic signals flash red, the crypto market braces for heightened volatility, eyeing December’s year-end options expiry as the next major catalyst.
MARA Boosts BTC Holdings to $3.3bn Through $1bn Convertible Note Offering.
Meanwhile, MARA, formerly Marathon Digital, has announced the purchase of an additional 703 BTC. This recent initiative follows an earlier purchase of 5,771 Bitcoin (BTC) on November 23, bringing the total number of buys through its $1 billion convertible note offering to 6,474 BTC.
According to a Nov. 27 X post, both transactions were executed at an average price of $95,395 per coin. MARA’s total Bitcoin holdings now stand at 34,797 BTC, valued at approximately $3.3 billion.
MicroStrategy Breaks its Own Record: Another Massive Purchase for 55,500 BTC.
Additionally… MicroStrategy, led by Michael Saylor, has struck again. The business intelligence giant just acquired 55,500 BTC for $5.4 billion, at an average price of $97,862 per bitcoin. This brings its total holdings to 386,700 BTC, purchased at an average of $56,761 each.
In total, the firm has spent almost $22 billion to acquire its cryptocurrency fortune. Given BTC’s current price of roughly $98,000, that stash is now worth almost $38 billion – or, more than $16 billion in paper profit.
Global Stablecoin Supply Hits New All-Time High.
Elsewhere… According to a Bloomberg report citing data from DefiLlama, the market capitalization of stablecoins has increased by 46% this year, reaching a record of about $191.6 billion.
Tether, the world’s largest stablecoin issuer, has seen the circulation of its USDT token reach approximately $133 billion, accounting for about 69% of the global market for such assets.
The other big player in the market, USDC, saw its market value rise to $39.5 billion after ending the financial year 2023 with $24 billion in circulation. The Circle-issued stablecoin holds 21% of the global market share.
TORN Surges 400% as Court Rules Against US Treasury Sanctions on Tornado Cash.
In another interesting development, the federal appeals court ruled against the US Treasury Department’s sanctions on Tornado Cash in a Court of Appeals in New Orleans on Tuesday, Nov. 26. The three-judge panel determined that the Treasury overstepped its legal authority by sanctioning the software itself rather than specific individuals or entities.
The court found that the Tornado Cash software’s code cannot be classified as “property” that can be sanctioned. Coinbase supported the legal challenge, arguing against the blanket blocking of open-source technology.
The Tornado Cash native token TORN spiked more than 850% on the verdict, skyrocketing from $3.60 to top out at $35 in early trading in Asia. TORN has since retreated to around $18 at the time of writing, which is still up more than 400% over the past 24 hours.
CFTC Could Lead Crypto Regulation Revolution as Trump Administration Reshapes Jurisdiction.
Meanwhile… The incoming Donald Trump administration is reportedly planning to extend the regulatory power of the Commodity Futures Trading Commission to oversee a major portion of the cryptocurrency market.
The proposed move is part of a broader effort by President-elect Trump and the Republican majorities in Congress to scale back the regulatory power that the SEC has exerted over the digital asset industry under President Joe Biden and his outgoing SEC chairman, Gary Gensler.
Russian Gov’t Approves New Crypto Taxation Framework.
Elsewhere…. the Russian government is rushing to enforce new cryptocurrency taxes as Bitcoin smashes all-time highs against Russia’s national currency, the ruble.
Russia’s Federation Council, the country’s upper house of parliament, has approved a federal bill introducing new taxes on cryptocurrency transactions.
The legislation, approved on Nov. 27, recognizes digital currencies as property and imposes a 13%–15% personal income tax on cryptocurrency sales. It also exempts Russian crypto miners from value-added tax (VAT) on mined coins.
The bill passed three readings in the State Duma before gaining approval from the Federation Council. It now awaits the signature of President Vladimir Putin to become law. Once signed, it will take effect upon official publication.
Base Layer 2 Network Surpasses $10 Billion TVL, Hits 106.26 TPS.
Meanwhile… Amid heightened activity across the crypto market, the Base network also experienced renewed momentum. Data from L2Beat revealed that Base’s total value locked (TVL) surged by more than 5% over the last week, surpassing $10 billion for the first time, with Aerodome Finance leading the charge reflecting the meme coin trading dominance.
The latest milestone has catapulted Base to become the second Ethereum Layer 2 network with more than $10 billion TVL, following Arbitrum. Additionally, on November 24, Base achieved a record transaction speed, reaching 106.26 transactions per second (TPS).
RBI Confirms the Use of Ripple’s XRP Ledger for Digital Rupee Project.
Last but not least… India’s central bank, the Reserve Bank of India (RBI), has confirmed the use of Ripple’s XRP Ledger for its Digital Rupee project. This collaboration aims to enhance the efficiency and security of the Digital Rupee, leveraging Ripple’s expertise in blockchain technology and cross-border transactions.
The use of XRP Ledger in Digital Rupee facilitates faster and more cost-effective cross-border transactions, a significant advantage for the Indian economy. Notably, XRP ledger has low cost transaction and transactions cost only fractions of a penny.
The Digital Rupee, powered by XRP Ledger, can reach remote and underserved areas, promoting greater financial inclusion.
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