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Состояние президента США Дональда Трампа сократилось за пару месяцев с $7,3 до $6,2 млрд из-за снижения стоимости акций компании Trump Media (TMTG). Цена бумаг принадлежащей президентской семье компании снизилась до $10,18 по причине падения биткоина и других криптовалют, сообщил журнал Forbes.

Кредитование под залог криптовалют выросло за год на 38,5%, превысив объемом $73 млрд. Причинами роста стали новые программы стимулирования клиентов и рыночная рефлексия, объяснили аналитики Galaxy Research.

Совладелец и инвестиционный директор компании ProCap BTC Джефф Парк (Jeff Park) заявил, что сильным катализатором роста биткоина может стать новость о начале закупки первой криптовалюты каким-нибудь крупным государством.

Инвестиционный директор компании Bitwise Мэтт Хоуган (Matt Hjugan) назвал падение крипторынка хорошей точкой для входа новых крупных инвесторов. К концу года ведущие криптовалюты могут возобновить рост, уверен топ-менеджер.

Падение цены эфира до уровня поддержки $2800 может указывать на дно рыночного цикла, заявили специалисты онлайн-платформы анализа данных CryptoQuant. Крупные держатели второй по капитализации криптовалюты продолжают накопление актива, несмотря на снижение курса, обратили внимание эксперты.

Fundstrat’s Tom Lee disclosed in a recent interview that last month’s flash event is still echoing through crypto markets, and that those ripples help explain Bitcoin’s recent slide.

According to Lee, the shock on October 10 damaged key market makers—firms that provide trading liquidity—forcing them to pull back and tighten activity.

That pullback, he said, has fed a slow drip of selling that continued into November as investors reassessed risk.

Market Maker Strain Triggered By Trading Glitch

Based on reports, Bitcoin traded near $125,000 on October 6 and held around $120,000 days later before tumbling to the mid-$80,000 range by November 20.

Lee pointed to a technical fault on one exchange where a stablecoin briefly lost its $1 peg amid thin liquidity and internal pricing errors.

That misquote was used by the exchange to price trades, which set off Auto-Deleveraging (ADL) events and a chain of forced liquidations across venues.

The result: several market makers saw their balance sheets weaken, and their reduced activity helped sustain selling pressure rather than absorb it.

ETF Outflows And Macro Forces Add Pressure

The market hit has not been only structural. Reports show Bitcoin fell about 23% this month, while ETF outflows have approached $3 billion, giving traders another reason to step back.

A stronger US dollar and talk of more Federal Reserve tightening have also weighed on sentiment, making it harder for risk assets to hold gains.

Technical indicators picked up by analysts show an RSI around 25.47, which many read as oversold, while MACD readings remain in bearish mode. That mix leaves traders divided between bargain hunters and cautious sellers.

Why Traders Might See A Swift Turnaround

Lee argued that past episodes of forced selling tended to reverse once pressured accounts were exhausted and patient buyers reentered the market.

He suggested Bitcoin could test $77,000 and that Ether might fall toward $2,500 before any steady rebound. Based on his view, the repair of market-making systems and code fixes should stop similar cascades from repeating.

Some funds, he noted, are holding large cash positions and are waiting for clearer signs that liquidity has returned.

A Narrow Window For Recovery Or Further Downside

Investors should watch several things in the coming days: the behavior of large funds, ETF flows, and whether exchanges change how they source prices for margin events.

Reports have disclosed that when automatic systems rely too heavily on internal quotes during low-liquidity moments, risk can amplify rapidly.

Lee thinks volatility isn’t done, though he also argues that once the market’s core problems are patched up, the rebound toward old highs could race ahead of the recent slide.

Featured image from Pexels, chart from TradingView

Crypto pundit Cobb has explained why a supply shock could be imminent for XRP. This follows the launch of two ‘33 Act XRP ETFs, including Bitwise’s fund, with more set to launch next week. 

Why XRP Could Soon Witness A Supply Shock

In an X post, Cobb declared that a supply shock is coming for XRP. This came as he noted that the market is not pricing in the impact the XRP ETFs could have, like they did with Bitcoin and Ethereum. Notably, BTC had rallied to new highs following the launch of the Bitcoin ETFs last year. ETH also saw a significant price increase this year, as Ethereum ETFs experienced a massive spike in inflows. 

Cobb’s statement came in response to crypto pundit Chad’s prediction of the funds taking in a net inflow of a billion daily, with 500 million of the altcoin sent to storage daily. He stated that the token’s price won’t remain at $2 as that happens. It is worth noting that there are currently two existing ‘33 Act spot XRP ETFs issued by Canary Capital and Bitwise. 

SoSo Value data shows that these two funds haven’t come close to recording daily net inflows. So far, their highest daily net inflows have been $245 million, which was what Canary recorded on the first day of trading. However, since then, the daily net inflows have dropped despite the launch of Bitwise’s fund earlier this week. 

The drop in net inflows for the funds comes amid the crypto market decline, which may be contributing to this development. Notably, Canary Capital CEO Steven McClurg had predicted that the funds could take in $10 billion in inflows in their first month, depending on the market conditions. 

More Funds Set To Launch

More XRP ETFs are set to launch, which could further boost the inflows into these funds as a group. Bloomberg analyst Eric Balchunas revealed that Grayscale has received approval from the NYSE Arca to launch its fund on November 24. Meanwhile, his colleague James Seyffart had earlier stated that Franklin Templeton was also likely to launch its fund next Monday. 

Asset manager 21Shares has also filed a Form 8-A for its fund and could begin trading as soon as next week once it gets certification from CBOE. Crypto pundit Chad recently claimed that the altcoin’s price could rally to as high as $220 as these funds continue to accumulate more coins. He noted that BTC’s price nearly doubled following the launch of Bitcoin ETFs and expects the impact of the funds on XRP to be far more significant. 

At the time of writing, the altcoin’s price is trading at around $1.91, down over 2% in the last 24 hours, according to data from CoinMarketCap.

In a market renowned for its volatility, Bitcoin is currently navigating a particularly challenging period that is poised to mark an unfortunate milestone. As the trading week draws to a close, BTC is on track to post its worst weekly performance in over a year. 

Will This Week Mark A Capitulation Point For Bitcoin?

Bitcoin is now firmly on track to log its worst weekly performance in over a year, and it’s also shaping up to become its second-worst November in history. A full-time crypto trader and investor, Daan Crypto Trades, has mentioned on X that historically, November is the best-performing month in terms of average returns. This sharp deviation from the norm is a significant disappointment for many, making 2025 a challenging year so far for the crypto market.

Daan believes that BTC will shine again in the decade to come. These unexpected downturns in the market may not always be enjoyable, but they are essential in the long run. The most crucial thing you need to do is survive. It is worth noting that red rectangles usually come with a lot of green rectangles. Thus, Daan claims investors need to endure the red for long enough.

The CEO of SwanDesk Financial, Jacob King, has highlighted that one of the biggest red flags signaling the Bitcoin bubble was about to burst when Jamie Dimon, CEO of JPMorgan, suddenly flipped bullish on BTC earlier this year. For years, Dimon told investors to stay away from BTC, calling it a giant fraud. The reality is that these Wall Street banks probably bought billions worth of BTC early on and needed more time to accumulate their positions quietly, without driving up the price against themselves.

At the peak, when they need exit liquidity, they would promote it to their customers to buy, and push extreme price targets to draw in fresh demand. King stated that “Wall Street is sleezy, and anything they say should be taken as a direct cue to expect the opposite, especially when it comes to crypto.”

A Capitulation Event Bitcoin Has Never Seen Before

An analyst known as the Master of Crypto has offered insights into investors’ action, noting that short-term Bitcoin holders are experiencing pressure at a level the market has never recorded before. During the COVID-19 crash in March 2020, when BTC swiftly slipped to about $3,850, roughly 92% of recent buyers were sitting on losses. 

Fast forward to the devastating fallout from the FTX collapse in November 2022, and that number rose to roughly 94% as BTC tumbled to the $16,000 mark. The current data show an even sharper shock as over 99% of all short-term holders are in the red near the $89,000 level. Analysts across the board are calling this the most intense wave of capitulation that the BTC market has ever experienced.

Bitcoin’s series of bearish swings has evidently instilled in its market participants a wave of pessimism bordering on flat-out fear. After losing almost 28% of its value this November, the flagship cryptocurrency looks set for the onset of a full bearish cycle. Interestingly, recent on-chain data has been released, which explores a few key metrics to explain the landscape of liquidity pushing Bitcoin’s price, with implied mentions of what to realistically expect in the near term.

Available Liquidity Tapers As Long-Term Demand Rises

In a QuickTake post on CryptoQuant, analytics platform Arab Chain highlights the growing divergence between Bitcoin’s seasoned investors and its ‘smart money’ market players.

The DeFi firm begins its report with readings obtained from the Total Sell-side Liquidity metric, which tracks the amount of Bitcoin available to be sold into the market, based on the behavior of parties that usually serve as liquidity sources. Per Arab Chain, this metric’s reading has recently dropped to about 975,000 BTC, indicating a decline in the amount of coins available for sale by active market participants.

In tandem, the Accumulator Address Demand indicator has shown a surge above 355,000 Bitcoin. For context, this metric reveals how much persistent buying pressure is coming from reputable Bitcoin accumulation wallets over an extended period of time. A surge to 355,000 and levels above reflects a growing accumulation appetite amid the premier cryptocurrency’s strongest holders. Typically, a positive accumulation behavior displayed by market participants helps foresee a sustainable price action in the long term. 

On the other hand, Arab Chain also cites a confluence of two indicators, the Liquidity Inventory Ratio and the ETF Demand. The first, which is a measurement of how long extant liquidity can sustain market activity, shows a reading of 2.74 months, thus indicating there is slower replenishment of active supply. The latter metric, which indicates the net outflows from US spot ETFs, has dropped to -51,000 BTC, indicating sustained net outflows. Taken together, both metrics point to weakening institutional demand, which stands in clear contrast to the rising on-chain accumulation seen elsewhere.

Notably, Binance data reveals that there has been a visible downturn in the price-to-net buying correlation. At the time of the DeFi firm’s report, when Bitcoin was around $83,000, the correlation had seen a decline to as low as 0.72. A weakening correlation typically signals declining inflows relative to price action, thereby implying that the market’s movement is based only on the increasingly fragile liquidity available. Historical data points out that in such conditions, a slight introduction of downward pressure could trigger an exaggerated price crash.

Bitcoin Price Overview 

As of the time of writing, Bitcoin is worth approximately $85,100, with about 1.81% lost over the past day.

Strategy, a business intelligence company founded by Michael Saylor, has released new data outlining how its Bitcoin (BTC) position holds up under current market conditions. This disclosure raises the question of whether the company could ever be forced to sell its $54.59 billion in Bitcoin holdings. Its latest internal projections, shared publicly, highlight the firm’s expectations for long-term sustainability while also inviting scrutiny of its historic aggressive accumulation strategy. 

Strategy Confirms BTC Reserves Cover Dividends For Decades

The Strategy team stated on X this Thursday that with Bitcoin trading below $85,000, the company has more than enough coverage to maintain its dividend obligations for 71 years even if the price remains flat. Additionally, if Bitcoin’s price grows by more than 1.41% annually, that growth alone would completely neutralize the firm’s dividends without requiring additional funds.  

Strategy shared its internal credit dashboard, which tracks details such as debt maturities, durations, interest exposure, and Bitcoin risk. The report shows a total debt of $8,214 and a matching cumulative national value. Most of this comes from the company’s Bitcoin-linked preferred instruments, including various STR-series tranches, totaling $7,779 and with a combined notional value of $15,993. 

Durations across these instruments range from under 2 years to nearly 10, with BTC risk concentrated in the low single digits. Overall, the combined debt and preferred structure totals $15,993. The company’s model also assumes a Bitcoin price of $87,300, a volatility of 45%, and an expected annual return of 30%. 

According to Strategy, these numbers indicate that the firm has plenty of financial flexibility. The company has shown that its dividend security does not rely on aggressive Bitcoin price growth. Although its balance sheet is tied to BTC’s market performance, Strategy’s internal credit analysis suggests it can withstand extended periods of sideways price action without liquidating its core holdings. 

Saylor Faces Criticism For Persistent Bitcoin Buys

In a separate update, Strategy highlighted its actions during the 2022 crypto winter, which was marked by a widespread market collapse. When the price of Bitcoin dropped to $16,000, roughly 50% of Strategy’s then-average cost basis of $30,000, the firm increased its position rather than pulling back. 

This reminder resurfaced longstanding criticisms from market participants who argue that the company’s approach relies too heavily on constant averaging up. The CEO of SwanDesk, Jacob King, criticized Saylor, claiming that the Strategy founder has not shown any real investment ability. 

King pointed out that since Saylor’s first BTC purchase at around $11,000, the cryptocurrency has surged roughly 1,000%. In contrast, Strategy has generated only a 22% return over five years, equating to about 4.4% per year. King described this performance as “horrible,” attributing it to the firm’s seemingly flawed strategy of persistently buying Bitcoin at higher prices. 

The SwanDesk CEO also highlighted Saylor’s history in the tech sector, noting that he had wiped out nearly 99% of his net worth during the dot-com era by chasing underperforming tech stocks and restating the firm’s financials under the scrutiny of the US SEC. 

Featured image from Getty Images, chart from TradingView

The total crypto market cap declined by over 10% in the past week as widespread price correction continues among various digital asset classes. In particular, crypto investment funds, i.e, ETFs, have been significantly impacted by this extended price downswing, with institutional investors pulling out deposits in droves. 

According to XWIN Research Japan, this development, among other factors, points to a budding bearish market as investors structurally rotate capital to seek less-risky and more stable ventures.

Crypto Market Entering A Structural Demand Decline – Here’s Why

In a QuickTake post on CryptoQuant, XWIN Research Japan, a digital asset market analysis firm, postulates that Bitcoin’s recent price losses may be indicative of a structural change in market trend rather than a mere correction. This claim is based on several factors that suggest that investors are systematically deleveraging in the crypto market.

One of these factors is netflows into crypto investment funds, which dropped by $2 billion in the last week, representing the largest ever decline since February. Since the start of November, XWIN Research Japan notes that cumulative withdrawals from these ETFs have hit $3.2 billion, with Bitcoin and Ethereum experiencing net outflows of $1.4 billion and $689 million, respectively. However, the asset under management (AUM) of these has also declined by 27% from the October peak value, indicating that the recent heavy losses reflect a bearish shift in the market structure rather than a brief negative sentiment.

Meanwhile, the Coinbase Premium Gap, which has now turned negative for the past few weeks, adds some depth to this cautious insight. In particular, XWIN Research notes a resemblance with the previous decline seen from February to May, when US institutions maintained a steady selling pressure in the market. Another important bear market indicator highlighted by XWIN analysts is the Stablecoin Supply Ratio (SSR), which has crashed to near-yearly lows, suggesting there are many stablecoins relative to BTC. However, while this development may indicate a higher buying power among investors, it does not communicate a bullish signal.

XWIN Research explains this is because the low SSR is driven by a drop in Bitcoin’s market cap rather than a rise in stablecoins. Therefore, there has been no new liquidity, indicating a weak market buying power that could potentially result in a sustained downtrend.

Crypto Price Overview

At the time of writing, the total crypto market cap is valued at $2.89 trillion, reflecting a slight decline of 1.75% in the past 24 hours. Meanwhile, the daily trading volume is up by 20.93% and valued at $250.9 billion. 

According to XWIN Research Japan, a reversal in bearish fortunes can only come if the crypto market sees a resurgence in stablecoin inflows, coupled with a normalization of the Coinbase premium fall and rise in ETF netflows. Barring these developments, crypto investments hold high potential for sustained downswing. 

Featured image from Barron’s, chart from Tradingview

2025 has been a year of ups and downs for the cryptocurrency industry, with the performance of digital asset treasuries (DATs) a perfect example of this trend. While Bitcoin and Ethereum treasury firms like Strategy and BitMine seem to be weathering the recent storm, other companies have succumbed to the bursting bubble of DATs.

For instance, BitMine has disclosed its plans to become “the first large-cap cryptocurrency company to declare annual dividends.” This announcement came as the Ethereum treasury firm released its fiscal year results on Friday, November 21.

BitMine To Pay $0.01 Dividend Per BMNR Share

In a press release on Friday, the largest Ethereum treasury company, BitMine, reported a net income of $328 million—equal to $13.39 in fully diluted earnings per share (BMNR). The firm also shared its plan to become the first large-cap crypto company to pay dividends to its shareholders. 

The Ethereum treasury company intends to pay an annual dividend of $0.01 per BMNR share, as it looks to return some value to shareholders amid the weakening crypto market.  According to the press release, the payable date for the dividend is set at December 29, 2025, with BitMine’s next shareholder meeting to be held in January 2026.

BitMine’s Chairman, Tom Lee, said in the release:

BitMine continues to execute at the highest level. The company is well positioned in 2026 and we look forward to commencing ETH staking with our MAVAN, or Made in America Validator Network, in early calendar 2026.

The crypto treasury company explained its plans to launch the Made in America Validator Network (MAVAN) to stake its Ether holdings. After vetting several native staking providers, BitMine revealed that it has selected three initial pilot partners to test out their staking capabilities using a small portion of its ETH.

The BMNR stock is currently valued at around $26, reflecting an over 25% decline in the past week. Meanwhile, the share price is significantly away from its 2025 high of $135, reached shortly after Bitmine announced its Ethereum acquisition strategy.

The industry-wide struggles of these digital asset treasuries can be attributed to the pullback of the crypto market in the second half of the year, especially in the fourth quarter. While the price of Ethereum continues to show weakness, recently falling to around $2,650, BitMine’s chairman believes that a market recovery is inevitable.

BitMine Continues ETH Buying Spree

BitMine’s faith in the eventual recovery of the Ethereum price can be seen in its relentless acquisition strategy. As Bitcoinist reported, the firm purchased about 21,054 ETH (worth about $66.57 million) on Wednesday, November 19.

As of a Thursday report, the unrealized losses of BitMine’s Ethereum holdings were nearing $4 billion. Notably, the DAT company holds roughly 3.55 million ETH tokens—worth about $10 billion—acquired at an average cost of around $3,120.

A terse but provocative message by crypto CEO Jacob King has challenged the prevailing narrative around Bitcoin at a time when the asset’s price has reversed much of its 2025 gains. 

King contends that Bitcoin was never intended to function as a store of value or inflation hedge, two big labels widely used to describe Bitcoin in the past few years.

Whitepaper Never Described Bitcoin As Digital Gold

Bitcoin’s price decline in recent weeks has revived long-standing questions about what the cryptocurrency was meant to represent. Much of the price surge earlier in the year has now been erased, and sentiment across the market has shifted into a defensive posture. In light of this, Jacob King released a pointed critique challenging the main arguments that investors have attached to Bitcoin over the past decade.

King grounds his argument in the language of the Bitcoin whitepaper, which describes a peer-to-peer electronic cash system designed to facilitate direct online payments without intermediaries. He stresses that the whitepaper never discussed Bitcoin as a store of value, an inflation hedge, a geopolitical refuge, or any of the traits that dominate modern discourse.

In King’s view, high fees, limited throughput, and declining real-world use pushed supporters to adopt new perspectives that kept enthusiasm alive, even if those narratives had no connection to what Satoshi Nakamoto, Bitcoin’s creator, outlined in 2008. 

Satoshi explicitly described Bitcoin as a peer-to-peer system for online payments. The idea of Bitcoin as a form of digital gold was manufactured by maximalists to attract fresh waves of retail buyers.

Bitcoin’s Recent Price Crash Supports King’s Criticism

King’s comments land at a moment when Bitcoin’s price action is playing out anything but stability. The leading cryptocurrency has dropped massively from its 2025 highs, reversing most of the year’s gains and sending shockwaves through the broader market. 

The decline led to liquidations, weakened sentiment across major altcoins, and raised new doubts about Bitcoin’s defensive qualities during periods of stress. 

King’s view on Bitcoin clashes directly with the views of some of the most influential voices in global finance. Michael Saylor has repeatedly described Bitcoin as the superior successor to gold, calling it “digital property.” 

Larry Fink of BlackRock took the idea mainstream when he said Bitcoin had become a hedge to overcome and address local fears, a phrase that suggested the asset was maturing into a global store of value.

Tom Lee, Head of Research at Fundstrat Global, has also embraced this viewpoint, stating that Bitcoin’s valuation could climb to the $200,000 to $250,000 range if it manages to capture 25%  of gold’s market share. 

Earlier this year, Federal Reserve chairman Jerome Powell echoed similar sentiment, noting that Bitcoin now acts as a legitimate competitor to gold.

At the time of writing, Bitcoin is trading at $84,130.

Featured image from Unsplash, chart from TradingView

Khurram Dara, a former policy counsel at cryptocurrency exchange Coinbase, officially announced his intention to run for the office of New York State Attorney General.

Former Coinbase Attorney Accuses New York AG Of Partisanship 

On Friday, November 21, Dara announced his candidacy on the social media platform X and revealed his agenda for the office of New York State Attorney General. According to his campaign message, the former Coinbase counsel intends to put an end to the “lawfare” by the current New York AG, Letitia James, on businesses and innovations.

Dara accused James of partisanship and putting her political ambitions first in the disposition of her duties as Attorney General. With his regulatory and policy experience in the crypto and fintech space—most notably at Coinbase and Bain Capital Crypto, Dara claims to have seen firsthand these companies being unfairly targeted by the government.

A part of the former Coinbase attorney’s campaign message read:

Dara’s platform includes ending lawfare, prioritizing public safety and making New York more business- and innovation-friendly. Dara says he plans to make specific changes to the office to address affordability and the cost of doing business, such as curbing the office’s use of the Martin Act, ending the practice of hiring private law firms on a contingency-fee basis, and fighting unlawful regulations.

The ex-Coinbase lawyer said that he intends to run under the Republican Party, speaking about tackling New Yorkers’ concerns about the cost of living and affordability.

Over the years, James has gained popularity for her enforcement of strict regulations on the cryptocurrency space. Since taking office in 2019, the Attorney General has filed lawsuits against several crypto companies, including Gemini, Genesis, KuCoin, and Nexo, while agreeing to significant settlement deals with some of these firms.

A New Dawn For Crypto In New York?

Interestingly, the New York Mayor-elect Zohran Mamdani seems to lean more towards James’s approach to consumer protection-focused crypto regulation. Such an instance was seen in 2023 when Mamdani, who was then a member of the New York City Assembly, agreed to AG James’s bill to protect vulnerable New York investors.

It is worth noting, though, that the New York Mayor-elect has never taken a clear public stance on cryptocurrencies, with his past comments suggesting improved regulation rather than unchecked scrutiny. All in all, the city administration’s influence over the state and federal crypto infrastructure is limited.

As of this writing, the total cryptocurrency market capitalization stands at around $2.87 trillion. With most large-cap assets under significant bearish pressure, the crypto market saw its value shrink by nearly 10% in the past week.

Featured image from Getty Images, chart from TradingView

Майнер-одиночка, действующий в пуле CKpool, добыл блок 924 569 сети Биткоина и получил награду 3,146 BTC. Это примерно $266 000, уточнил разработчик и администратор пула Кон Коливас (Con Kolivas).

With the recent conclusion of the government shutdown, the crypto industry is seizing the opportunity to present key regulatory requests to the White House before the year ends. 

December promises to be a pivotal month for digital assets, especially under President Donald Trump’s administration, which has shown positive momentum in advancing crypto regulations.

What The Crypto Industry Wants

In a letter released on Thursday, November 20, the Solana Policy Institute urged immediate action from the Treasury and the Internal Revenue Service (IRS) on several policy initiatives, placing the Institute at the forefront of this push.

The letter highlights that as Congress continues its legislative work, President Trump’s administration is capable of implementing significant changes that could provide quick victories for the industry.

Among the primary requests outlined in the letter is the need for tax clarity. The industry is seeking comprehensive guidance on various technical aspects, including staking, mining, airdrops, cross-chain transactions, collateral pledging, and charitable donations. 

Specifically, the crypto sector is advocating for clearer tax regulations that prevent taxation on unrealized income, promoting alignment of tax rules with economic realities. 

There’s a push for the Treasury Department to offer revisions that define staking and mining rewards as property taxed upon disposition, drawing from established tax principles governing asset sales.

Another crucial request focuses on regulatory certainty. The industry is calling for defined rules that would support developers, decentralized finance (DeFi) protocols, and self-custody of digital assets. The request includes provisions for no-action relief and safe harbors within existing regulatory frameworks.

The letter also emphasizes the need for DeFi protection and innovation. It calls for updated guidance from the Financial Crimes Enforcement Network (FinCEN) and robust cybersecurity measures to foster a thriving decentralized project ecosystem in the US. 

Additionally, there’s a proposal for the IRS to clarify that blockchain-related activities, such as cryptographic engineering and smart contract development, should qualify for research and development tax credits.

SEC’s Token Safe Harbor Framework Cited As Model

Another key point in the letter pertains to calling for justice for Tornado Cash developer Roman Storm, urging the Department of Justice to drop charges against him. 

The signatories argue that such a move would reaffirm the Administration’s commitment to protecting developers and recognize that the publication of open-source software is a form of speech protected under the First Amendment.

Furthermore, the letter articulates requests for enhancing US software development by advocating for the adoption of safe harbors and regulatory sandboxes for DeFi projects and developers. 

This would enable the launch of tokens and protocols, thus fostering digital asset innovation through the creation of user-friendly web interfaces. The industry references SEC Commissioner Hester Peirce’s Token Safe Harbor Framework as a model for such proposals.

In addition to these requests, anticipation is building around the forthcoming Market Structure bill, which aims to provide enhanced clarity in the digital asset landscape. 

Markup sessions for this important legislation are reportedly scheduled for early December, indicating that significant developments may be imminent as the year draws to a close.

Featured image from DALL-E, chart from TradingView.com 

Автор книги «Богатый папа, бедный папа» Роберт Кийосаки (Robert Kiyosaki) продал биткоины на сумму $2,25 млн. Призывавший покупать первую криптовалюту писатель заявил, что вырученные средства инвестированы ради пассивного дохода в хирургические центры и бизнес операторов наружной рекламы.

Chinese Bitcoin mining manufacturer Bitmain Technologies Ltd. has reportedly been at the center of a months-long federal investigation in the US over concerns that its products could pose risks to America’s national security.

Chinese Bitcoin Mining Giant Faces US Scrutiny

On Friday, Bloomberg reported that Bitmain, the global leader in Bitcoin mining hardware production, has been under investigation by the US Department of Homeland Security (DHS) for several months due to national security concerns.

According to a US official and six other people familiar with the matter, the investigation, allegedly known as “Operation Red Sunset,” was launched to assess whether Bitmain’s Bitcoin mining hardware could be “remotely controlled for spying or to sabotage the American power grid.”

Reportedly, federal investigators have stopped some of Bitmain’s machines at US ports to learn more about them, occasionally pulling the machines apart to test their chips and code for “malicious capabilities.” Additionally, they examined potential tariff and import tax violations. However, details of what, if anything, was found were not disclosed.

Bloomberg sources claim that the probe was accompanied by policy deliberations at the White House’s National Security Council, with talks that began under the previous government and reportedly carried over into the early months of the Trump administration.

It’s worth noting that the Beijing-based Bitcoin mining manufacturer has faced scrutiny over the past few years, with previous federal reviews raising national security concerns over the use of Bitmain’s machines near military bases in the US.

In July, a report from the US Senate Intelligence Committee alleged that the Bitcoin mining giant’s hardware could be manipulated from China and presented “several disturbing vulnerabilities” to the nation.

Additionally, members of the US House of Representatives have called for a federal investigation into Bitmain. In a September letter, Representative Zachary Nunn asked Treasury Secretary Scott Bessent to review the Chinese firm, citing potential links to foreign state actors.

Bitmain Rejects National Security Concerns

David Feith, senior fellow at the Hudson Institute and a former member of the Trump Administration’s National Security Council, told the news media outlet that “Bitmain has been a screaming challenge on national security grounds and, evidently, on law-enforcement grounds too.”

“This is something that our crypto industry and crypto policy should turn a lot more focus to,” Feith suggested. However, Bitmain rejected these concerns in a statement to Bloomberg, affirming that “it’s ‘unequivocally false’ to assert that the company can remotely control its machines from China.”

The firm stated that it “strictly complies with US and applicable laws and regulations and has never engaged in activities that pose risks to US national security,” adding that it “has no awareness of or any information at all regarding any alleged federal investigation purported to be called ‘Operation Red Sunset.’”

Moreover, the Bitcoin mining giant revealed that it was unaware of the investigation related to tariffs or import duties, noting that the detentions of its machines were due to concerns raised by the Federal Communications Commission and “nothing out of the ordinary was found.”

As Bloomberg reported, the status of the investigation remains unclear, and it could carry on for an extended period without resulting in public legal proceedings. Regarding the inquiry, a senior administration official said that “the US government is concerned about threats of this nature and are constantly and vigilantly monitoring them.”

Meanwhile, the Department of Homeland Security’s spokesperson, Mike Alvarez, told the news media outlet that the DHS “does not comment on open and active investigations.”

Coinbase (COIN), the largest cryptocurrency exchange in the US, is maintaining an aggressive acquisition strategy, recently committing to acquire the Solana-based trading platform Vector.fun. 

Max Branzburg, Coinbase’s Vice President of Product Management, confirmed to Fortune that the deal is expected to close by the end of the year, although he did not disclose the specific terms of the acquisition.

Coinbase’s Ninth Acquisition Of The Year

Vector.fun operates as a decentralized exchange (DEX) on the Solana blockchain, primarily catering to users trading memecoins. The platform features unique functionalities, allowing users to track and mimic the investments of other traders. 

As part of the acquisition process, Coinbase plans to shut down Vector.fun’s mobile and desktop trading applications while absorbing its team of 13 employees.

By integrating Vector.fun’s technology, the firm reportedly aims to enhance the range of assets available for trading on its own app through decentralized exchanges. 

This initiative is distinct from Coinbase’s core centralized trading operations, as the exchange currently permits users to trade tokens primarily on platforms built atop Base, Coinbase’s proprietary blockchain. 

Branzburg emphasized that the goal of the Coinbase app is to become an “agnostic platform” that facilitates trading across all asset classes, aligning with the company’s vision to become the “everything exchange.

The acquisition of Vector.fun marks the crypto exchange’s ninth purchase in 2025, a significant uptick compared to the previous year, during which the company made just three acquisitions. 

Record-Breaking M&A Activity

Coinbase is investing considerable sums in these ventures; for instance, it agreed to acquire the crypto derivatives exchange Deribit for $2.9 billion in May and spent $375 million on the initial coin offering platform Echo in October. 

Although Coinbase explored acquiring stablecoin company BVNK for approximately $2 billion, that potential deal was mutually shelved last week.

A Coinbase representative articulated the company’s ongoing commitment to expanding its mission and product offerings, noting that opportunities arise when companies reach a certain level of maturity and technological readiness, making collaboration with Coinbase appealing.

However, Coinbase isn’t alone in its acquisition pursuits; the third quarter of 2025 recorded 96 Merger and Acquisitions (M&A) transactions in the crypto industry, totaling over $10 billion.

In its latest earnings report, the exchange surpassed analysts’ expectations, reporting transaction revenue of $1.05 billion—an impressive increase from the $572.5 million achieved during the same period last year. 

Additionally, the company recently unveiled a new platform called, PRESALE, enabling retail investors to purchase digital tokens before they officially list on the exchange.

At the time of writing, the exchange’s stock, trading under the ticker name COIN on the Nasdaq, trades slightly above the $241 line, representing a 3% recovery in the past 24 hours. 

Featured image from Shutterstock, chart from TradingView.com 

Потери биткоин-инвесторов достигли масштабов, сравнимых с ноябрем 2022 года, когда обанкротилась одна из крупнейших американских криптобирж FTX, и цена первой криптовалюты обвалилась с $33 000 до $15 700, заявили эксперты аналитической платформы Glassnode.