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November was a rocky period for crypto markets. Bitcoin’s terms is down implicit 20%, shedding astir $2 trillion successful marketplace capitalization.
Concerns implicit imaginable complaint cuts astatine the US Federal Reserve and the imaginable for an imminent AI bubble burst person brought anxiousness to crypto and banal markets. Bearish sentiment prevails aft Bitcoin showed a “death cross” erstwhile the 50-day elemental moving mean crossed beneath the 200-day equivalent connected Nov. 15.
According to information from Trading Economics, planetary ostentation slowed successful November among large satellite economies. Seventeen members of the G20 experienced little ostentation connected the month, portion of a increasing planetary trend.
Around the globe, regulators are grappling with however cryptocurrencies should beryllium taxed arsenic adoption continues. Seven countries are updating their crypto taxation policies.
Here’s November by the numbers:
Seven countries mull caller rules for crypto taxes
The taxman cometh. Crypto adoption is expanding astatine organization levels, and present regulators person nary prime but to determine however and whether definite types of integer assets tin beryllium taxed.
Seven antithetic jurisdictions began to marque changes to their crypto taxation codes successful November. In the US, the White House began to reappraisal an Internal Revenue Service proposal to articulation the planetary Crypto-Asset Reporting Framework. This would let the US taxation work to entree Americans’ overseas crypto relationship data.
In Spain, the left-wing Sumar party, which is portion of the Socialist Party’s ruling coalition, proposed raising the apical taxation rate for crypto to 47%. This would regenerate the existent 30% savings complaint and acceptable a level 30% taxation for firm holders.
Switzerland decided to hold its caller reforms until 2027. Brazil is considering a taxation connected international crypto transfers. Japan is considering a 20% crypto taxation rate, a simplification from the existent 50%.
France is turning the screws connected crypto with a imaginable “unproductive wealth” taxation classification, portion the UK is simplifying decentralized concern taxation reporting.
Bitcoin terms slumps implicit 20% connected the month
Cryptocurrency markets saw reddish successful November, with Bitcoin’s terms decreasing from $110,000 to $91,000 arsenic of publishing time. BTC’s terms bottomed retired this period connected Nov. 21 astatine $82,600.
Bitcoin dipped beneath $100,000 amid the brutal sell-off — the archetypal clip since May 2025. Deutsche Bank analysts said this existent collapse, successful which marketplace capitalization fell to $1.8 million, was peculiarly acute.
“Unlike anterior crashes, driven chiefly by retail speculation, this year’s downturn has occurred amid important organization participation, argumentation developments, and planetary macro trends.”
Despite the worst November Bitcoin has seen successful years, immoderate analysts are optimistic. Justin d’Anethan, caput of probe astatine backstage markets advisory steadfast Arctic Digital, antecedently told Cointelegraph that the currency slump could beryllium positive.
He said that marketplace dynamics are changing “as institutions yet came successful a meaningful way, changing the pace, breadth and timing of crypto terms action.”
17% of the Bitcoin proviso is owned by governments and companies
Companies, accepted fiscal institutions and adjacent governments are expanding their vulnerability to Bitcoin, with galore holding the plus directly. At the extremity of November, 17% of the 21 cardinal BTC proviso was owned by companies oregon governments.
The proliferation of exchange-traded products and Bitcoin treasuries firms is starring to a higher attraction of BTC ownership. Exchange-traded funds unsocial clasp implicit 7% of the Bitcoin supply.
Public and backstage companies are besides putting Bitcoin connected their equilibrium sheets. After the occurrence of Michael Saylor’s Bitcoin-buying Strategy, much corporations and backstage firms are attempting to replicate it. At the extremity of November, 357 companies had Bitcoin successful their treasuries, according to BitcoinTreasuries.Net.
Now, ample organization players person much power implicit the Bitcoin marketplace than ever before. Some observers person tried to quell centralization concerns. Nicolai Søndergaard, probe expert astatine crypto quality level Nansen, previously told Cointelegraph:
“It doesn’t alteration Bitcoin’s cardinal properties. The web remains decentralized adjacent if custody becomes much centralized.”Seventeen G20 members spot ostentation rates dilatory down
The aboriginal 2020s saw ostentation detonate arsenic the satellite grappled with COVID-19, proviso concatenation disruptions, the Russian penetration of Ukraine and the outbreak of the Israel-Gaza war. Inflation rates successful galore countries are inactive high, but successful 17 of the G20 subordinate nations, those rates slowed down successful November.
Inflation is an important indicator for cryptocurrency adoption. Countries experiencing precocious ostentation rates, peculiarly successful the processing world, person been speedy to follow cryptocurrencies, peculiarly dollar-denominated stablecoins.
Related: Fiat ostentation drives crypto adoption crossed the globe
On Nov. 25, the curate of system of Bolivia, Jose Gabriel Espinoza, announced that the authorities volition let banks to connection crypto custody and alteration integer currencies to relation arsenic ineligible tender for savings accounts. Stablecoins person gained important popularity successful Bolivia — immoderate shops adjacent database prices successful Tether’s USDT (USDT).
Stablecoin marketplace capitalization down $2 billion
Stablecoin markets grew steadily for the past 26 months until November, erstwhile the marketplace capitalization decreased somewhat by $2 billion, astatine conscionable supra 0.62%. This was the steepest driblet since November 2022, erstwhile the FTX illness tanked stablecoin markets.
USDT dominance grew by astir 0.50% portion Ethena USDe slid by 26.8% successful November. Total worth locked connected Ethena dropped rapidly arsenic traders exited looping strategies.
A study from crypto speech BitGet besides stated that concerns astir stablecoin stability, arsenic good arsenic accrued regulatory oversight, person cooled enthusiasm for stablecoins.
Magazine: When privateness and AML laws conflict: Crypto projects’ intolerable choice
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