Summary:
Cryptocurrency sector valuation hits $3.48 trillion with a $40 billion increase.
Bitcoin price falls below $95,000 as focus shifts to altcoins.
Tron (TRX) gains 25%, becoming the 10th largest crypto asset.
BlackRock's IBIT ETF surpasses 500,000 BTC milestone, holding $48 billion.
Coinbase ends USDC yield program in Europe due to MiCA regulations.
The cryptocurrency sector valuation surged to $3.48 trillion on Tuesday, marking a $40 billion increase. However, Bitcoin's price fell below $95,000 as investors shifted focus towards altcoins. Notably, 216,337 traders faced liquidation, resulting in total liquidations of $591.56 million.
Altcoin Market Updates: Bitcoin Consolidates at $95K
Bitcoin is currently consolidating around the $95,000 mark, as traders are rotating profits into the altcoin market. The positive sentiment around potential altcoin ETF approvals in 2025 has led to a significant accumulation in altcoins.
- XRP retreated to the $2.50 support level, while Cardano (ADA), Avalanche (AVAX), and Tron (TRX) saw notable gains.
- Tron (TRX) emerged as a standout performer with a 25% gain, surpassing AVAX to become the 10th largest crypto asset by market capitalization.
- Avalanche (AVAX) surged 11% after hints of a potential collaboration with the Donald Trump administration.
Chart of the Day: BlackRock Hits 500,000 BTC Milestone
BlackRock's IBIT spot Bitcoin ETF has surpassed 500,000 BTC in assets under management (AUM). Launched on January 11, 2024, it now holds $48 billion worth of Bitcoin, accounting for approximately 2.38% of Bitcoin's total supply.
âBlackRock surpassing 500,000 BTC is yet another huge milestone after a tremendous launch year.â - K33 Head of Research, Vetle Lunde
The recent net inflow of 3,526 BTC has propelled IBIT past this milestone, now exceeding MicroStrategyâs BTC holdings despite a three-year head start.
Crypto News Updates:
Coinbase Ends USDC Yield Program in Europe Coinbase is discontinuing its USDC yield program in the European Economic Area (EEA) by December 1, due to the MiCA regulations which prohibit offering interest on stablecoins. This reflects the increasing regulatory challenges in Europeâs stablecoin market, as competitors like Schuman Financial launch euro-pegged stablecoins to fill the gap.
Taiwan to Implement New AML Rules for Crypto Providers Taiwanâs Financial Supervisory Commission (FSC) will enforce new anti-money laundering (AML) regulations for crypto providers starting November 30, tightening regulatory oversight and aligning with global standards.
US Government Transfers $1.9 Billion in Bitcoin to Coinbase A US government-linked wallet transferred about 20,000 Bitcoin, valued at $1.9 billion, to Coinbase Prime. This transfer, originating from assets seized from Silk Road, triggered market speculation as Bitcoin's price dipped below $95,000 following the news.
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