The cryptocurrency market continued its upward trajectory for a second straight day, buoyed by growing optimism of a Federal Reserve interest rate cut in December. As a result, Bitcoin (BTC) climbed over 1% to cross $88,000, while Ethereum (ETH) is up 3%, as it sets its sights on reclaiming $3,000.
Meanwhile, Ripple (XRP) has surged over 8% after the NYSE gave the green light for XRP ETFs. Dogecoin (DOGE) has also rallied after receiving the nod for DOGE ETFs, and is up over 3% at $0.150. Cardano (ADA) is up 2% while Chainlink (LINK) is up almost 3%, trading around $12.95. Stellar (XLM) , Hedera (HBAR) , Toncoin (TON) , Polkadot (DOT) , and Litecoin (LTC) have also registered notable price increases over the past 24 hours.
Japan Prepares New Reserve Rules For Crypto Exchanges
Japan is preparing new rules for crypto exchanges, requiring them to hold dedicated reserves against customer losses. The new rules are the latest attempt to shield everyday investors from hacks and operational failures in one of the world’s most heavily regulated digital asset markets. Japan’s Financial Services Agency (FSA) plans to introduce legal changes requiring crypto exchanges to create liability reserves to compensate users if the platform is hacked.
The FSA plans to submit a bill to parliament in 2026, extending a framework used in traditional securities markets to crypto. Japan already requires crypto exchanges to store customer assets in cold wallets. However, currently, they are not required to set aside funds to cover potential losses, leaving customers vulnerable in the event of a hack.
Crypto VC Activity Hits $4.6 Billion
Crypto-focused VC investment reached a staggering $4.65 billion during the third quarter, marking the second-highest investor activity since the FTX collapse in 2022 decimated venture capital bets on crypto. According to Alex Thorn, Galaxy Digital’s head of research, Q3’s venture bets were a 290% quarter-on-quarter increase, and the largest since Q1, which registered 4.8 billion in investments. Thorn stated,
"Despite remaining below 2021-2022 bull market levels, venture activity remains active and healthy overall. Sectors like stablecoins, AI, blockchain infrastructure, and trading continue to draw deals and dollars, and pre-seed activity remains consistent.”
Q3 saw the completion of 414 venture deals, with just seven accounting for over half the capital raised during the quarter.
Galaxy Digital In Talks With Polymarket, Kalshi To Improve Liquidity
Galaxy Digital CEO Mike Novogratz has revealed that the firm is in active discussions with Polymarket and Kalshi to provide liquidity for prediction markets. Galaxy Digital has been running small-scale market-making trials with plans to expand. The move indicates growing institutional interest in the prediction market sector, with Jump Trading also making markets on Kalshi.
“Bloomberg reports that Galaxy Digital CEO Mike Novogratz says the firm is in talks with Polymarket and Kalshi to provide liquidity in prediction markets, having already begun small-scale market-making experiments with plans to expand.”
Bitcoin (BTC) Price Analysis
Bitcoin (BTC) extended its gains for a third straight day, continuing its slow climb towards $90,000. The flagship cryptocurrency registered a marginal decline on Saturday before rising 2.51% on Sunday to end the weekend at $86,808. Buyers retained control on Monday as BTC rose nearly 2% to cross $88,000 and settle at $88,266. BTC is marginally down during the ongoing session, trading around $87,585.
BTC is showing consistent signs of recovery as overall selling pressure eases and expectations of a Federal Reserve rate cut grow. According to Capriole Fund founder Charles Edwards, tech stocks and crypto markets fell over the past two weeks because of the market flip-flopping on the expectations of a rate cut.
“A lot of the reason the S&P 500 dropped 200 points over the last 2 weeks is because of the market flip-flopping on expectations for a rate cut. We started November at 90% odds for a cut in December, dropped to only 30% and are now back at 70% likelihood of a rate cut. As the market reverts, expect it to carry Bitcoin somewhat higher.”
Meanwhile, Swissblock analysts believe BTC is on the verge of forming a bottom, stating,
“The Risk-Off Signal is dropping sharply, which tells us two things: selling pressure has eased, and the worst of the capitulation is likely behind us, for now.”
The analysts added that BTC faces a crucial week as it needs to see selling pressure reduce further. However, they cautioned about a second wave of selling, which typically marks seller exhaustion and a shift towards bullish sentiment.
“That second wave usually marks seller exhaustion and a shift in control back toward the bulls.”
Meanwhile, the odds of a Federal Reserve rate cut in December soared to 70%. According to CME’s Fed Watch tool, there is a 69.3% chance of a rate cut at the Fed’s December 10 meeting. Market research platform Global Markets Investor stated on X,
“What a DIFFERENCE 2 days make in market expectations: The market is now pricing a 67% probability of a Fed 25 basis points rate cut on December 10. This is up from ~30% on Wednesday (October's jobs report canceled by BLS), with the entire move occurring over just 2 days.”
BTC started the previous weekend in bearish territory, dropping over 5% and settling at $94,503. It recovered on Saturday, rising 1.10% to $95,544, but was back in the red on Sunday, dropping 1.42% and settling at $94,183. Sellers retained control on Monday, BTC fell 2.21% to $92,100. The flagship cryptocurrency fell to an intraday low of $89,183 on Tuesday. However, it recovered from this level to reclaim $92,000 and settle at $92,914, ultimately rising 0.88%. Selling pressure returned on Wednesday as BTC fell to a low of $88,483 before settling at $91,461.
Source: TradingView
Selling pressure intensified on Thursday as BTC fell over 5%, slipping below $90,000 and settling at $86,536. Bearish sentiment persisted on Friday as BTC plunged to an intraday low of $80,524 before rebounding to reclaim $85,000 and settle at $85,068. Price action was mixed over the weekend as BTC fell 0.45% on Saturday before rising 2.51% on Sunday and settling at $86,808. Buyers retained control on Monday as BTC started the week in positive territory, rising 1.68% to $88,266. The Flagship cryptocurrency is down over 1% during the ongoing session, trading around $87,322.
Ethereum (ETH) Price Analysis
Ethereum (ETH) recovered over the weekend after dropping to a low of 2,620 on Friday. The altcoin registered a marginal recovery on Saturday before rising 1.18% on Sunday to end the weekend at $2,802. Bullish sentiment intensified on Monday as ETH rallied, rising over 5% to cross $2,900 and settle at $2,954. However, the price has fallen over 2% during the ongoing session, trading around $2,880.
Meanwhile, the infamous HyperLiquid whale, who pocketed nearly $200 million from the October 10 market crash, has opened a $44.5 million long position on ETH. The whale, yet to be officially identified, added $10 million to an existing ETH long position on Monday, taking the position to $44.5 million. Blockchain analytics platform Arkham Intelligence stated in a post on X,
“THE $10B HYPERUNIT WHALE JUST LONGED $40M ETH. The OG Whale who made $200M shorting the market before the 10/10 crash just moved $10M to Hyperliquid and LONGED ETH. He is currently long $44.5M of ETH and is up over $300K in less than an hour.”
The whale gained notoriety after profiting through several well-timed market shorts. However, the identity of the whale remains a mystery.
Bitwise CIO Matt Hougan believes ETH could lead the next market rally, highlighting the Fusaka upgrade, scheduled for December 3, as a major catalyst. The Fusaka hardfork will introduce Peer Data Availability Sampling (PeerDAS), allowing validators to confirm transaction data availability by sampling small pieces of data rather than downloading complete blobs. This will make Layer2 rollup operations significantly faster, cheaper, and more efficient, while reducing bandwidth requirements.
The upgrade also increases the block gas limit from 45 million to almost as high as 150 million, allowing blocks to accommodate more transactions, smart contracts, and data-intensive applications. Hougan stated on X,
“Fusaka introduces a minimum fee for recording data from Layer 2s that could multiply revenue capture five to ten times. I suspect the market will start to orient around the positive impacts of Fusaka soon, particularly if it’s delivered Dec. 3 as expected.”
ETH started the previous weekend in the red, dropping nearly 4% and settling at $3,113. The altcoin recovered on Saturday, rising 1.74% but returned to bearish territory on Sunday, dropping over 2% to $3,097. Sellers retained control on Monday as ETH fell 2.18% and settled at $3,030. Despite the overwhelming selling pressure, the price recovered on Tuesday, rising over 3% to cross $3,100 and settle at $3,124. Selling pressure returned on Wednesday as ETH plunged to a low of $2,871. However, it rebounded from this level to reclaim $3,000 and settle at $3,023, ultimately dropping over 3%.
Source: TradingView
Bearish sentiment intensified on Thursday as ETH fell over 6% and settled at $2,832. The altcoin dropped to an intraday low of $2,620 on Friday as selling pressure persisted. However, the price recovered from this level and settled at $2,766, ultimately dropping 2.33%. Price action was positive over the weekend as ETH registered a marginal increase on Saturday before rising 1.18% on Sunday and settling at $2,802. Bullish sentiment intensified on Monday as the price rose over 5% to cross $2,900 and settle at $2,954. ETH is down nearly 3% during the ongoing session, trading around $2,871.
Solana (SOL) Price Analysis
Solana (SOL) made a strong recovery over the weekend, reclaiming $130. The altcoin registered a marginal decline on Saturday before rising 2.36% on Sunday and settling at $130. Bullish sentiment intensified on Monday as SOL rallied, rising over 6% to settle at $138. However, it is down 2.38% during the ongoing session, trading around $135.
Despite the positive price action, SOL failed to reclaim $140 as a negative funding rate in SOL perpetual futures and declining on-chain activity across the Solana network impacted investor sentiment. The altcoin has remained down around 30% over the past 30 days, continuing to underperform the broader cryptocurrency market. Much of the concern around SOL and the crypto market stems from declining confidence in the US economy following signs of labor market weakness and a growing reliance on artificial intelligence (AI) investments. The record 43-day government shutdown also prompted consumer companies to reduce sales expectations following weaker-than-anticipated earnings.
While SOL’s price action reflects a decline in risk appetite, several factors have contributed to its underperformance. The launch of XRP ETFs has increased competition for institutional inflows. ETF launches tied to several altcoins, including Litecoin (LTC) and Chainlink (LINK), are also expected to launch soon.
SOL started the previous weekend in the red, dropping 4% and settling at $138. It registered a marginal recovery on Saturday before dropping 1.67% on Sunday and settling at $137. Selling pressure intensified on Monday as SOL fell 4.55% and settled at $130. Despite the overwhelming selling pressure, SOL recovered on Tuesday, rising over 7% and settling at $140. However, it returned to bearish territory on Wednesday, dropping to a low of $130 before settling at $137.
Source: TradingView
SOL reached an intraday high of $144 on Thursday but lost momentum after reaching this level. As a result, it fell 2.48% and settled at $133. Selling pressure intensified on Friday as SOL fell to an intraday low of $121. However, it rebounded from this level and settled at $128, ultimately dropping 3.69%. Price action was mixed over the weekend as SOL fell 0.83% on Saturday before rising 2.36% on Sunday and settling at $130. Bullish sentiment intensified on Monday as SOL rose over 6% and settled at $138. However, selling pressure has returned during the ongoing session, with the price down 2.27%.
Ripple (XRP) Price Analysis
Ripple (XRP) rallied nearly 14% over Sunday and Monday as the New York Stock Exchange approved the listing of XRP ETFs. The ETF launch has buoyed investor interest, helping XRP reclaim $2. A flood of XRP ETFs has hit the market, with Grayscale’s XRP ETF launching alongside a competing ETF from Franklin Templeton, while an XRP ETF by WisdomTree is awaiting launch. Canary Capital’s XRPC ETF was the first spot XRP ETF to launch in the US, and recorded over $250 million in inflows on its first trading day.
XRP registered a drop of 3.36% on Friday (November 14) and settled at $2.244. Price action remained bearish over the weekend as XRP registered a marginal decline on Saturday and fell nearly 1% on Sunday, settling at $2.216. Sellers retained control on Monday as the price fell over 2% to $2.164. XRP recovered on Tuesday despite the overwhelming selling pressure, rising 2.48% and settling at $2.218. However, it returned to bearish territory on Wednesday, dropping 4.99% to $2.107.
Source: TradingView
Sellers retained control on Thursday as XRP fell over 5%, slipping below $2 to $1.998. The price fell to a low of $1.823 on Friday before settling at $1.950, ultimately dropping 2.42%. Price action was mixed over the weekend as XRP registered a marginal drop on Saturday before rising 5% on Sunday and settling at $2.046. Bullish sentiment intensified on Monday as XRP rallied, rising nearly 9% and settling at $2.228. XRP is down 1.45% during the ongoing session, trading around $2.196.
Celestia (TIA) Price Analysis
Celestia (TIA) started the previous weekend in the red, dropping nearly 6% and settling at $0.850. The price rose over 1% on Saturday before dropping 3.52% on Sunday and settling at $0.830. Sellers retained control on Monday as TIA fell 4.59% and settled at $0.792. Price action remained bearish as TIA registered a marginal decline on Tuesday before dropping nearly 4% on Wednesday and settling at $0.759. Selling pressure intensified on Thursday as TIA fell 4.97% to $0.722.
Source: TradingView
Bearish sentiment persisted on Friday as TIA fell over 9% and settled at $0.655. Price action was mixed over the weekend as TIA fell 5.53% on Saturday before registering a marginal increase on Sunday and settling at $0.622. Bullish sentiment intensified on Monday as the price rose 3.48% and settled at $0.644. TIA is down nearly 4% during the ongoing session, trading around $0.619.
