Reform UK has made headlines with a groundbreaking donation of $11.4 million (£9 million) from Christopher Harborne, marking the largest single contribution to a UK political party by a living donor. This substantial influx has propelled Reform's Q3 fundraising to over $12.9 million (£10.2 million), more than double the amount raised by the Conservative Party. Harborne, previously a shareholder in Tether and Bitfinex, has been a notable figure in political donations across the UK. This financial backing could significantly influence Reform UK's campaign strategies and political positioning as they approach upcoming elections.
Spot Bitcoin ETFs experienced a significant outflow of $195 million, marking the largest daily exit in two weeks. This decline in trading volume, which fell to $3.1 billion, indicates a shift in investor sentiment as they navigate the current market landscape. As Bitcoin's price fluctuates around $92,000, the outflows from ETFs could signal a cautious approach from investors amid macroeconomic uncertainties. The recent volatility in the crypto market may lead to further adjustments in ETF holdings as traders reassess their positions.
Recent whale movements have seen over 23,385 BTC withdrawn from exchanges, amounting to more than $2.15 billion. This trend has pushed Bitcoin exchange reserves to their lowest levels since January 2021, suggesting a growing confidence among long-term holders. Currently trading just above $92,000, Bitcoin is facing resistance at the $93,500 level. Analysts note that a sustained move above this threshold could pave the way for a rally towards $100,000, particularly as institutional interest remains robust.
The recent influx of institutional capital, highlighted by BlackRock's bullish stance on Bitcoin, signals a potential shift in market dynamics. With sovereign wealth funds reportedly accumulating Bitcoin incrementally, the outlook for Bitcoin's price remains optimistic, particularly if it can break through key resistance levels. As the crypto market stabilizes, the approval of spot crypto trading on regulated exchanges could further enhance liquidity and investor confidence. This regulatory clarity may attract more institutional players, potentially driving prices higher as we approach the end of the year.
As Solana aims to enhance its on-chain scaling capabilities, the competition with Ethereum intensifies. With the backing of partnerships, including a notable collaboration with Revolut, Solana is positioning itself as a formidable alternative in the payments sector. The strategic timing of these developments suggests that Solana is not only focused on technological advancements but also on expanding its market share ahead of Ethereum's anticipated upgrades in 2026. This could potentially shift user preferences and adoption rates significantly, especially in regions where transaction speed and cost are critical factors.
The European Commission's proposal to transfer direct supervision of crypto asset service providers to the European Securities and Markets Authority (ESMA) marks a significant regulatory shift. This move aims to unify oversight across the 27 EU member states, enhancing operational efficiency and reducing regulatory fragmentation. By granting ESMA powers similar to those of the U.S. SEC, the EU is positioning itself to better compete with U.S. financial markets, which could lead to increased institutional participation in the crypto space within Europe.
The introduction of a "Pan-European Market Operator" status under ESMA's expanded mandate is expected to streamline the licensing process for crypto firms, potentially increasing the number of compliant operators in the market. This regulatory clarity could foster innovation and attract investment, as firms will have a clearer framework for operations across Europe. Additionally, the amendments to the DLT Pilot Regulation aim to address barriers to distributed ledger technology, further enhancing legal certainty for blockchain adoption across the continent.
Portal to Bitcoin raised $25 million and launched an HTLC-based atomic OTC desk aimed at enabling trustless, crosschain large trade settlement.
Coinbase's Ethereum layer-2 network, Base, has successfully launched a bridge to the Solana blockchain, enabling seamless cross-chain asset transfers. This bridge is secured by Chainlink's Cross-Chain Interoperability Protocol (CCIP), marking a significant step in enhancing interoperability between the two networks. Users can now transfer SOL and other Solana assets to and from Base, facilitating a more integrated ecosystem for crypto users.
While the launch of the Base-Solana bridge is a notable development, the broader crypto market is experiencing a downturn. Bitcoin has fallen below $93,000, with Ethereum also dropping under $3,200. The PayFi sector has led the market decline, with losses nearing 4%. Despite this, some tokens like Dash and Zcash have shown resilience, with gains of over 3% and 10%, respectively, indicating pockets of strength amid the overall market cooling.
Thai authorities have confiscated $8.6 million worth of Bitcoin mining equipment, specifically 3,642 mining rigs, from operations suspected of financing Chinese transnational scam networks operating from Myanmar. This action highlights a growing trend of illicit activities associated with cryptocurrency mining in Southeast Asia, as experts suggest these operations are part of a broader fraud infrastructure in the region. The raids took place across seven locations in Thailand, emphasizing the government's commitment to combatting financial crimes linked to cryptocurrency.
Reform UK has secured an unprecedented political donation of $11.4 million (£9 million) from Christopher Harborne, marking the largest contribution ever made to a UK political party by a living donor. This donation significantly boosted Reform's Q3 fundraising to over $12.9 million (£10.2 million), more than double that of the Conservative Party. Harborne's background as a former shareholder in Bitfinex and Tether's parent company, DigFinex, underscores the growing intersection of cryptocurrency investment and political funding in the UK.
Regulators in Washington state have mandated Bitcoin ATM operator Coinme to repay over $8 million in unredeemed customer vouchers, citing violations of state money-transmission laws. The company faces a temporary cease-and-desist order, a potential $300,000 fine, and a $375 investigation fee, with the possibility of a 10-year ban from the industry for both Coinme and its CEO. This regulatory action reflects increasing scrutiny on cryptocurrency businesses and their compliance with financial regulations.
In a crackdown on illegal Bitcoin mining, Malaysian authorities have discovered approximately 14,000 illicit operations over the past five years, which have reportedly stolen around $1.1 billion worth of electricity. A special committee was launched in November, comprising officials from the Ministry of Finance, Bank Negara Malaysia, and TNB, to address the issue. This initiative highlights the government's proactive stance in regulating the cryptocurrency mining sector and mitigating its impact on national resources.
The International Monetary Fund (IMF) has issued a warning regarding the potential risks posed by stablecoins, particularly their capacity to facilitate "currency substitution" in economies with weak monetary systems. The IMF's report suggests that the widespread adoption of stablecoins, predominantly pegged to the U.S. dollar, could diminish the effectiveness of monetary policy and erode financial sovereignty in various nations. This highlights the growing concern among global financial institutions about the implications of decentralized finance on traditional banking systems.
Former Signature Bank executive Scott Shay has launched N3XT, a new bank that aims to provide instant 24-hour payments utilizing a private blockchain. This initiative reflects a growing trend of integrating blockchain technology into traditional banking services, potentially enhancing transaction efficiency and security. The establishment of N3XT signifies a shift towards more innovative banking solutions in response to the evolving financial landscape.
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