The UK Serious Fraud Office arrested two individuals in connection with the collapse of Basis Markets, a cryptocurrency fund that allegedly misappropriated $28 million from investors. A man in his 40s and another in his 30s were detained in south London and West Yorkshire on suspicion of fraud and money laundering. The arrests represent the SFO's first major cryptocurrency investigation, according to Director Nick Ephgrave.

Tether has accumulated more than 100 tons of physical gold, contributing to tightened global supply as prices climbed over 50% to approximately $4,080 per ounce in 2025, according to Jefferies. The stablecoin issuer added roughly 26 tons in Q3 alone, representing about 2% of total quarterly demand. Analysts at the investment bank say the buying activity has materially influenced market dynamics alongside central bank flows.

Retail investors withdrew approximately $4 billion from spot bitcoin and ether exchange-traded funds throughout November, data show. The outflows, which already exceed the previous record set in February, represent the primary driver behind the recent cryptocurrency market correction, according to JPMorgan analysts. During the same period, equity ETFs attracted roughly $96 billion in retail inflows.

Coinbase filed with the U.S. Securities and Exchange Commission on November 12 to reincorporate in Texas, according to the filing. The company named Foley & Lardner LLP as Texas counsel. Partners Christopher Babcock and Christopher Converse cited the state's specialized Business Court, predictable corporate governance rules, and optional derivative litigation thresholds capped at 3% ownership as key advantages.

U.S. Congressman Warren Davidson introduced the Bitcoin for America Act on November 20, proposing to allow federal tax payments in Bitcoin. The legislation would eliminate capital gains tax on Bitcoin used for such payments and establish a Strategic Bitcoin Reserve funded by these collections.

The Office of the Comptroller of the Currency issued Interpretive Letter 1186 on November 18, permitting national banks to hold cryptocurrency on their balance sheets to cover blockchain network fees. The ruling enables banks to maintain native tokens like ETH for operational gas costs without relying on third-party providers, removing a key barrier for institutions running on-chain custody and stablecoin services. Banks may hold these assets as principal where they have a reasonably foreseeable operational need, the OCC stated.

A wallet holding Hyperliquid's second-largest losing position closed leveraged Bitcoin and Ethereum longs, realizing losses exceeding $10 million before opening a 6x leveraged ETH short. Another trader exited positions with a $6.2 million loss and initiated a 2x leveraged short on Ethereum worth approximately $60.4 million. The moves signal bearish positioning amid heightened market volatility.

Cryptocurrency markets experienced liquidations exceeding $180 million in a single hour as Bitcoin dropped to $88,000 and Ethereum fell below $2,900, data show. Long positions accounted for $176 million of the liquidations. Total 24-hour liquidations reached $750 million, affecting nearly 220,000 traders.