Distributed Lab has released a zero-knowledge Secret Santa protocol enabling private transactions on Ethereum without exposing participant identities. The system uses cryptographic proofs and relayers to address blockchain transparency challenges. The development advances enterprise-grade privacy as global regulatory frameworks demand stricter data-sharing compliance.

The People's Bank of China convened 13 government agencies on November 28, 2025, to coordinate enforcement against resurgent virtual asset speculation. Officials identified stablecoins as tools for money laundering and illegal cross-border fund transfers, reiterating that cryptocurrencies hold no legal tender status in China. Hong Kong-listed crypto-exposed firms fell sharply following the announcement, with Yunfeng Financial Group dropping over 10%.

Cryptocurrency markets posted their steepest monthly decline since February, with centralized exchange trading volumes falling to $1.59 trillion. U.S. spot Bitcoin ETFs recorded $3.48 billion in net outflows during November. Bitcoin dropped below $86,000 on December 1, triggering over $564 million in long position liquidations amid Bank of Japan rate hike speculation.

Nasdaq has elevated its tokenized stock proposal to a priority initiative, with digital assets chief Matt Savarese confirming the exchange will pursue SEC approval with urgency. The filing, submitted in September 2025, seeks permission to enable on-chain trading of blockchain-based share representations within existing market rules. Investor rights including voting privileges and dividend entitlements would remain intact under the framework.

The National Bank of Kazakhstan will invest between $50 million and $300 million in digital assets from its foreign exchange reserves. Chairman Timur Suleimenov confirmed the allocation range during a November 28 briefing, according to RBC. The institution will adopt a cautious approach as Bitcoin dropped 17% from $110,000 in early November to $81,000, erasing $500 billion from aggregate crypto market capitalization.

XRP posted a 17.5% weekly gain, outperforming Bitcoin's 11.7% advance over the same period. Binance exchange reserves dropped to approximately 2.7 billion tokens, marking a multi-year low. Analysts attribute the rally to institutional demand from newly launched U.S. spot XRP ETFs and strengthening long-term holder conviction.

Bitcoin climbed above $90,000 after rebounding 13% from $80,000 lows. Kalshi prediction markets show traders pricing a 60% probability of BTC reaching $100,000 before year-end. The rally gained momentum after Treasury Secretary Scott Bessent indicated President Trump would likely announce his Federal Reserve chair selection before Christmas.

21Shares received Securities and Exchange Commission approval to list its XRP exchange-traded fund under ticker TOXR on November 29. The Bitwise XRP ETF recorded $135 million in cumulative inflows over its first three trading days. Analysts project XRP may test $2.60 before attempting a move toward $3.00.

Coinbase Ventures outlined nine investment focus areas for 2026, including real-world asset perpetuals, unsecured lending protocols, and AI development tools. The announcement comes as third-quarter crypto venture funding reached $4.65 billion, marking a 290% increase from the previous quarter, according to Galaxy Digital.