Bitcoin rose 5% to exceed $90,000 on November 27 while Ethereum cleared $3,000, marking a reversal after a month of declines. The rally followed renewed liquidity as US government operations resumed, with the Treasury General Account holding $892 billion—roughly $292 billion above its historical baseline. Analysts expect excess Treasury cash to flow into markets as the balance normalizes in coming weeks.

Major U.S. exchanges including Nasdaq, Cboe, and CME are opposing SEC proposals that would allow crypto platforms to offer tokenized stocks under reduced regulatory requirements. The World Federation of Exchanges warned in a November 21 letter that broad exemptions could create competitive imbalances and weaken investor protections. The exchanges argue that lighter oversight for crypto firms could undermine market structure and divert trading volume from traditional venues.

Australia has introduced the Digital Assets Framework Bill 2025, requiring cryptocurrency exchanges and custody providers to obtain an Australian Financial Services License (AFSL). The legislation subjects digital-asset platforms to the same regulatory standards as traditional financial institutions, focusing on client-asset protection rather than blockchain technology itself.

Upbit, South Korea's largest cryptocurrency exchange, disclosed Thursday that unauthorized withdrawals drained approximately $36 million worth of assets from its Solana hot wallet. The breach affected multiple tokens including BONK, JTO, SONIC, PENGU, and USDC. Exchange CEO Oh Kyung-seok confirmed full reimbursement for affected customers.

The UK's Her Majesty's Revenue and Customs has introduced a 'No Gain No Loss' tax framework for decentralized finance activities. The proposal would exempt on-chain DeFi deposits from capital gains taxation, according to Aave founder Stani Kulechov. The policy aims to align tax rules with blockchain transaction mechanics and streamline compliance for users engaged in lending and staking.

S&P Global assigned USDT a stability score of 5 on November 26, the lowest rating in its stablecoin assessment framework. The agency cited concerns over reserve composition, including approximately $10 billion in Bitcoin holdings and around $15 billion in secured loans. Despite the downgrade, USDT's market capitalization exceeded $184 billion, reaching an all-time high.

The cryptocurrency market capitalization increased 4.2% to $3.2 trillion on November 27, with 88 of the top 100 digital assets posting gains. Bitcoin rose 4.7% to $91,506, while Ethereum climbed 3.9% to $3,027. Analysts note that bulls and bears continue battling around key liquidity zones amid a low-conviction consolidation phase, according to market data.

Cathie Wood's Ark Invest purchased more than 62,000 Coinbase shares worth over $16 million across three flagship funds on Wednesday. The firm simultaneously added approximately 39,400 shares of the Ark-21Shares Bitcoin ETF. Coinbase now represents more than 5% of the ARK Innovation ETF portfolio.