Bitcoin's daily chart shows deteriorating momentum with the 9-day EMA crossing below the 20-day EMA. The Crypto Fear & Greed Index has dropped to 15 out of 100, marking extreme fear levels last seen in March. Analysts note this fear-driven environment has historically preceded rallies, with long-term holders accumulating while short-term participants exit positions.

Securities and Exchange Commission Chair Paul Atkins announced Wednesday that the agency is developing a formal token taxonomy to classify digital assets under federal securities law. Speaking at the Federal Reserve Bank of Philadelphia's FinTech Conference, Atkins said most crypto tokens do not qualify as securities, differentiating digital commodities, collectibles, and tools from tokenized securities. The taxonomy forms part of the SEC's broader Project Crypto initiative and aims to provide upfront regulatory guidance rather than enforcement-driven policy.

Decentralized prediction platform Polymarket has opened a beta version to select U.S. users, marking its first domestic operation since a 2022 regulatory settlement. The relaunch follows the company's acquisition of licensed derivatives exchange QCX in July 2025 and new partnerships with PrizePicks and Yahoo Finance.

Visa announced a pilot program on November 12, 2025 enabling businesses to send payments directly to stablecoin wallets. The initiative targets freelancers, gig workers, and online creators, delivering funds in USDC and other dollar-backed stablecoins. The program aims to accelerate cross-border transactions by eliminating traditional banking intermediaries.

Circle Internet Group, issuer of the USDC stablecoin, reported net income of $214 million for the third quarter on Wednesday, a 202% increase from the same period last year. Earnings per share reached $0.64, well above the analyst consensus of $0.22. Total revenue and reserve income doubled to $740 million, driven by interest on reserves and expanding adoption across payment networks.

Morgan Stanley Wealth Management has issued a cautious outlook on Bitcoin, with strategist Denny Galindo describing the current market phase as a "fall season" where investors should consider harvesting gains. Bitcoin recently dropped below $99,000 and its 365-day moving average, signaling weakening momentum. Long-term holders have increased selling to 104,000 BTC per month, the highest since mid-July.

Coinbase has ended negotiations to acquire UK fintech firm BVNK for approximately $2 billion, Fortune reported. The companies mutually agreed to discontinue discussions after months of talks. The collapsed deal highlights intensifying competition in stablecoin infrastructure among major payment firms including Visa, Mastercard, and Stripe.

Canary Capital submitted Form 8-A to the SEC, advancing its spot XRP exchange-traded fund toward a potential launch. The filing completes a regulatory step that could enable trading as soon as November 13, pending final Nasdaq approval. The move follows recent debuts of altcoin ETFs tracking Solana, Litecoin, and Hedera.

Fred Thiel, CEO of Marathon Digital Holdings, stated that Bitcoin mining is entering a challenging phase where only the most efficient operators with access to cheap power will remain viable. As network hashrate reaches record highs, profit margins are compressing industry-wide. According to Thiel, operational viability now depends primarily on securing low-cost energy sources as competition intensifies.