The Crypto Fear & Greed Index fell to 15 out of 100 this week, reaching extreme fear levels last seen in February and comparable to sentiment when Bitcoin traded at $18,000 in 2022, according to Santiment. The market intelligence platform suggests this capitulation phase could set up a contrarian rally as retail traders exit positions while long-term holders accumulate. Bitcoin currently trades around $101,700, with Ethereum near $3,400.

The Monetary Authority of Singapore will trial tokenized MAS bills issued to primary dealers and settled using central bank digital currency. Managing Director Chia Der Jiun said tokenization has moved from experimental phases into real-world commercial deployment, though structural obstacles remain before widespread adoption. Detailed trial specifications will be released next year.

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.

Digital asset markets recovered after last week's decline, but QCP Capital analysts caution the rebound may lack durability. The Singapore-based firm cited ongoing headwinds including government operations disruption, U.S.-China trade tensions, and credit market instability as factors that could cap sustained gains.

The Senate Agriculture Committee and Senate Banking Committee have each published separate draft bills outlining rival regulatory frameworks for digital assets. The Agriculture draft would expand CFTC authority over digital commodities and spot markets, requiring intermediaries to register as exchanges or brokers. The Banking draft introduces an SEC-supervised "ancillary assets" category and establishes a pathway for tokens to exit securities classification once decentralization criteria are met.

The global cryptocurrency market lost $140 billion in capitalization between 2:00 PM and 7:00 PM UTC on Wednesday, with total market value falling from $3.54 trillion to $3.40 trillion, according to CoinMarketCap. Bitcoin declined 1.83% to approximately $101,265, while Ethereum dropped 1.64% to $3,397.55. XRP recorded the steepest decline among major altcoins, falling 3.98% to $2.33.

Bitwise Chief Investment Officer Matt Hougan expects regulated Initial Coin Offerings to drive the cryptocurrency market's next growth phase. Hougan highlighted Coinbase's November 10 launch of a token sale platform as a turning point that could transform blockchain fundraising through strict compliance standards. He projected that by 2026, multiple billion-dollar ICOs will occur through similar platforms, positioning them as alternatives to traditional IPOs.

The U.S. Senate passed a funding package on November 12 to reopen federal agencies, clearing the path for the Securities and Exchange Commission to resume processing more than 130 pending crypto ETF applications. Industry analysts expect spot XRP ETFs to receive approval this month, with Canary Funds positioned as a potential first mover following its November 11 Form 8-A filing with the SEC. Market observers noted institutional inflows continued despite the regulatory pause, with capital flows entering a holding pattern during the shutdown.