CFA Report Pegs US Crypto Fraud Losses at $80.7B

Nobel Prize-winning economist Paul Krugman attributes Bitcoin's recent price decline to President Trump's diminishing power and popularity, impacting the cryptocurrency market. Krugman argues that Trump's ties to the crypto industry and pro-crypto policies have influenced Bitcoin's performance as a "Trump trade."

S&P Global Ratings warned that Tether's USDT may lose its 1:1 peg with the U.S. dollar due to declining assets like Bitcoin. The stablecoin could become "undercollateralized" if asset values drop, as S&P downgraded its stability rating.

Bitcoin reached a record high of $126,080 in October but is now priced nearly 29% lower. Analysts attribute the dip to decreased institutional interest, uncertain Federal Reserve policy, and waning liquidity. Despite recent gains in Ethereum, Solana, XRP, and Dogecoin, the market remains volatile.

Naver Financial has agreed to acquire Dunamu, the operator of Upbit, in a $10.29 billion all-stock deal pending regulatory approval. The merger will make Dunamu's leadership the largest shareholders in Naver Financial, with both companies continuing to operate independently.

Ark Invest, led by Cathie Wood, has been actively acquiring shares in tech and crypto-related companies, including Google, Coinbase, Circle, and its own Bitcoin ETF. The firm's recent investments in Google and other companies have contributed to its significant market cap growth.

Grayscale Investments has applied for an exchange-traded fund based on Zcash, aiming to offer investors exposure to the privacy coin. Zcash's value surged by almost 1,000% in the last year, with its unique privacy features distinguishing it from Bitcoin. Grayscale has successfully converted its Bitcoin and Ethereum trusts into ETFs earlier this year.

Bitcoin and Ethereum are slightly down, while XRP is down 3.1%, reversing Monday's gains. The crypto market is open on Thanksgiving, but lower liquidity may lead to volatile moves. The recent shift to a bullish market was influenced by rising odds of a December rate cut.

Polymarket received CFTC approval to operate in the US, while Kalshi faced a setback in Nevada. Kalshi must now geo-fence Nevada or apply for a gaming license due to a federal judge's decision.

World Liberty Financial has conducted another buyback of its own token, purchasing over 59 million WLFI tokens for $10 million through CoW Swap. The project aims to use fees generated to buy back and burn tokens, but investor interest remains low.

MegaETH's pre-deposit event for the Frontier mainnet launch faced congestion and multisig issues, with the initial cap of $250 million being filled in under three minutes. Despite attempts to quadruple the cap, technical mishaps and user interventions caused chaos.