CFA Report Pegs US Crypto Fraud Losses at $80.7B

U.S. spot Bitcoin ETFs saw a net inflow of $75.47 million on November 19, breaking a five-day outflow streak. This shift in sentiment may indicate a stabilization after a period of sustained selling, with BlackRock's IBIT leading the rebound.

QCP Capital stated that the recent market correction is not a sign of an impending recession but rather a late-cycle characteristic affecting equities, gold, and crypto markets. Analysts noted that Bitcoin is attempting a recovery after a dip below $90,000, influenced by liquidity and ETF outflows.

The likelihood of the U.S. Federal Reserve reducing interest rates by 25 basis points has dropped to 30%, a significant decrease from previous expectations. Concerns over a lack of data have made it challenging for policymakers to reach a decision, with internal disagreements evident in the October Fed meeting minutes.

Aztec Network's Ignition Chain, the first fully decentralized layer-2 protocol on Ethereum's mainnet, launched after reaching 500 validators. This milestone signifies readiness to secure the network and initiate block production, enabling developers to create DeFi applications with total secrecy.

Ripple executives are considering introducing XRP to DeFi through staking initiatives on its blockchain to align incentives among validators and token holders. This move aims to expand XRP's utility and strengthen security by rewarding participants who help maintain consensus.

William Lonergan Hill, co-founder of Samourai Wallet, was sentenced to four years in prison by a New York judge for operating an unlicensed money transmitter. His co-founder, Keonne Rodriguez, received a five-year sentence two weeks prior for the same offense.

Digital asset-focused stocks, including Circle, Strategy, and Bitmine, experienced significant drops, with Bitcoin falling below $88,600 for the first time since late April. Despite this, some companies like Nvidia reported strong earnings, leading to a rise in after-hours trading for certain firms.

A new Delaware statutory trust, the iShares Staked Ethereum Trust ETF, was registered by BlackRock, the world's largest asset manager, on November 19. This step is common for ETF issuers before filing with the SEC, as seen with other Ethereum staking ETFs in the U.S. Staking in Ethereum involves locking up tokens for network validation and rewards.

During the Senate confirmation hearing, CFTC Chair nominee Mike Selig received bipartisan support but avoided committing to advocating for more resources for the agency to regulate the expanding crypto market. Selig's refusal to address the need for additional staff or budget was notable, despite bipartisan calls for a larger CFTC budget.

A flood of spot altcoin exchange-traded fund listings is anticipated to begin trading soon, with Bitwise, Grayscale, and Franklin Templeton potentially launching XRP and Dogecoin ETFs. The recent surge in Solana and XRP fund unveilings has generated significant investor interest.