Bitcoin has printed the biggest monthly candle in cryptocurrency history as it approaches the $100,000 milestone, boosted by increased investor appetite bolstered by Donald Trump’s victory in the US presidential election on November 5.
In addition to the positive outlook for the cryptocurrency industry over the next four years, Trump’s social media company is seeking to file a trademark application for computer software used for cryptocurrency trading and digital wallet services, according to official documents.
Bitcoin prints record monthly candle of 40% gain as price rises above $99,000.
Bitcoin price has printed the biggest monthly candle in cryptocurrency history as the world’s first cryptocurrency approaches a six-figure valuation for the first time.
Bitcoin (BTC) price rose more than 40.8% in November, hitting an all-time high with the biggest monthly candle as BTC surpassed $99,000, according to Bitstamp data.
BTC/USD, historical chart. Source: TradingView
Bitcoin’s monthly high comes about two weeks after Trump won the 2024 US presidential election on November 5, sparking a new appetite among investors for riskier assets such as Bitcoin.
More and more analysts are predicting that Bitcoin will surpass $100,000.
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Trump Media Hints at Cryptocurrency Trading, TruthFi Trademark Application Payments.
Trump’s social media company has revealed its ambitions for a cryptocurrency trading and payment service in a new trademark application for “TruthFi.”
Trump Media is seeking trademark rights for digital wallets, cryptocurrency payment processing, and computer software for trading fiat and digital assets, according to a filing with the U.S. Patent and Trademark Office on Nov. 18.
Elsewhere in the filing, it mentions market analysis data and statistics for financial research and financial custody services, specifically “maintaining the holding of financial assets for the benefit of others for financial management purposes.”
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CFTC Commissioner Calls for U.S. Crypto Policy Reform
At the North American Blockchain Summit on November 21, CFTC Commissioner Summer Mersinger discussed the need for a standard U.S. cryptocurrency-related policy through notice and comment regulation.
The U.S. Commodity Futures Trading Commission (CFTC), along with the Securities and Exchange Commission, has been responsible for implementing the current “regulation by enforcement” strategy under the outgoing administration.
Mersinger also said that in a recent lawsuit against a decentralized autonomous organization (DAO), the CFTC should seek a court ruling on its entity classification. In this case, the CFTC wanted to classify the DAO as a corporation or association.
“I started to get really uncomfortable with the idea of setting some kind of policy through enforcement cases and the courts. To me, it’s how we deal with the entities that is a policy issue.”
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UK to deliver comprehensive cryptocurrency regulatory framework by early 2025
Speaking at City & Financial Global’s Tokenization Summit in London on November 21, Treasury officials promised that a draft regulatory framework for cryptocurrency assets would be ready in the UK early next year.
Some of the restrictions were expected months ago, but the general election saw those plans overturned with Chancellor Rishi Sunak’s Conservative government. Keir Starmer’s Labor government, which took office on July 5, is expected to announce the regulations.
Tulip Siddique, Minister of Finance and Economic Affairs, said the regulations will apply not only to cryptocurrencies but also to stablecoins and staking services, Bloomberg reported. “It’s simpler and makes more sense to do it all in a single step,” Siddiq said.
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AI and big data tokens surge 131% amid Bitcoin rally
The artificial intelligence and big data token’s market capitalization has soared 131.4% since hitting a yearly low on June 8, driven by Bitcoin’s continued rise.
According to data from Cointelegraph Markets Pro on November 19, the total market capitalization of AI and big data cryptocurrency projects and tokens was centered around Near Protocol (NEAR), Internet Computer (ICP), and RENDER. increased to $42.1 billion. CoinMarketCap.
Market capitalization and trading volume of AI and big data tokens, 30 days. Source: CoinMarketCap
The recent surge in AI token prices can be attributed to overall positive investor sentiment, growing confidence in Bitcoin regulatory clarity in numerous jurisdictions, and the lack of major ecosystem disruptions.
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DeFi Market Overview
Most of the top 100 cryptocurrencies by market capitalization closed in the green this week, according to data from Cointelegraph Markets Pro and TradingView.
Among the top 100, Mantra (OM) coin was the biggest gainer this week, up over 122%, followed by Stellar (XLM) token, up over 114% on the weekly chart.
Total value locked in DeFi. Source: DefiLlama
Thank you for reading our roundup of the most influential DeFi developments this week. Join us next Friday for more stories, insights and education about this dynamically evolving space.