Bitcoin printed its biggest monthly candle in crypto history as it inched up toward the $100,000 milestone, driven by growing investor appetite bolstered by Donald Trump’s victory in the United States presidential election on Nov. 5.
Adding to the positive crypto industry outlook for the next four years, official documents revealed that Trump’s social media company has sought a trademark filing for computer software used for cryptocurrency trading and digital wallet services.
Bitcoin prints record 40% monthly candle as price crosses $99,000
Bitcoin price printed the biggest monthly candle in crypto history, as the world’s first cryptocurrency nears the six-figure valuation for the first time.
The Bitcoin (BTC) price rose over 40.8% during November, recording a new all-time high for the biggest monthly candle as BTC breached $99,000, Bitstamp data shows.
BTC/USD, all-time chart. Source: TradingView
Bitcoin’s monthly all-time high came about two weeks after Trump won the 2024 US presidential election held on Nov. 5, inspiring a new wave of investor appetite for risk-on assets such as Bitcoin.
Increasingly more analysts expect Bitcoin to breach the $100,000 mark.
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Trump Media hints at crypto trading, payments in TruthFi trademark filing
Trump’s social media company revealed possible ambitions for a cryptocurrency trading and payment service in a new trademark filing for “TruthFi.”
According to a Nov. 18 filing with the United States Patent and Trademark Office, Trump Media is seeking a trademark for computer software for use as a digital wallet, payment processing for crypto, fiat and trading in digital assets.
Other parts of the filing mention market analysis data and statistics for financial research, plus financial custody services, specifically, “maintaining possession of financial assets for others for financial management purposes.”
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CFTC commissioner urges US crypto policy reforms
Speaking at the North American Blockchain Summit on Nov. 21, CFTC Commissioner Summer Mersinger discussed the need for standard US crypto-related policies through notice and comment regulation.
The United States Commodity Futures Trading Commission (CFTC) has played a role in implementing the current “regulation by enforcement” strategy alongside the Securities and Exchange Commission under the outgoing administration.
Mersinger also said recent litigation against a decentralized autonomous organization (DAO) required the CFTC to seek a court verdict for entity classification. In this case, the CFTC wanted to classify the DAO as a corporation or association:
“I really started to get uncomfortable with this idea that we were kind of setting some sort of policy through our enforcement cases and through going to court. To me, how you’re going to treat an entity that’s a policy question.”
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UK to deliver comprehensive crypto regulation framework by early 2025
A draft regulatory framework for crypto assets will be ready in the United Kingdom early next year, a Treasury official promised at City & Financial Global’s Tokenisation Summit in London on Nov. 21.
Some regulations were expected months earlier, but a general election overturned those plans along with the Conservative government of Prime Minister Rishi Sunak. Keir Starmer’s Labour government, which took office on July 5, will present the regulations.
Economic Secretary to the Treasury Tulip Siddiq said the regulations would cover stablecoins and staking services, as well as cryptocurrency, Bloomberg reported. Siddiq said: “Doing everything in a single phase is simpler and it just makes more sense.”
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AI and big data tokens surge 131% amid Bitcoin rull run
Artificial intelligence and big data tokens have seen their market capitalization soar by 131.4% since hitting their lowest point of the year on June 8, riding the momentum of Bitcoin’s ongoing bull run.
On Nov. 19, the total market capitalization of AI and big data crypto projects and tokens grew to $42.1 billion, led by Near Protocol (NEAR), Internet Computer (ICP) and Render (RENDER), according to data from Cointelegraph Markets Pro and CoinMarketCap.
Market capitalization and 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 no major ecosystem collapses.
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DeFi market overview
According to data from Cointelegraph Markets Pro and TradingView, most of the 100 largest cryptocurrencies by market capitalization ended the week in the green.
Of the top 100, the Mantra (OM) coin rose over 122% as the week’s biggest gainer, followed by the Stellar (XLM) token, up over 114% on the weekly chart.
Total value locked in DeFi. Source: DefiLlama
Thanks for reading our summary of this week’s most impactful DeFi developments. Join us next Friday for more stories, insights and education regarding this dynamically advancing space.
