SEC Delays Decision on Spot ETH ETF Options Again

The U.S. Securities and Exchange Commission (SEC) has delayed a decision on the NYSE's proposal to list options based on spot Ethereum ETFs.

The document refers to the Bitwise Ethereum ETF, Grayscale Ethereum Trust, Grayscale Ethereum Mini Trust, and "any trust that owns ether."

The agency planned to make a decision on the application by Monday, November 11. The NYSE received the corresponding request to the SEC on August 7.

The Commission explained the decision by the need for a more thorough analysis and concerns about whether the proposed rule change complies with the requirements of the Securities Act and whether it creates additional risks for investors and market stability.

 

Cryptocurrency Market Capitalization Reaches $3.2 Trillion After Trump's Victory

The global cryptocurrency market has surpassed $3 trillion as Donald Trump's election as the 47th US president has raised the stakes during a new boom across all segments, Reuters reported on Thursday, November 14.

The total market value of cryptocurrencies peaked at nearly $3.2 trillion on November 14, according to CoinGecko.

The market has surpassed 2021 levels when pandemic stimulus measures fueled speculative investment. This is despite cryptocurrency prices and trading volumes remaining stubbornly low and the outlook uncertain just a few months ago.

Bitcoin dominates the market, and the market cap coincided with the token’s growth to a record $93,480.

 

Polymarket users bet $100,000 on Bitcoin by the end of November

On November 11, the share of bets on Polymarket that the price of the first cryptocurrency will exceed $100,000 by the end of the month reached 57%.

The cost of one “yes” vote increased from $0.32 to $0.57 within a few hours of the market’s creation. On November 12, the volume of “for” and “against” bets was equal, and the total turnover exceeded $215,000.

In another pool, Polymarket users estimated the chances of seeing digital gold at $90,000 during November at 95%, $95,000 at 75%, and $105,000 at 36%.

 

Italy to Raise Cryptocurrency Tax to 28% Instead of 42%

The Italian government will increase the tax on capital gains in cryptocurrencies to 28%. This was reported by Bloomberg, citing an unnamed source.

Starting in 2023, Italian citizens are required to pay 26% to the state if their profit from cryptocurrencies exceeds €2,000 ($2,145).

Increasing the tax to 28% is a proposal by the conservative party Lega Nord, one of the members of the coalition of current Italian Prime Minister Giorgio Meloni. It also includes the creation of specialized working groups and consumer associations that will educate investors on the intricacies of the cryptocurrency market.

In October, Deputy Economy Minister Maurizio Leo announced plans to raise the tax to 42%. The statement provoked a sharp reaction from the community, and the amendment was not included in the final version of the budget.

Increasing the fees could reduce Italy's competitive advantage against other EU members, which provides crypto businesses with a more favorable tax regime and benefits.

 

Trump Appoints Elon Musk to Head Newly Created Department of Government Efficiency

Newly elected US President Donald Trump has appointed businessman Elon Musk to head the new Department of Government Efficiency. He will be tasked with cutting budget spending and restructuring federal agencies.

"I am pleased to announce that the Great Elon Musk, working with American Patriot Vivek Ramaswamy, will lead the Department of Government Efficiency (DOGE)," the winner of the presidential election wrote.

Trump added that together, "these two great Americans will pave the way for my Administration to dismantle government bureaucracy, cut excess regulation, reduce wasteful spending, and restructure federal agencies - all of which are essential to the Save America Movement."

"This will send shockwaves through the system, and everyone involved in the system and everyone involved in government waste, and that's a lot of people!" Elon Musk said.

The message also notes that "the new department will be the potential Manhattan Project of our time."

 

Bitcoin Soars to $93,000 and Becomes the Seventh-Largest Asset in the World

On the night of November 14, the Bitcoin cryptocurrency broke another of its records and overtook the oil company Saudi Aramco in the ranking of the most expensive assets in the world.

On November 11, 2024, Bitcoin soared to $84,000 but did not stop there and continued to break its records. By the evening On November 13, the currency was valued at $93,000.

In the global race, Bitcoin sensationally overtook the market capitalization of silver and the oil company Saudi Aramco. The cryptocurrency became the seventh-largest asset in the world after gold, NVIDIA, Apple, Microsoft, Amazon, and Alphabet.

 

NFT project Doodles has entered into a partnership with McDonald’s

Starting November 18, Doodles-style drawings will appear on 100 million McCafe holiday cups in US restaurants. This will become possible after the restaurant chain and the NFT project entered into a partnership.

The initiative will be called GM Spread Joy, spreading on TikTok and Instagram.

The organizers will also raffle off “digital gifts” and a set of collectibles with McDonald’s x Doodles symbols.

 

Meme Token PEPE Reaches Record Market Cap of $9.9 Billion

The price of the PEPE token, dedicated to the Pepe the Frog meme, has grown by 80% during the day, setting a new record at $0.000025. The asset’s peak market cap reached $9.9 billion.

As of writing on 11/14, PEPE is trading at $0.000023 and ranks 14th on CoinMarketCap.

The price jump occurred amid the coin’s listing on several crypto platforms, including Robinhood and Coinbase.