Crypto Rollercoaster Nov 19: Filecoin, Dash, ICP Tumble While Altcoins Skyrocket
Crypto Market Update: Uniswap UNI Changes, Brazil Tax Plans, and Global Crypto Moves
The cryptocurrency market faced continued turbulence on Wednesday, with the total global market capitalization slipping to $3.24 trillion—a 1.1% decline over the past 24 hours. Trading activity remained robust, with $216 billion exchanged across major coins, showing that despite market jitters, investors continue to participate actively.
Bitcoin (BTC) continues to dominate, controlling 56.7% of the total market, while Ethereum (ETH) maintains an 11.5% share. Overall, analysts track nearly 19,417 digital assets, reflecting the diverse and rapidly evolving cryptocurrency ecosystem.
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| Source: Forex Factory |
Bitcoin and Ethereum Price Movements
Bitcoin has stabilized around $92,336, registering a modest 0.73% increase in the past 24 hours. Daily trading volume is approximately $98 billion, with a market cap of $1.8 trillion. Meanwhile, Ethereum trades at $3,108, up 2.81% over the same period, bolstered by a $39.9 billion daily trading volume and a total market cap of $375 billion.
Despite the broader market volatility, these two cryptocurrencies remain the anchors of the ecosystem, serving both as stores of value and liquidity providers for a wide range of decentralized applications.
Trending Coins and Market Movers
Several smaller coins have demonstrated significant volatility and gains over the last 24 hours:
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Aster (ASTER): $1.39 (+14.31%) with $1.17B in total volume
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Anoma (XAN): $0.04554 (+46.48%) supported by $136.19M in volume
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Artificial Superintelligence (FET): $0.2949 (+8.15%) on $224.52M trading activity
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SPX6900 (SPX): $0.5438 (+17.27%) with $52.31M in volume
The top performers in terms of percentage growth were Starknet (STRK), AB, and SPX6900 (SPX), surging between 16% and 18% during the session. Meanwhile, the largest decliners included Internet Computer (ICP), Filecoin (FIL), and Dash (DASH), reflecting a continued trend of selective risk-taking in the market.
Stablecoins and DeFi Snapshot
Stablecoins hold steady with a market capitalization of $310 billion and $152 billion in trading volume, reflecting minimal fluctuations in value despite broader market uncertainty.
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| Source: Alternative Me |
The decentralized finance (DeFi) sector, however, saw a 2.4% decline in the past 24 hours, now totaling $118 billion in market capitalization and $8.8 billion in trading volume. Despite the minor contraction, DeFi remains an essential component of the blockchain ecosystem, representing 3.6% of total crypto market dominance.
Market sentiment remains heavily skewed toward caution, with the Fear and Greed Index at 15, indicating extreme fear. The index shows a slight improvement from yesterday’s reading of 11 but underscores persistent market anxiety, fueled by sharp price corrections, high volatility, and macroeconomic uncertainty.
Major Global Crypto Developments
1. Nvidia, Microsoft & Anthropic Form AI Mega-Alliance
Nvidia, Microsoft, and Anthropic announced a landmark collaboration, securing $30 billion in Azure compute credits and $15 billion in combined investments. This alliance aims to accelerate AI research and engineering development, highlighting how emerging technologies like blockchain and artificial intelligence are increasingly interlinked in strategic global investments.
2. New Hampshire Approves First Bitcoin-Backed Municipal Bond
In a U.S. first, New Hampshire’s Business Finance Authority approved a $100 million Bitcoin-backed municipal bond. Managed through BitGo custody, the bond ensures collateral safeguards while channeling proceeds to the Bitcoin Economic Development Fund. This initiative is designed to promote innovation and entrepreneurship in the state, potentially serving as a blueprint for other states exploring blockchain-backed financial instruments.
3. 0xbow Raises $3.5 Million for Privacy Pools
0xbow secured $3.5 million in seed funding to develop Privacy Pools under Ethereum’s Kohaku program. Led by Starbloom Capital and backed by Coinbase Ventures, BOOST VC, and crypto investor Balaji Srinivasan, the project aims to enhance privacy and compliance features within Ethereum-based applications.
4. Kraken Secures $200 Million Investment from Citadel Securities
Kraken, a leading U.S. crypto exchange, received a $200 million strategic investment from Citadel Securities, bringing its valuation to $20 billion. Combined with previous capital raises, Kraken has now accumulated $800 million to expand global operations, enhance payment infrastructure, and innovate in digital asset trading services.
5. OCC Provides Regulatory Clarity for Crypto Payments
The Office of the Comptroller of the Currency (OCC) released Interpretive Letter 1186, clarifying that national banks can pay blockchain network fees and hold necessary crypto assets for approved crypto platforms. This step strengthens regulatory guidance for banks exploring compliant blockchain integration and digital asset payment solutions.
6. Bitfury Announces $1 Billion Ethical Tech Fund
Bitfury, historically a Bitcoin mining giant, announced a $1 billion fund dedicated to ethical technology and AI investments. The company plans to allocate $200 million next year toward AI, quantum computing, decentralized transparency, and self-sovereign identity solutions. Bitfury’s pivot from mining to ethical tech reflects growing industry attention to sustainability and social responsibility in blockchain innovation.
7. Tether Supports Bitcoin Lender Ledn
Stablecoin issuer Tether confirmed a strategic investment in Bitcoin lender Ledn, which has issued $2.8 billion in BTC-backed loans. Ledn anticipates issuing over $1 billion in 2025, with annual recurring revenue already exceeding $100 million. This demonstrates continued institutional confidence in crypto lending platforms.
8. South Korea’s Crypto Tax Plans Face Regulatory Challenges
Kintsugi’s Harry Kim warned that South Korea’s crypto tokenization plans may face delays due to incomplete regulations on taxation and custody. Proposed digital asset taxes of 20–25% are causing investor hesitation, highlighting the friction between innovation and policy compliance.
9. Uniswap UNIfication Sparks Token Supply Shake-Up
Uniswap’s UNIfication plan proposes protocol-fee burning, MEV auctions, and a retroactive burn of 100 million UNI tokens. The initiative aims to increase UNI scarcity, restructure liquidity provider rewards, and align platform activity with token economics, signaling a potential long-term impact on Uniswap’s market value.
10. Brazil Considers Tax on Cross-Border Crypto Payments
Brazilian authorities are reviewing a plan to extend financial transaction taxes to international crypto payments. Regulators are examining whether foreign-exchange-classified virtual asset transfers should incur levies, which could affect cross-border crypto adoption in the region.
Market Takeaways
Overall, the cryptocurrency sector continues to balance between innovation and volatility. Institutional and retail investors are navigating a market where technological breakthroughs, regulatory clarity, and macroeconomic pressures intersect. While coins like Bitcoin and Ethereum maintain leadership, smaller tokens and emerging projects continue to generate substantial daily volatility.
DeFi remains a high-risk, high-reward sector, while stablecoins provide a safe harbor amid uncertainty. Regulatory developments in the U.S., Brazil, and South Korea underscore the global attention to digital asset compliance, signaling that both innovation and governance will define the next phase of crypto adoption.
As the market evolves, traders and investors are encouraged to maintain a diversified approach, track emerging regulations, and remain informed about global partnerships, blockchain innovations, and economic shifts influencing cryptocurrency.
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