On the new day, Bitcoin is trading at $96,459 and Ethereum is trading at $3,682. The total value of the cryptocurrency market is 3.38 trillion dollars. Bitcoin’s market cap is $1.9 trillion, while Ethereum’s market cap is $443 billion.

XRP has become the world’s third largest crypto asset; It surpassed Solana and Tether’s USDT in market value.

XRP has surpassed Solana and Tether (USDT) in terms of market cap, becoming the world’s third-largest crypto asset behind Bitcoin and Ethereum. While XRP’s market value reached 141.8 billion dollars, Tether’s market value remained at 134.5 billion dollars. While the XRP price increased by 30% in the last 24 hours to $ 2.46, it recorded a total increase of 364.1% in the last month.

This rise came after the news that Ripple’s stablecoin named RLUSD will be approved by the New York Department of Financial Services (NYDFS). Ripple plans to launch RLUSD on December 4. XRP’s rise was also supported by the announcement that US Securities and Exchange Commission (SEC) Chairman Gary Gensler will leave office in January.

While the legal process between the SEC and Ripple has been continuing since 2020, investors are excited about the possibility that the case may be terminated or withdrawn under new leadership with Gensler’s departure.

Additionally, the launch of spot ETFs for XRP is also on the agenda. Companies like 21Shares, Canary Capital, and Bitwise have filed for XRP ETFs. While these developments increase interest in the XRP ecosystem, they are considered to strengthen Ripple’s growth potential, free from legal problems.

US Spot Ethereum ETFs record all-time high daily inflows as price rally continues

US-based spot Ethereum (ETH) ETFs witnessed record daily inflows on Friday, after US stock markets were closed on Thursday for Thanksgiving. A total of approximately 333 million dollars worth of fund inflow occurred. Much of that increase was driven by $250 million added to BlackRock’s ETHA fund and $79 million added to Fidelity’s FETH fund.

Grayscale’s ETH fund recorded an inflow of $3.4 million. No significant movement was observed in other funds. In addition, there was a net inflow of approximately $320 million in spot Bitcoin ETFs on the same day, which once again revealed the intense demand for crypto assets in the overall market. Ethereum’s increase in value by approximately 40% in the last month and approaching the $ 3,700 level contributed significantly to these record entries. The total asset value of the funds has now exceeded $11 billion and has reached the highest level in history.

Grayscale’s ETHE fund ranks first with a value of $5.37 billion, while BlackRock’s ETHA fund ranks second with a value of $2.10 billion. The net asset value of Fidelity’s FETH fund increased to approximately $952.33 million.

Ethereum It also achieved significant success by reclaiming Tether (USDT) dominance from the Tron network for the first time since 2022. This development reveals the impact of the growth in the Ethereum network as well as the USDT supply, which has increased by 62% since the beginning of the year. This intense interest in the Ethereum ecosystem has once again proven that the network continues to strengthen and increases the confidence of investors.

Crypto tax postponement for 2 years accepted in South Korea

South Korea’s Democratic Party (KDP) has backed away from its plan to impose a capital gains tax on crypto asset gains in 2025, agreeing to delay implementation for another two years. At the press conference held on December 1, KDP Parliamentary Group Leader Park Chan-dae announced that they accepted the digital asset tax postponement proposed by the government and the ruling party, the People’s Power Party (PPP).

With this development, the law was postponed until 2027. The crypto tax, which was first planned to come into force in 2021, was postponed to 2023 and then to 2025 due to investor reaction. The ruling party, PPP, wanted to postpone the tax to 2028, arguing that imposing a tax quickly could drive investors away from the market. The Democratic Party initially opposed these proposals and insisted on implementing the tax in 2025.

However, with the latest decision, a six-year postponement of the tax was introduced. Once the tax is implemented, crypto investors in South Korea will pay a 20% tax on their digital asset gains.

Bitcoin started the new week trading at $98,263 and Ethereum at $3,383. The total value of the cryptocurrency market reached 3.28 trillion dollars. The market value of Bitcoin was recorded as 1.94 trillion dollars, and the market value of Ethereum was recorded as 407 billion dollars.

Tether produced another 3 billion USDt of stablecoins

With the activity in the cryptocurrency markets, Tether produced a total of 3 billion more USDt (USDT) tokens on the Ethereum and Tron networks on November 23. According to Arkham Intelligence’s data, $2 billion of this amount was minted via Ethereum and $1 billion was minted via the Tron network. According to data from Lookonchain, Tether has produced a total of approximately 13 billion USDt tokens since November 8.

Tether CEO Paolo Ardoino stated that the company “must achieve hyper-efficiency to realize its grand vision” by 2025. The trading volume of stablecoins is considered an important indicator to measure the level of interest in crypto markets. High volume is generally considered a positive sign for price movements.

Hong Kong’s ZA Bank allows users to trade between cryptocurrency and fiat currencies via its banking app

Hong Kong-based digital bank ZA Bank offers direct access to retail users cryptocurrency announced that it started offering a (Bitcoin) trading service. ZA Bank stated that it is the first bank in Asia to offer this service. Through the bank’s mobile application, users can buy and sell leading cryptocurrencies in HKD and USD on a single platform, without switching between applications or platforms.

ZA Bank has partnered with Hong Kong-based licensed crypto exchange HashKey to launch this service. HashKey’s institutional-level services platform, HashKey Pro, provides features such as API trading, block trading services and institutional account management. HashKey CEO Livio Weng announced that they will continue to cooperate with ZA Bank to support the development of the Web3 ecosystem and offer more diverse financial services to their users.

Trump nominates hedge fund manager Scott Bessent as Treasury Secretary

US President-elect Donald Trump nominated Scott Bessent for the Treasury Department. Trump described Bessent as “one of the world’s leading international investors and economic strategists” and described his story as the “American Dream.” Before founding Key Square Capital Management in 2015, Bessent served as chief investment officer at George Soros’ investment firm, Soros Capital Management.

If confirmed by the Senate, Bessent would become the first openly gay US Treasury Secretary. Bessent had previously made positive statements about the cryptocurrency industry and stated that Bitcoin attracted young investors to the market and helped them overcome the effects of the 2007-2009 financial crisis. While Trump’s crypto-friendly approach attracts attention, pro-crypto names are expected to be appointed to other important ministerial positions.

For example, Robert F. Kennedy Jr. He was nominated for Secretary of Health, and Howard Lutnick was nominated for Secretary of Commerce. Additionally, Trump announced that he has established a new unit called the “Department of Government Efficiency” (DOGE), which aims to increase government efficiency under the leadership of Elon Musk and Vivek Ramaswamy. This unit aims to reduce bureaucracy, eliminate unnecessary spending and restructure federal institutions.