Биткоин опустился до $95 000: новости крипторынка и запуск спотового XRP-ETF Translation: Bitcoin Drops to $95,000: Cryptocurrency Market News and Launch of Spot XRP ETF

Digital gold has plummeted to $95,000, an XRP ETF made its debut on Nasdaq, mining farms were shut down in Kyrgyzstan, and various other events unfolded over the past week.

In the last seven days, the leading cryptocurrency declined to levels last seen in May. Although Monday started on a positive note with Bitcoin holding above $106,000, by Tuesday, the trend reversed.

On November 11, Bitcoin began to show signs of weakness, falling from $107,000 to $102,000. By November 12, after a recovery to $105,000, it faced another correction down to $101,000, failing to breach the crucial psychological mark.

Even the conclusion of the longest government shutdown in U.S. history, lasting 43 days, did not help bolster the coin’s position. On Thursday, October 13, Bitcoin dropped below the significant threshold of $100,000 and headed towards $95,000.

The loss of six-figure valuations alarmed investors, sparking discussions about the potential end of the bull cycle. However, CryptoQuant’s CEO Ki Eun Joo pointed out that the bearish trend has yet to be confirmed. He highlighted a group of investors who purchased digital gold six to twelve months ago at an average entry price of $94,000, suggesting that we need to await their capitulation for a definitive shift in sentiment.

By the end of the week, Bitcoin stabilized near this critical level, trading at $95,600 at the time of writing.

The decline coincided with reports of significant sell-offs. According to CryptoQuant, long-term holders sold approximately 815,000 BTC over the past 30 days, the highest volume since January 2024.

In the wake of the correction, outflows from spot Bitcoin ETFs intensified. On November 13, investors withdrew $870 million, marking the second-largest outflow since the products were launched. The cumulative weekly losses reached $1.1 billion.

Nearly all cryptocurrencies in the top 10 by market capitalization managed to remain in the «red zone.» A weakened Ethereum fell to $3,200 (-7.5% for the week), while Solana dropped to $140 (-12%).

The total market capitalization of digital assets fell to $3.33 trillion, with Bitcoin’s dominance at 57.3% and Ethereum’s at 11.5%.

The cryptocurrency fear and greed index decreased from 22 points last week to 10, indicating «extreme fear.»

On November 13, a spot ETF based on XRP, under the ticker XRPC, debuted on the Nasdaq, launched by Canary Capital.

The product was approved for listing after submitting an 8-A form to the U.S. Securities and Exchange Commission, which allows for «automatic» approval.

In its first full trading day, the product attracted $243 million in net assets. Canary’s total assets under management reached $248 million.

The volume from the initial session of $58 million set a record among all ETFs launched this year.

«XRP is one of the most widespread and widely used digital assets in the world. Access to the coin through an ETF will facilitate the next wave of adoption and growth of critical blockchain infrastructure. We are confident that XRP will play a key role in the development of our global financial system,» stated Stephen McClurg, CEO of Canary Capital.

Following the launch of the instrument, XRP surged by 3% over a day. However, the overall market decline offset this gain. By the end of the week, the asset had lost 2%, dropping to $2.2.

Additionally, on November 10, the American provider of post-trade, clearing, and settlement services DTCC listed five spot XRP ETFs in the preliminary launch phase. Besides the Canary product, it included funds from Bitwise, Franklin Templeton, 21Shares, and CoinShares.

The recently launched SOL ETF also reported positive dynamics, with investors pouring $46.3 million into the products during the trading week.

During the week, the Czech National Bank (CNB) announced the formation of a «trial» digital asset portfolio. The regulator has already invested $1 million in purchasing Bitcoin, stablecoins, and tokenized deposits.

This initiative aims to gain practical experience with blockchain technologies and related processes. The coins acquired will not be included in the nation’s reserves.

CNB governor Aleš Michl noted that the idea for the trial portfolio emerged in January to assess the potential of Bitcoin for reserve diversification. The project was later expanded to investigate the «future of payments» and tokenization.

The Czech central bank plans to test key management, multi-layer transaction processes, security mechanisms, and compliance with AML procedures, while also developing a method for auditing such assets.

“We aim to be more forward-looking. It is realistic to expect that in the future, there could be a seamless way to use the crown for purchasing tokenized Czech bonds and much more,” added the central bank’s chief.

The volume of the portfolio will not be frequently increased. The evaluation of the project’s results and acquired experience will be presented in two to three years.

Due to a lack of electricity in Kyrgyzstan, all mining farms have been shut down. The country’s Minister of Energy, Talaybek Ibraev, stated that while an energy crisis has not yet occurred, precautionary measures are necessary.

He also urged not to incite panic, but indicated that the water level in the Toktogul reservoir, which feeds the local hydroelectric plant, is currently nearly 2 billion cubic meters lower than last year.

“At peak loads, power must be reduced from 5 kW to 3 kW. This is stipulated in contracts and is done to prevent the equipment providing for the population from burning out. There will be light and heat in the homes of Kyrgyz citizens, but we will have to save. By the way, that’s normal,» added Ibraev.

The timelines for the restoration of mining operations have not yet been announced.

In parallel with this not-so-pleasant news for local cryptocurrency miners, Kyrgyzstan announced the launch of a stablecoin, USDKG.

The total volume of its initial offering amounted to $50.4 million. The asset is backed by gold and pegged to the U.S. dollar.

The «stable coin» is issued by the Joint Stock Company «Issuer of Virtual Assets,» fully owned by the country’s Ministry of Finance.

«USDKG is a proposal to the world for a new financial standard based on transparency, reliability, and backing by real assets. Each token is backed by physical gold under state control, making this project a symbol of honest and asset-backed stablecoins,» reads the press release.

Agency representatives emphasized that the project is not related to the initiative to develop a national stablecoin KGST and a digital som.

Payment giant Visa introduced a pilot project, Visa Direct, aimed at facilitating direct cross-border payments in the stablecoin USDC to recipients’ wallets.

The initiative targets content creators, freelancers, and gig workers.

The project will enable even fiat currency payments to be credited in cryptocurrency. To receive assets, clients must have a compatible wallet and comply with KYC/AML requirements.

Thus, Visa aims to provide «faster and borderless access to earnings,» particularly in markets with limited banking infrastructure and high volatility of national currencies.

A study by the company revealed that the majority (57%) of respondents cited speed as the primary reason for choosing digital assets.

The pilot project is set to launch soon in collaboration with selected partners, with broader implementation planned for the second half of 2026.

Visa Direct is a continuation of the September initiative that allowed companies to pre-fund payments using stablecoins.

The annual volume of transactions using «stable coins» through the corporation’s services exceeded $2.5 billion. Since 2020, the company has handled cryptocurrency flows totaling over $140 billion, with $100 billion coming from purchases of digital assets through Visa cards and $35 billion from payment for goods and services.

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