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The three major U.S. stock indexes closed mixed. The S&P 500 finished down 0.24% and the Dow Jones Industrial Average fell 0.62%, while the Nasdaq Composite edged up 0.23%.

The decline in Bitcoin's price has caused trading volumes on South Korean exchanges to contract significantly compared to three months ago, IT Chosun reported. Average daily trading volume on these exchanges fell from $4.41 billion in August to $2.91 billion in November. This drop in volume, combined with the fall in Bitcoin's price, is expected to directly impact exchange performance. Market analysts predict a potential slowdown in fourth-quarter earnings for major South Korean exchanges, as over 98% of their revenue is generated from trading fees.

Bitcoin has underperformed the stock market due to year-end portfolio rebalancing by asset managers, but this could pave the way for a stronger performance next year, according to K33 Research analyst Vetle Lunde. In an interview with Cointelegraph, Lunde explained that managers at asset management firms have pre-determined portfolio allocations and can adjust their weightings for the upcoming period, potentially allocating funds to BTC. He added that despite Bitcoin's price stabilizing, market participants remain hesitant to take on risk.

Terraform Labs co-founder Do Kwon, who was sentenced to 15 years in a U.S. court, could receive a lighter-than-expected sentence if extradited to South Korea, according to a report from the Beopryul Shinmun. While he could face a sentence of five years to life in prison in South Korea, the legal newspaper noted that Article 7 of the country's Criminal Act allows a judge's discretion to credit time served in a foreign prison toward a domestic sentence. Meanwhile, U.S. prosecutors have reportedly agreed not to oppose Kwon's transfer after he serves half of his term. This raises the possibility that Kwon could be sent to South Korea before completing his full U.S. sentence.

Strategy co-founder Michael Saylor stated on X that quantum computing will strengthen Bitcoin rather than destroy it. He argued that the network would be upgraded, active supply would be migrated, and lost supply would be frozen. Saylor added that this would result in enhanced security and reduced selling volume, ultimately making BTC stronger. He previously commented in June that claims of quantum computers threatening BTC were exaggerated.

Whale Alert reported that 499,884,071 USDT has been transferred from an unknown wallet to Aave. The transaction is valued at about $500 million.

Internal conflict at Aave over governance and revenue distribution is intensifying, The Block reported. In response, an AAVE token holder has posted a "poison pill" proposal on the official forum that would have the Aave DAO absorb the intellectual property and equity of Aave Labs, effectively making it a subsidiary of the DAO. The proposal also calls for all revenue generated by Aave Labs from the Aave brand to be transferred to the DAO treasury. This move follows a recent controversy over allegations that swap fees from Aave's CoW Swap-based interface were being directed to an Aave Labs address rather than the DAO, as CoinNess previously reported.

U.S. Senator Elizabeth Warren, a prominent critic of cryptocurrency, has called for an investigation into PancakeSwap over allegations of a scheme to inflate the price of a coin issued by World Liberty Financial (WLFI). In a letter to the Secretary of the Treasury and the Attorney General, Warren argued that authorities must investigate whether PancakeSwap is connected to improper political influence from the Trump administration, Coindesk reported. She also criticized decentralized finance (DeFi) platforms for processing hundreds of millions of dollars in daily transactions without requiring identity verification.

Anatoly Aksakov, Chairman of the Russian State Duma Committee on Financial Markets, has stated that cryptocurrency can never be considered money in Russia, emphasizing that all payments must be made exclusively in rubles. According to DL News, he stressed that cryptocurrencies should only be used as an investment vehicle.

The Republic of the Marshall Islands (RMI) has paid out the world's first universal basic income (UBI) using its digital sovereign bond, USDM1, on the Stellar blockchain, CoinDesk reported. The USDM1 is collateralized on a one-to-one basis with short-term U.S. Treasury bonds. The RMI collaborated on the project with the Stellar Development Foundation (SDF) and infrastructure provider Crossmint.

Valour, a subsidiary of crypto ETP issuer DeFi Technologies, has received approval to launch a Solana exchange-traded product (ETP) in Brazil, Cointelegraph reported. The product is scheduled to list on the B3 exchange on Wednesday under the ticker VSOL.

Coinbase has announced the addition of THQ.

Coinbase has announced the listing of MERL perpetual futures.

The supply of euro-pegged stablecoins has increased by 168% this year, rising from 158 million to 425 million, Unfolded reported.

The U.S. Federal Deposit Insurance Corporation (FDIC) has announced its first official regulatory proposal for stablecoins under the GENIUS Act. According to CoinDesk, the proposal focuses on establishing procedures for FDIC-supervised depository institutions, or banks, to create subsidiaries for issuing stablecoins. Acting FDIC Chairman Travis Hill stated that this initial rule on application procedures will be followed in the coming months by more substantive regulations setting capital, liquidity, and risk management requirements for these subsidiaries. CoinNess previously reported that the FDIC was expected to release its draft regulations under the U.S. stablecoin law by the end of this month.

Aave founder Stani Kulechov announced that the U.S. Securities and Exchange Commission (SEC) has officially concluded its four-year investigation into the Aave protocol. He noted that while decentralized finance (DeFi) has faced regulatory pressure in recent years, the conclusion of this probe reduces uncertainty and allows developers to continue building within a clearer regulatory framework.

According to CoinNess market monitoring, BTC has risen above $88,000. BTC is trading at $88,008.83 on the Binance USDT market.

OKX has launched spot margin trading for BTC and ETH in Europe, The Block reported. The service is available for the BTC/USDC and ETH/USDC trading pairs and offers leverage of up to 10x.

Cointelegraph has analyzed the reasons behind the recent decline in Ethereum's price, identifying three key factors. First, a lack of demand in the futures market is evident, with the futures premium falling below 5%, which suggests traders have low expectations for a price increase. Second, long-term holders have been selling, with their holdings decreasing by 847,222 ETH over the past 30 days—the largest drop since January 2021. Finally, network activity has diminished, reflected by a 45% decrease in network fees over the same 30-day period.

BNB Chain has announced that a new stablecoin will be launched soon.

The State Court of Accounts of São Paulo, Brazil, will conduct the country's first public property auction using blockchain technology to increase transparency and reduce disputes, CoinDesk reported. All documents related to the auction will be recorded on the blockchain, making them public, traceable, and tamper-proof.

Cryptocurrency market maker Keyrock stated that prediction markets are serving as leading indicators for key macroeconomic data, offering traders an informational edge. The firm explained that platforms like Kalshi and Polymarket synthesize decentralized information more quickly than official statistics are released. However, Keyrock added that the predictive accuracy of these markets remains a subject of debate.

Kim Seo-jun, CEO of the South Korean blockchain investment firm Hashed, stated that Ethereum has far greater long-term upside potential than Bitcoin. He acknowledged that this is a somewhat controversial opinion and noted it is one of the reasons he created ethval.com. Kim added that while he likes Bitcoin, describing it as a digital gold-like asset, he believes Ethereum is creating a true internet of value through stablecoins, real-world assets (RWA), decentralized finance (DeFi), NFTs, Layer 2 solutions, and its practical utility. He concluded by saying he is optimistic about both BTC and ETH.

Venture capital firm a16z Crypto has called on the U.S. Commodity Futures Trading Commission (CFTC) to clarify regulations for blockchain protocols and applications in order to protect developers. The firm highlighted a current inconsistency between decentralized finance (DeFi) and the Commodity Exchange Act (CEA). To address this, a16z proposed that the CFTC explicitly state that protocols and developers are not required to follow CEA registration requirements, provide no-action letters or interpretive guidance for applications, and create a tailored registration path.

Asset management firm Bitwise has released 10 forecasts for the cryptocurrency market in 2026, predicting the arrival of a bull market. The predictions are as follows: 1. Bitcoin will break its four-year cycle and reach a new all-time high. 2. Bitcoin's volatility will fall below that of Nvidia. 3. ETFs will purchase more than 100% of the newly issued supply of BTC, ETH, and SOL. 4. Crypto-related stocks will outperform technology stocks. 5. Polymarket's open interest will hit a new all-time high. 6. Stablecoins will be cited as a cause of currency instability in emerging markets. 7. Assets under management in on-chain vaults will double. 8. ETH and SOL will reach new all-time highs if the U.S. passes a crypto market structure bill. 9. Half of all Ivy League university endowments will invest in cryptocurrencies, either directly or indirectly. 10. More than 100 crypto-linked ETFs will launch in the U.S.