The crypto market falls 3.1% to $3.55T as Bitcoin and Ethereum decline, the XRP ETF nears launch, and the EV2 Token Presale gains momentum.
Bitcoin and Ethereum retreat as the XRP ETF nears launch and the EV2 gaming token presale gains significant traction.
The cryptocurrency market experienced a mild correction on November 12, with its total capitalization falling to $3.55 trillion, a 1.5% decline in 24 hours. Bitcoin and Ethereum both posted losses as traders reacted to market-wide sell-offs and new regulatory developments.
Market Overview and Leading Performers
As of today, November 12, 2025, Bitcoin was trading at $103,150, down 3.89% in the last 24 hours, with a market capitalization of approximately $2 trillion. Ethereum lowered 5.44% to $3,442 after a trading volume of $38.8 billion. Despite the short-term declines in the prices and market capitalizations of leading cryptocurrencies, the total daily trading volume across all assets was $176 billion, providing evidence of the market’s continued liquidity.
The cryptocurrency market currently tracks more than 19,400 digital assets. Bitcoin, the oldest cryptocurrency, has a market dominance of 57.9%, followed by Ethereum with 11.7%. Prediction markets and the XRP Ledger ecosystem performed well relative to the downtrend in asset prices for most altcoins.
Stablecoin and DeFi Market Movements
Stablecoins maintained a total market cap of $312 billion, increasing by 0.3%. The trading volume of the funds listed below was $122 billion, reflecting their ongoing role as liquidity anchors in uncertain environments.
The DeFi market, however, shrank more. The market capitalization of DeFi fell to $129 billion, representing a 4.1% decline over the past 24 hours. The total trading volume in DeFi reached $11 billion, retaining a 3.6% market share. This drop coincides with the recent collapse of decentralized exchanges after a surge in earlier activity earlier this month.
Regulatory and Institutional Developments
Several notable announcements influenced the day’s atmosphere. In Brazil, the central bank imposed new licensing criteria for cryptocurrency businesses. Among the rules was a minimum capital base of $7 million and adherence to preexisting capital controls. The decision was intended to enhance oversight while promoting long-term regulatory clarity through configuration.
Marathon Digital’s CEO, Fred Thiel, reassured investors regarding the margin reductions resulting from the tightening of the Bitcoin mining market. He said that miners are facing reduced returns due to higher energy costs and new competition. He warned that only miners with commensurate favorable leverage or those that utilize AI may be exacerbated by increased efficiency and reap rewards even after the next Bitcoin halving in 2028.
In another institutional motion, Bitwise’s Chainlink ETF, to be traded under the ticker symbol CLNK, was added to the list of DTCC-eligible securities. While listing the ETF with DTCC means it will eventually trade, it cannot be argued that they did not give full regulatory approval. The market interpreted the addition as an early indication that greater institutional interest in blockchain-based products and assets will persist.
Coinbase confirmed that it would terminate the proposed agreement to acquire BVNK, a stablecoin company based in the UK, for a consideration of $2 million. Both parties stated that they mutually agreed to terminate discussions and initiate due diligence, without further reference. This action was prefaced by Coinbase’s broader context of refocusing on existing global markets and compliance efforts.
ETF Developments and Corporate Expansions
The market is closely watching the pending approval of an XRP Spot ETF. Canary Capital recently submitted its last registration, a Form 8-A filing to Nasdaq, before launching an XRP ETF. This would be the second XRP ETF under the REX-Osprey umbrella, and shows continued diversification in digital asset-backed financial products.
Tether was also in the news this week, having boosted its gold-backed reserves to $12 billion, and had formerly employed HSBC gold traders Vincent Domien and Mathew O’Neill to lead the expanding bullion division. The move aligns with Tether’s plans to diversify its reserves into other investments, beyond cash and cash equivalents, and U.S. Treasuries.
Lightner, a Layer 2 decentralized exchange on Ethereum, raised $68 million from Founders Fund and Ribbit Capital, which valued the company at $1.5 billion. The decentralized exchange intends to expand liquidity infrastructure and introduce spot trading to compete in the rapidly evolving DeFi space.
Lastly, reports indicate that Canaan, TON, and Bitdeer are all actively advancing in the mining sector. Canaan completed its largest order in three years, TON is implementing AI across all of its mining nodes, and Bitdeer tripled its capacity due to regional regulatory convergence. Each report is a signal of a continued commitment to investing in blockchain infrastructure in the backdrop of relatively stable markets and corrections in pricing activity.
EV2 Token Presale and Gaming Integration
Funtico’s $EV2 Token Presale gained interest as part of the company’s expansion into Web3 gaming. The EV2 Token, created on the Avalanche blockchain, will serve as the in-game currency for the forthcoming EV2 title, allowing players to earn tokens, purchase in-game items, and trade NFTs in a marketplace.
The presale offers tokens at $0.01, with approximately 1.15 billion available, and around 40% of the total supply will be allocated to investors. The game’s roadmap indicates that full NFT integration, tournaments, and a gaming rewards platform are scheduled for November 2025, along with the launch of a multi-platform ecosystem.
According to the project’s whitepaper, the token targets accessibility & fairness. Ownership of digital assets will belong to players, and players will have the ability to monetize their achievements through blockchain ledger verification. The company aims to create a secure and scalable space that integrates gaming and decentralized finance, leveraging Avalanche’s high throughput and low transaction costs.
Final Update
The update dated November 12 reflects a delicate balance between regulatory tightening, institutional adoption, and innovative breakthrough projects in the blockchain space, despite ongoing volatility. The space for digital assets continues to evolve following recent developments, which include progress towards an XRP ETF, the launch of Tether’s bullion strategy, and the EV2 gaming initiative.
$EV2 Presale