The cryptocurrency market capitalization reached $3.71 trillion as of November 2025, up 0.58% over 24 hours despite a 1.01% weekly decline. Bitcoin trades at $110,163.62 with tightening technical patterns indicating potential volatility ahead. Ethereum sits at $3,878.86 showing conditions that often precede short-squeeze scenarios, while XRP hovers near $2.51 as traders monitor ETF filing progress and stablecoin developments.

The US Tenth Circuit Court of Appeals ruled on October 31, 2025 that the Federal Reserve holds discretionary authority to deny master account applications from crypto-focused financial institutions. The 2–1 decision rejected Custodia Bank's challenge to access Fed payment infrastructure. No crypto-oriented bank has secured a master account to date.

Seychelles-registered crypto platform MEXC experienced a surge in user withdrawals on Friday following social media allegations of financial instability. A trader known as "The White Whale" reported his account holding $3–5 million was suspended without bot usage, triggering community warnings. The exchange's Chief Strategy Officer issued a public apology and confirmed the funds were released, according to her social media statement.

Tether International reported net profit exceeding $10 billion for the first nine months of 2025, with total reserves reaching $181.2 billion against $174.4 billion in liabilities. The stablecoin issuer holds $135 billion in U.S. Treasuries, $12.9 billion in gold, and $9.9 billion in Bitcoin. Independent accounting firm BDO confirmed the accuracy of Tether's financial figures in an attestation report.

Coinbase is in advanced negotiations to acquire BVNK, a London-based stablecoin payment infrastructure provider, in a deal valued at approximately $2 billion. The acquisition would give the U.S. exchange control over merchant payment systems connecting blockchain and traditional finance. Sources familiar with the matter say the transaction could close before the end of 2025, subject to completion of due diligence.

Stablecoin providers account for 60% to 75% of total daily protocol revenue across lending, decentralized exchanges, and blockchain infrastructure. Tether projects $15 billion in revenue for 2025 with a 99% profit margin, according to CEO Paolo Ardoino. Synthetic dollar USDe has risen to become the third-largest stablecoin, while Coinbase offers 3.85% APY on USDC holdings.

Coinbase is in late-stage acquisition talks with London-based stablecoin infrastructure firm BVNK, with the deal valued between $1.5 billion and $2.5 billion, sources familiar with the discussions said. The transaction remains under due diligence and could finalize late this year or early next year. Terms are not yet finalized and the deal could still change or fall apart.

The U.S. Court of Appeals for the Tenth Circuit rejected Custodia Bank's appeal for direct Federal Reserve payment system access on Friday. The three-judge panel upheld the Fed's authority to deny master account applications, ending the Wyoming crypto bank's multi-year legal effort. The ruling affirms the central bank retains broad discretion over which institutions may access its payment infrastructure.