Bitcoin falls below $81,000, Ukraine delays cryptocurrency legalization, and Ethereum faces new threats
Date: 2025-11-24 Author: Oliver Abernathy Categories: CRYPTO PAYMENTS
The cryptocurrency market continued to decline this week. Bitcoin opened at $96,000, but by November 19th it had fallen below $89,000, and two days later it had fallen below $81,000. At the time of publication, the asset is trading around $86,400. The Fear and Greed Index has fallen to 10 points, one of its lowest levels in nine months. Tom Lee of Fundstrat Capital attributes the decline to financial difficulties among major market makers.
Large investors remain active. Harvard University tripled its investment in BlackRock's iShares Bitcoin Trust, now owning 6.8 million shares worth $442.8 million. Meanwhile, the fund is experiencing record capital outflows, with a net outflow of $523.15 million on November 18 alone. El Salvador made a major purchase of 1,098 BTC for $100 million, increasing its holdings to 7,474 BTC, valued at $683 million. Santiment recorded increased whale activity: over 102,900 transactions over $100,000 and 29,000 transactions over $1 million in a week.
New Hampshire issued $100 million in Bitcoin-backed bonds, opening up new opportunities for digital asset-backed lending through BitGo. CryptoQuant analysts note a capitulation phase among short-term BTC holders: the STH-SOPR index is below 1, and transfers to centralized exchanges exceed 65,000 BTC, which may precede a recovery phase. CryptoQuant CEO Ki Young Ju believes the bullish cycle ended at $100,000, and the price may correct to a realized value of $56,000. Renowned investor Robert Kiyosaki sold $2.25 million worth of Bitcoin at $90,000 per coin.
Ethereum also declined, from $3,200 to $2,800. Vitalik Buterin unveiled the Kohaku framework, aimed at standardizing privacy in Ethereum applications. He noted two key threats to the network: the growing influence of institutional players and the potential marginalization of developers. Analysts consider the $2,800 level a key support zone capable of stimulating a short-term rebound. Furthermore, the launch of BlackRock's Ethereum ETF with staking capabilities creates competition for corporate crypto asset custody strategies.
In Ukraine, the legalization of cryptocurrencies has been postponed until early 2026, according to Danylo Hetmantsev, chairman of the Verkhovna Rada committee. The Ministry of Digital Transformation, together with NVIDIA, is developing AI infrastructure for government agencies and defense. Google unveiled Gemini 3 Pro, a multimodal AI model capable of processing text, audio, video, and 3D animation.
Kraken raised $800 million to expand the integration of traditional finance into blockchain and filed for an IPO. Kalshi raised $1 billion in funding at a valuation of $11 billion. Among other developments, Fidelity launched the Solana spot ETF, Kazakhstan simplified cryptocurrency trading, and Brazil plans to tax international crypto asset transfers.
