Bitcoin and Ether price update

Bitcoin (BTC) was priced at US$89,102.53, up 1.9 percent in 24 hours.

The cryptocurrency is up after last week’s rout, which saw over US$1.2 billion in spot Bitcoin exchange-traded fund (ETF) outflows, marking the third consecutive week with over US$1 billion in outflows, as per SoSoValue.

Bitcoin price performance, November 24, 2025.

Chart via TradingView.

However, market sentiment remains cautious, with the Fear and Greed Index reading 12 at market close. Increased open interest and large short liquidations suggest potential volatility and possible rebound dynamics.

“In the short term, a rebound is highly likely, but if we fall again and lose the US$80,000 level, the probability of facing a much tougher period becomes significantly higher,” CryptoQuant said in a post on X.

Bitcoin’s relative strength index at 58.52 indicates moderately bullish momentum, but is still comfortably below overbought territory. A -0.005 funding rate shows traders are still somewhat bearish, although short liquidations may start to shift momentum upward. Economic data due later this week could lift markets higher if it reinforces expectations of an interest rate cut from the US Federal Reserve. Market odds for a December rate cut have risen recently, with many sources placing the probability at around 70 to 79 percent.

Meanwhile, ETH (ETH) was US$2,973.36, up by 5.1 percent in 24 hours. Liquidations of US$39.75 million, predominantly in short positions, may have fueled upward price pressure through a short squeeze.

Open interest rose 3.07 percent to US$35.93 billion, suggesting increasing trader engagement and speculative activity in Ether derivatives. A funding rate of zero reflects a balance between bullish and bearish sentiment among traders.

Altcoin price update

• XRP (XRP) was priced at US$2.26, up by 9.2 percent over 24 hours.

• Solana (SOL) was trading at US$138.82, up by 4.7 percent over 24 hours.

Today’s crypto news to know

Cardano chain split, Etherscan API outage highlight DeFi risks

Recent events in the crypto ecosystem have underscored the vulnerabilities and institutional challenges facing DeFi investors. On November 21, Cardano experienced an accidental chain split triggered by a malformed transaction, temporarily dividing the blockchain into two competing chains.

The disruption exposed weaknesses in network resilience and stake pool operations, causing lost block rewards and transaction irregularities in DeFi protocols dependent on Cardano’s network stability.

Then, Etherscan unexpectedly cut off API access to roughly 10 percent of its blockchains and networks. This sudden outage occurred during the DevConnect conference, impairing developers’ ability to manage smart contracts effectively, further revealing how dependent DeFi investors are on the reliability of ancillary infrastructure.

These events came amid growing tensions involving JPMorgan Chase (NYSE:JPM).

The banking giant has drawn ire from the crypto community for reportedly influencing MSCI to exclude digital asset treasury companies holding more than 50 percent of their assets in cryptocurrencies.

JPMorgan’s research warns that the exclusion could trigger forced selloffs potentially totaling up to US$8.8 billion, with Strategy (NASDAQ:MSTR) alone possibly facing US$2.8 billion in outflows.

The final decision will be announced on January 15 ,with changes taking effect in February.

The bank then upgraded ratings on Monday for Bitcoin-mining companies Cipher Mining (NASDAQ:CIFR) and CleanSpark (NASDAQ:CLSK) to overweight from neutral, citing strong momentum in high-performance computing partnerships and long-term cloud and colocation deals that improve revenue visibility.

JPMorgan’s stance highlights the institutional and regulatory tensions complicating the interface between traditional finance and the fast-evolving crypto ecosystem.

Franklin Templeton, Grayscale launch XRP ETFs

The Franklin XRP ETF (ARCA:XRPZ) and the Grayscale XRP Trust ETF (ARCA:GXRP) both launched on Monday, providing new regulated investment options for XRP exposure.

Investor response was prompt, with early trading volumes indicating strong demand and positive sentiment around XRP’s future prospects as reflected in the market’s reception to both ETFs.

Market watchers see this dual launch as a major step toward integrating crypto assets like XRP into traditional finance frameworks, enhancing liquidity and investor confidence.

Ray Youssef, CEO of peer-to-peer crypto app NoOnes, said a wave of altcoin ETF launches could bring a much-needed dose of optimism back into the market if investors interpret new listings as implicit regulatory approval.

“As market sentiment has been so underwhelming in recent times, the ETF season hitting the market at its current condition may be when they can make the most significant contribution to the digital asset economy this year.”

Youssef added that the launch of altcoin ETFs is creating a steady flow of capital into the digital asset market, providing a liquidity buffer. This momentum could lead to an end-of-year rally for altcoins.

Burry debuts newsletter after Scion shutdown

Michael Burry, best known for his prescient bet against the US housing market in 2008, has launched a paid Substack newsletter not long after closing his hedge fund, Scion Asset Management.

In his introductory post, Burry emphasizes that the move does not mark a retirement, but rather a shift toward writing without the regulatory constraints that accompany professional money management.

Priced at US$39 per month, the newsletter has quickly drawn more than 21,000 subscribers.

Early essays revisit his trading history during the dot-com era and outline why he views today’s artificial intelligence boom as a supply-glutted bubble primed for correction.

With Scion now closed, Burry says the newsletter will become his primary outlet for analysis as he continues to track what he views as speculative excess building across technology markets.

Bitcoin and Ether price update

Bitcoin’s (BTC) price climbed from around US$87K to close at US$89,903.49 on Wednesday afternoon, a three percent increase in 24 hours.

Bitcoin price performance, November 26, 2025.

Chart via TradingView.

However, a 1.55 percent increase in open interest during the same four hour window suggests fresh buying interest, while a positive funding rate of 0.002 reflects modestly bullish market sentiment. A relative strength index of 62.56 for Bitcoin indicates that the asset is in moderately bullish territory but not yet overbought.

Despite optimism of a possible temporary reset, investors warn that a decisive break below US$80,000 could expose Bitcoin to a slide toward the US$69,000 to US$62,000 support range.

As analyst Ted Pillows wrote on X, “$BTC is facing a lot of resistance around the $88,000–$90,000 zone. If BTC doesn’t break above this level soon, expect a sweep of the lows again.”

“Notably, what makes this episode different from past crypto winters is the investor base. BTC is now held by ordinary investors in their mainstream portfolios. So many are treating it like any other high-beta risk asset,’ she said.

“This behavior means that current price action is more of a classic de-risking phase. Rate-cut expectations change quickly, so investors opt for assets they perceive as core ballast. Given that, the picture suggests a complementary reading rather than a simple “either/or.” Gold acts as the insurance that central banks are still actively adding. In turn, Bitcoin is the high-risk component that investors reduce first when volatility rises,’ added Chen.

Meanwhile, Ether (ETH) closed at US$3,025.84, a 3.1 percent increase in 24 hours. ETH also showed strong bullish momentum, with a 2.7 percent rise in open interest and liquidations predominantly on the short side, signaling a short squeeze; however, a positive funding rate of 0.008 underscores traders’ optimism.

Altcoin price update

• XRP (XRP) was priced at US$2.22, up by one percent over 24 hours.

• Solana (SOL) was trading at US$142.99, up by 3.9 percent over 24 hours.

Today’s crypto news to know

Strategy insists balance sheet holds firm

Strategy (NASDAQ:MSTR) reiterated that its balance sheet can withstand a deep Bitcoin drawdown, telling investors in a recent X post that its collateral coverage would remain at 2.0x even if Bitcoin dropped to US$25,000.

The company disclosed updated calculations showing that its convertible debt remains overcollateralized despite the stock’s 49 percent slide and the risk of an MSCI index removal next year.

With 649,870 BTC — worth roughly US$57 billion — the firm remains the largest corporate holder of Bitcoin globally. Strategy maintains that this overcollateralization gives it room to manage volatility and refinance maturities that run through 2032. Despite the reassurances, the company continues to face pressure from index committees and investors reevaluating the long-term role of a Bitcoin-heavy corporate treasury.

Recently, S&P Dow Jones Indices left Strategy off its latest round of S&P 500 additions, choosing to elevate SanDisk instead despite Strategy’s market capitalization placing it within the top tier of US public companies.

Strategy’s bid for inclusion has been complicated by its reliance on Bitcoin holdings, which some index members argue behaves more like an investment vehicle than a traditional operating company.

For its part, Strategy insists that its software business, alongside its Bitcoin strategy, qualifies it as an operating firm under the index rules. Chairman Michael Saylor pushed back against the characterization, stressing on X that Strategy is “not a fund, not a trust, and not a holding company.”

Japan approves major regulatory shift for crypto under FIEA

Japan’s Financial Services Agency has finalized plans to move digital assets under the Financial Instruments and Exchange Act, marking the country’s most sweeping crypto regulatory overhaul in years.

The shift reclassifies crypto assets as investment products and subjects issuers and exchanges to disclosure and conduct standards similar to those governing securities.

The changes affect over 13 million Japanese crypto accounts that collectively hold more than ¥5 trillion, prompting concerns from local exchanges about higher compliance burdens.

The FSA’s working group outlined new obligations, including clearer disclosure of token supply, governance structures, project risk assessments, and issuer responsibilities.

In addition, exchanges will also be required to maintain reserve funds to cover potential hacking incidents. Regulators plan to crack down on unregistered offshore platforms that continue marketing to Japanese users without approval.

The legislative package is expected to be submitted during the 2026 Diet session.

Bolivia to integrate crypto and stablecoins into financial system

In a historic move, the government of Bolivia is preparing to integrate cryptocurrencies and stablecoins, according to an announcement from the country’s economic minister, Jose Gabriel Espinoza.

“You can’t control crypto globally, so you have to recognize it and use it to your advantage,” Espinoza reportedly said, according to Reuters. With stablecoins like USDT already being used for cross-border payments and as a hedge against the local currency’s depreciation, banks will soon be allowed to custody crypto, as well as offer crypto-based savings accounts, credit cards, and loans.

Spain moves to hike taxes on Bitcoin, Ether

A Spanish parliamentary bloc has introduced new tax amendments that would significantly increase the burden on Bitcoin, Ether, and other non-financial-instrument crypto assets.

The proposal would shift gains from crypto into the general personal income tax base, which carries rates of up to 47 percent — far above the current 30 percent maximum applied to savings-based income.

Lawmakers also want corporate crypto gains taxed at 30 percent and are pushing for a nationwide “traffic light” risk label that would appear on trading platforms.

Tax specialists argue the reforms would be difficult to implement, with some calling the package legally unworkable and likely to generate administrative chaos. Investors are likewise already expressing concern after a recent case in which a trader was taxed 9 million euros on a transaction that produced no profit, highlighting flaws in current enforcement.

If enacted, analysts further warn that the new measures could accelerate capital flight from Spain’s retail crypto market.

Grayscale files to offer Zcash ETF

Grayscale submitted a Form S-3 registration statement to the US Securities and Exchange Commission on Wednesday, signaling the firm’s intention to convert its fund tied to Zcash into a spot exchange-traded fund.

What is Donald Trump’s stance on a BRICS currency?

Trump has not been shy about upping the ante on American protectionism with tariffs. During the first US presidential debate between him and Vice President Kamala Harris on September 10, 2024, Trump doubled down on his pledge to punish BRICS nations with strict tariffs if they seek to move away from the US dollar as the global currency.

He originally took a particularly strong stance against China, threatening to implement 60 percent to 100 percent tariffs on Chinese imports, although these hefty tariffs would be paid by American companies and consumers purchasing Chinese products, not by China itself.

In early December 2024, Trump posted an even more direct threat to BRICS nations on Truth Social:

“We require a commitment from these countries that they will neither create a new Brics currency nor back any other currency to replace the mighty US dollar or they will face 100% tariffs and should expect to say goodbye to selling into the wonderful US economy.’

In response to Trump demanding a ‘commitment’ from BRICS nations not to challenge the supremacy of the US dollar, Kremlin spokesperson Dmitry Peskov sounded less than threatened.

‘More and more countries are switching to the use of national currencies in their trade and foreign economic activities,’ Peskov said, per Reuters. ‘If the U.S. uses force, as they say economic force, to compel countries to use the dollar it will further strengthen the trend of switching to national currencies (in international trade).’

In July 2025, President Trump took it a step further by threatening to slap an extra 10 percent in tariffs on countries who side with BRICS policies, although this has not been implemented as of November 2025. ‘Any country aligning themselves with the Anti-American policies of BRICS, will be charged an ADDITIONAL 10% tariff. There will be no exceptions to this policy,’ he wrote in a social media post.

This additional BRICS targeted tariff has not yet been implemented as of November 2025.

How will Trump’s tariffs affect BRICS nations?

If US President Donald Trump were to come through on his promise to enact 100 percent tariffs on BRICS nations the outcome could prove costly for all parties involved.

“The action would result in slower growth and higher inflation than otherwise in the US and most of the targeted economies,” according to analysis by the Peterson Institute for International Economics.

China would likely experience the worst slowing of its GDP growth as the US is its largest trading partner. One silver lining for China is that its disciplined central bank will help to save it from accelerated inflation.

While neither the 100 percent or 10 percent tariffs specifically targeting BRICS countries for their membership have been implemented, the countries still face many other tariffs from the US.

Trump’s blanket 50 percent tariffs on steel and aluminum imports, set on June 3, 2025, impact Brazil, China and the UAE. Brazil is a top three source for US steel imports, while China and the UAE are significant sources of US aluminum imports.

In late July, Brazil was also saddled with a 50 percent tariff on a broader range of goods, which US President Donald Trump inflicted on the nation in response to the trial of former President Jair Bolsonaro for his alleged coup attempt.

Trump’s tariffs could have a significant impact on Brazil’s economy, which is the largest in Latin America. However, most of the key trading sectors between the two nations are exempt from the tariff, including “civil aircraft, pig iron, precious metals, wood pulp, energy and fertilizers,” states Reuters.

India is another BRICS nation facing 50 percent tariffs. The sectors targeted span from textiles, garments and footwear to food, leather goods, gems and automobiles. Key industries such as pharmaceuticals and computer chips.

One of the major sticking points for the Trump administration is India continuing to purchase Russian oil. India and China are the two largest buyers of Russian oil, but the US has yet to punish China for purchasing oil from Russia.

Although China is the US’s biggest economic rival on the global stage, Trump hit the pause button on the escalating tariff war between the two nations until November 10, 2026.

In the meantime, the US’s 30 percent tariff on Chinese goods remains in place. Negotiations are underway, including on a proposed 245 percent tariff on Chinese electric vehicle imports.

In July, the Trump Administration imposed 30 percent tariffs on South Africa, the US’s second biggest trading partner. The African nation’s agriculture, mining and manufacturing sector are at significant risk from the tariffs, but there are exceptions in place for “copper, pharmaceuticals, semiconductors, some critical minerals, stainless steel scrap and energy products,” reports the BBC.

How are BRICS nations responding to US tariffs?

Brazilian President Luiz Inacio Lula da Silva convened an online BRICS summit on September 8, 2025, to address the threat of US trade policies and tariffs to member nations.

“Tariff blackmail is being normalized as an instrument to seize markets and interfere in domestic affairs,” stated Lula, according to a prepared statement from the Brazilian government.

“Our countries have become victims of unjustified and illegal trade practices.”

Both Lula and Jinping called upon their BRICS peers to stand together and push back against unfair trade practices, and strengthen trade and cooperation between member nations.

However, the South China Morning Post reports that summit attendees fell short of directly criticizing US President Donald Trump in a bid not to further stoke his ire. That may also be why most BRICS members are trying to negotiate with the US rather than fight back with retaliatory tariffs.

Critics have suggested Trump’s tariffs are having the undesirable effect of driving major trading partners like Brazil, India and South Africa further into the arms of US rivals China and Russia.

While currently only 9 percent of China’s exports are to other BRICS members, according to Reuters, trade between China and Russia reached a record US$244.8 billion in 2024.

In addition, China is Brazil’s largest trading partner, importing 70 percent of its soybeans from the Latin American country. In fact, 28 percent of Brazil’s total exports go to China and 24 percent of its imports are from China.

BRICS trade relations may strengthen as the bloc seeks to mitigate the economic impact of US tariffs.

Will the BRICS have a digital currency?

BRICS nations do not as of yet have their own specific digital currency, but a BRICS blockchain-based payment system is in the works, according to Kremlin aide Yury Ushakov in March 2024.

Known as the BRICS Bridge multi-sided payment platform, it would connect member states’ financial systems using payment gateways for settlements in central bank digital currencies. The planned system would serve as an alternative to the current international cross-border payment platform, the SWIFT system, which is dominated by US dollars.

“We believe that creating an independent BRICS payment system is an important goal for the future, which would be based on state-of-the-art tools such as digital technologies and blockchain,’ Ushakov said in an interview with Russian news agency TASS, emphasizing that it should be convenient, as well as cost effective and free of politics.

While development is underway, it has been a slow go and implementation isn’t likely before the end of the decade.

Another dollar-alternative digital currency cross-border payment system in the works is Project mBridge, which is under development via a collaboration between the Hong Kong Monetary Authority, the Bank of Thailand, the Digital Currency Institute of the People’s Bank of China and the Central Bank of the UAE. Saudi Arabia joined the project in 2024.

The central bank digital currencies traded on the platform would be backed by gold and local currencies minted in member nations.

In June 2024, Forbes reported that the mBridge platform had reached a significant milestone by completing its minimal viable product stage (MVP).

‘The MVP platform can undertake real-value transactions (subject to jurisdictional preparedness) and is compatible with the Ethereum Virtual Machine (EVM), a decentralized virtual environment that executes code consistently and securely across all Ethereum nodes,’ the publication stated. ‘MVP thus is suitable as a testbed for new use cases and interoperability with other platforms.’

How does the BRICS Unit relate to Project mBridge?

Watch the full interview with Andy Schectman.

‘(New Development Bank President Dilma Rousseff) came out and publicly said that there has been an agreement in principle to use a new settlement currency called the Unit, which will be backed 40 percent by gold and 60 percent by the local currencies in the BRICS union — the BRICS+ countries. That gold will be in the form of kilo bars and will be deliverable or redeemable for those entities,’ Schectman said.

‘The basket of gold and the basket of currencies will be minted in the member countries … it will be put into an escrow account, taken off the ledger so to speak — off of their balance sheet and put onto the mBridge ledger, and held in an escrow account in their own borders. It doesn’t need to be sent to a central authority.’

Investor takeaway

While it is not certain whether the creation of a BRICS reserve currency will come to pass, its emergence would pose significant implications for the global economy and potentially challenge the US dollar’s dominance as the primary reserve currency. This development would present unique investment opportunities, while introducing risks to existing investments as the shifting landscape alters monetary policy and exacerbates geopolitical tensions.

For those reasons, investors should closely monitor the progress of a possible BRICS currency. And, if the bloc does eventually create one, it will be important watch the currency’s impact on BRICS member economies and the broader global market. Staying vigilant will help investors to capitalize on growth prospects and hedge against potential risks.

FAQs for a new BRICS currency

The long road from mine to magnet

Corbett is the first to admit that the broader conversation around rare earths often oversimplifies the challenge. Headlines usually focus on mining or magnets, but the real bottlenecks, he stressed, live in the middle.

“You don’t magically take NdPr oxide and turn it into a magnet in a magnet factory,” he said. The process includes converting oxide to metal, metal to alloy flake, flake to powder, then pressing, sintering, slicing and grinding. Each step requires specific infrastructure, technical expertise and — perhaps most critically — experience.

Corbett sees this gap clearly in the wake of announcements from companies claiming to have plans for large-scale magnet facilities. “We see all these announcements — ‘We’re going to do a 10,000 ton magnet plant.’ They’ve never made metal before,” he said. “Good luck. It takes time. It takes investment. It takes R&D.”

When MP listed publicly five years ago, it was still producing only rare earths concentrate. The company told investors it would revisit magnet-making discussions around 2025.

Geopolitical urgency pushed MP to accelerate that timeline, leading to the company’s fully integrated US facility in Fort Worth, where metal, alloy and finished magnets are now all made domestically.

“It is critical that we master all of them at scale,” Corbett said. Without that know-how, any new facility will be vulnerable to single-point failures, the same dynamic that has left the industry heavily reliant on China.

Where the real rare earths bottleneck lies

When asked what truly slows down western rare earths supply chain development, Corbett didn’t point to mining. Instead, he pointed to refining, a stage China has dominated for decades.

“China doesn’t have 99 percent of the upstream reserves,” he noted. “They have the refining capacity and capability.”

That distinction is shaping MP’s next major step: a new world-scale refining facility in Saudi Arabia, built in partnership with Maaden and backed by the US Department of Defense (DoD).

The project is designed to process feedstocks from around the world, including materials that are too small, too short-lived or too geographically constrained to justify their own refineries.

Crucially, the new plant is being built with capital from the US government, not MP. “We didn’t want to be putting more capital at risk overseas while we’re fulfilling promises in the US,” Corbett said.

He added that the government wanted the facility built, and MP brought the technical and operational capability; the equity investment from the DoD bridged the gap.

The structure is unusual. According to Corbett, this is the first time since World War II that the DoD has taken an equity stake in a private enterprise. But he argued that the situation demands it.

“From a supply chain and national security perspective, we are that far behind.”

A price floor that reshapes incentives

The DoD’s involvement isn’t limited to the Saudi facility.

This past summer, the department also struck a landmark agreement with MP, establishing a price floor for NdPr oxide, the high-value rare earths ingredient inside permanent magnets.

The deal is “absolutely transformational,” Corbett said.

Rare earths prices have historically been highly vulnerable to sudden moves from China, a fact that has long posed an existential risk to western refiners. “What good is it to invest billions of dollars if the second you turn your refinery on, prices go from US$170 to US$45?” questioned Corbett.

The agreement is structured to avoid distorting the downstream market. MP still sells oxide at market prices; the government covers the difference only when prices fall below the negotiated threshold.

“It doesn’t impact the pricing of our magnets at all,” Corbett explained. “That was really important to us.”

If prices soar — something Corbett says he would welcome — MP would pay the government.

“I hope five years from now I’m being accosted by investors for taking this deal, because prices are so high we’re cutting checks back to the government,” he said.

Apple, recycling and the next phase

Also over the summer, MP announced another milestone — a major partnership with Apple (NASDAQ:AAPL) to source 100 percent recycled rare earth materials for the tech giant’s devices.

Recycling is often framed as a threat to miners. Corbett argues the opposite.

“It’s still a game of scale and expertise in refining,” he said. “It’s just a different feedstock.”

In many ways, recycled magnets are easier to process than raw ore. The challenge is achieving sufficient volume and consistency, something MP believes Mountain Pass is uniquely positioned to enable.

“Integration matters,” Corbett said. By blending recycled materials with the mine’s large, steady feedstock, MP can smooth out the variability inherent in end-of-life magnets.

A new playbook for national resources?

Taken together, MP’s 2025 announcements point toward a broader shift in how western governments approach critical minerals supply chains moving forward. Heavy government involvement through frameworks like equity stakes, price floors and international partnerships may represent a new template.

“This administration is approaching it with the mentality that it’s going to take real dollars to make this happen,” Corbett said. And if its investments pay off, he argued, they could help rebuild an industrial base the US hasn’t had in decades as MP positions itself to offer the full value chain, from mining and refining to producing finished magnets.

“Once the flywheel gets going,” Corbett said, “You’re onto something.”