The global crypto market saw mild declines during the Asian and early U.S. trading hours on Wednesday, with major cryptocurrencies trading lower amid cautious investor sentiment. The overall crypto market capitalization stood at $3.5 trillion, down nearly 2.8% over the past 24 hours, while the Fear and Greed Index dropped to 24 (Extreme Fear), signaling risk-averse sentiment among traders.
Crypto Price Today
Bitcoin (BTC), the world’s oldest and largest cryptocurrency, slipped below the $104,000 mark, continuing its consolidation phase after last week’s volatile sessions. Ethereum (ETH) followed the downtrend, hovering around $3,500 with a minor intraday decline.
XRP traded near $2.38, down 3% in the last 24 hours, as market activity thinned ahead of the much-anticipated Canary XRP ETF launch. Solana (SOL) held around $160, while Cardano (ADA) was steady near $0.57.
In the broader market, Canton (CC) emerged as the top gainer, jumping nearly 14%, while Starknet (STRK) was the biggest loser, dropping more than 14% during the same period.
Crypto Regulation News
Regulatory discussions dominated the early part of the trading day. Kraken co-CEO Arjun Sethi sharply criticized the UK’s strict crypto framework, arguing that it restricts users from accessing nearly 75% of crypto products, including DeFi staking and lending. Sethi further said Kraken has no plans to offer tokenized shares of private companies, calling Robinhood’s tokenized OpenAI shares “a terrible idea.”
In the U.S., the House Rules Committee’s decision to advance a funding bill to end the government shutdown could accelerate pending crypto legislation and ETF approvals that were delayed during the closure.
Meanwhile, the Bank of England’s Deputy Governor warned about risks tied to unregulated stablecoins, urging policymakers to prioritize transparency and liquidity oversight in the stablecoin sector.
ETF and Institutional Developments
Institutional activity continued to expand across major markets. The Bitwise Chainlink ETF (CLNK) has been officially added to the Depository Trust and Clearing Corporation (DTCC) eligibility list, signaling that the fund is moving closer to launch. While this listing doesn’t imply SEC approval, it marks an important step in the clearing and settlement process.
Additionally, JPMorgan launched its deposit token “JPM Coin”, designed for institutional clients. The token represents U.S. dollar deposits held at the bank and enables real-time 24/7 transfers via Base, Coinbase’s associated public blockchain. Early participants in the pilot program include Mastercard, Coinbase, and B2C2, with Coinbase expected to accept JPM Coin as collateral.
Technology and Blockchain Developments
Bybit’s Lazarus Security Lab released a report showing that 16 blockchain networks have built-in fund-freezing capabilities, while another 19 could enable such mechanisms through protocol modifications. These mechanisms range from hardcoded logic (BNB Chain, VeChain) to configuration controls (Sui, Aptos) and on-chain contract execution (HECO).
Separately, the UAE Ministry of Finance executed the country’s first-ever government transaction using the Digital Dirham, issued by the Central Bank of the UAE. The move marks a major step in advancing the national digital currency and integrating digital payment systems into both government and private sector operations.
Coinbase officially launched Coinbase Business in Singapore, offering crypto trading and payment services for startups and SMEs. Partnering with Standard Chartered, the platform enables real-time SGD transfers and instant settlement using stablecoins like USDC and XSGD. This marks Coinbase’s first international business expansion outside the U.S.
Meanwhile, Circle reported a strong Q3 2025 performance, with USDC circulation reaching $73.7 billion, up 108% year-over-year. The company recorded $740 million in revenue and $214 million in net income, and announced the launch of the Arc testnet, hinting at a possible native Arc network token.
Top Crypto News Headlines (Past 12 Hours)
- Coinbase launches Coinbase Business in Singapore with Standard Chartered partnership
- JPMorgan debuts JPM Coin for institutional clients on Base blockchain
- Bitwise Chainlink ETF (CLNK) added to DTCC eligibility list
- Kraken co-CEO Arjun Sethi slams UK crypto regulations
- UAE Goes Live with Digital Dirham Pilot!
- Bybit report reveals 35 blockchain networks with potential fund-freeze functions
- Circle posts strong Q3 earnings, explores Arc network token
- Ripple hosts UK official Lucy Rigby in Singapore amid growing policy dialogue
- Ripple Issues Fresh Scam Warning
- Visa pilots stablecoin payouts in USDC
- Whale from the Satoshi era buys 385,000 ETH worth $1.3 billion, sparking an ETH rally.
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