Welcome to another edition of Crypto NFT Today! The past two weeks have been full of must-know events that will define the future of blockchain, cryptocurrency, and NFTs.
With Bitcoin gaining in the month of November, the FCA sharing a crypto regulatory timeline, and more, there’s lots of essential news you should know about. So, let’s dive in and see what’s happening!
Bitcoin Gaining in November
Bitcoin is on track for one of its strongest months of the year, fueled by a rally following former President Donald Trump’s election victory, which pushed the cryptocurrency to record highs throughout November.
According to Coin Metrics, Bitcoin is set to post a 38% gain for the month, marking its best performance since February, when it surged 45% after the debut of spot Bitcoin ETFs. November’s rally also saw Bitcoin reach its first new yearly record since November 2021.
FCA Shares Crypto Regulatory Timeline
The U.K.’s Financial Conduct Authority (FCA) outlined plans on Tuesday to establish a comprehensive regulatory framework for the cryptocurrency industry by 2026.
The FCA, responsible for overseeing banking and investment products in Britain, released a timeline highlighting key milestones on its crypto regulatory roadmap. In the fourth quarter of this year, the regulator plans to publish discussion papers addressing rules for stablecoin issuance and custody, admission and disclosure processes, and strategies to combat market abuse.
Rumble Plans to Purchase $20 Million Bitcoin
Rumble, a video platform popular among conservatives, announced Monday evening plans to allocate a portion of its excess cash reserves to Bitcoin, with purchases of up to $20 million in the cryptocurrency. The news pushed Rumble’s shares up nearly 4% in extended trading.
“We believe that the world is still in the early stages of Bitcoin adoption,” said Rumble chairman and CEO Chris Pavlovski in a statement. “Unlike government-issued currencies, Bitcoin cannot be diluted through endless money printing, making it a valuable hedge against inflation and an excellent addition to our treasury.”
Wall Street Shows New Ways to Gamble on Bitcoin
Developers are finding innovative ways to utilize Bitcoin’s base blockchain, while Wall Street is integrating the cryptocurrency into its traditional financial systems. This includes exchange-traded fund (ETF) structures, tools for hedging positions, and opportunities for leveraged trading.The introduction of spot Bitcoin ETFs in January marked a significant step, opening the asset to a broader pool of mainstream investors. Recently, options on these spot crypto products debuted on the Nasdaq and New York Stock Exchange, with CBOE Global Markets planning to launch its first cash-settled Bitcoin ETF options on December 2.
