November Crypto News 2024

Key Events in the Crypto and Financial Markets – November 2024

November 2024 will forever go down in crypto history as one of the most exciting months, with dozens of records set that the finance and crypto industry will remember for a long time. Today, we’ll go through all the major events of November 2024, from record-breaking transactions to major political announcements and technological advancements. There’s no doubt that this month showed how dynamic markets and digital assets can be. Let’s dive into the key events that shaped the cryptocurrency landscape and beyond.

Binance’s BNB Burn

November started with Binance conducting its 29th quarterly BNB burn, destroying 1.77 million coins worth $1 billion. This burn is a very good illustration of the desire to reduce supply so that it supports the value of BNB. The large burn is not only indicative of Binance's leading role in cryptocurrency exchange but also speaks much about the financial scale of the digital currency ecosystem that is growing.

Bitcoin ETFs Gain Momentum

U.S. spot Bitcoin - ETFs saw inflows of $2.2 billion on Nov. 3, the third-largest on record. This shows that bitcoin has become a mainstream financial instrument, with the market offering investors a variety of regulated avenues through which to access cryptocurrency. This serves to illustrate growing legitimacy for bitcoin within traditional finance.

Massive Dogecoin Transaction

On Nov. 5, a full 999,999,999,999 DOGE worth $170 million was transferred from Binance to an unknown wallet. It is one of the largest Dogecoin transactions in recent memory, and this has led to speculation about potential institutional interest or private whale activity.

U.S. Elections and Market Reactions

The U.S. election on Nov. 6 resulted in a victory for Donald Trump; the aftermath was immediately visible in the markets. Indeed, the very next day, the US stock market gained $1.28 trillion in one day. This was indicative of investors' optimism in Trump's fiscal policies.

This has caused surprise in the world of cryptocurrency, where news surfaced that Trump had appointed Ilon Musk to head up the Department of Government Efficiency (DOGE) on Nov. 13. The department will work to optimize government spending, and Musk's involvement only adds intrigue, particularly given the shared acronym with Dogecoin.

Tether’s USDT Printing

On November 8, Tether issued 1 billion USDT, further cementing its position as the most dominant stablecoin in the market. The move is viewed as a response to increased demand for the cryptocurrency stablecoin as the markets become increasingly active.

MicroStrategy’s Bitcoin Philosophy

On Nov. 10, MicroStrategy stunned many when it purchased 27,200 BTC for $2 billion at an average price of $74,463 per bitcoin. The move reassured the company's all-time high price-tag commitment to bitcoin as a strategic reserve asset.

Resurrected Wallets

In November, two old wallets were awakened and shook the community. On Nov. 10, the Dogecoin wallet containing 480,316 DOGE ($131,000) was awakened after 10 years. A Bitcoin wallet containing 426 BTC ($36.6 million USD) came to life after 13 years on Nov. 12. These events show the long-term potential of cryptocurrencies and raise curiosity about the motives behind these sudden movements.

Crypto Regulation Updates

News broke on Nov. 14 that the British government wants to regulate the crypto industry, a sign that the path to increased oversight is at least in the works. On Nov. 15, Gary Gensler hinted he could be on his way out from the SEC, delivering Trump's campaign promise of changes in cryptocurrency regulation. These might be precursors to a more friendly regulatory environment for cryptocurrencies.

Extreme Greed on Crypto Market

On November 17, the Fear and Greed Index of the crypto market equaled 90, which corresponds to extreme greed. This has been the highest peak for the last 8 months and reflects the rising eagerness and readiness of investors to invest in the cryptocurrency market.

Altcoins and Ethereum

The same greedy energy spilled into the altcoin market, where weekly trading volumes for the first time since 2021 cleared 300 billion dollars on November 18. Ethereum wasn't as lucky, however, with its price ratio to bitcoin slipping to 0.032 on Nov. 21, a low not seen since March 2021.

Strategic Bitcoin Reserves

On Nov. 19, Binance founder Changpeng Zhao foresees an international race to scoop up bitcoins as a way to create strategic reserves. His statement brought into focus the increasing relevance of bitcoin as a strategic asset for institutions and governments alike.

Technological Innovations

The TON Foundation introduced TON Teleport BTC, a mechanism that connects the liquidity of Bitcoin with the TON ecosystem, on November 26. This will really drive further development of blockchain interoperability in connecting ecosystems to drive wider adoption.

Institutional Adoption

On Nov. 27, the mayor of Vancouver pitched the idea of adopting Bitcoin as a backup asset for the city. Meanwhile, the TVL of the Base ecosystem gained 30.5% in 30 days to reach $4.51 billion - a reflection of increased activity in the DeFi ecosystem.

What to expect in December?

November definitely was an exciting month for the field, and it looks like it’ll only pick up the pace in December. We are excited to see what’s coming - come back for the end-month review of the must-know events.

As usual, our team goes through these historical events with you and remains your trusted partner for fast, secure and private crypto transactions. Exolix crypto exchange will continue to work to ensure a smooth, private and efficient exchange of digital assets.