News & Research

Sony Bank, the internet-only banking arm of Japan's Sony Group, has reaffirmed its plan to issue a U.S. dollar-pegged stablecoin in the United States early next year, Nikkei Asia reports. The stablecoin is intended for payments within the Sony ecosystem, including for games and animation. The company had previously announced in October its intention to establish a subsidiary for its stablecoin business when it applied for a U.S. banking license. However, the plan has faced opposition from the Independent Community Bankers of America (ICBA), which has moved to block the initiative, accusing Sony Bank of exploiting regulatory loopholes.

The Ethereum-based DeFi protocol Yearn.finance (YFI) has suffered an exploit, resulting in the loss of millions of dollars worth of liquid staking tokens (LSTs), The Block reported. The attack exploited a vulnerability that allowed for the infinite minting of the yETH index token, which subsequently drained the protocol's LST pools. Following the incident, the attacker transferred 1,000 ETH to Tornado Cash.

We provide real-time cryptocurrency updates around the clock from 10:00 p.m. UTC on Sunday through 3:00 p.m. UTC on Saturday. Outside these hours, coverage is limited to critical market-moving developments.

According to data from Coinglass, $1.62 billion in short positions on major centralized exchanges will be liquidated if BTC breaks above $95,264. Conversely, a drop below $86,708 would liquidate $1.17 billion in long positions.

U.S. spot Bitcoin ETFs recorded a net inflow of $71.31 million on Nov. 28, marking the third consecutive day of positive flows, according to data from Trader T. Among the funds, Fidelity's FBTC saw inflows of $77.45 million, Ark Invest's ARKB attracted $88.04 million, Grayscale's GBTC added $10.71 million, and the Grayscale Mini BTC brought in $8.88 million. In contrast, BlackRock's IBIT was the sole fund to experience a net outflow, with $113.77 million withdrawn.

BitMEX co-founder Arthur Hayes predicted in a blog post that the perpetual futures model, widely used in the crypto market, is likely to replace the existing systems of traditional stock exchanges. He argued that perpetual futures are superior to the legacy structures of conventional financial markets, noting that they offer no expiration dates, high leverage, and deep liquidity while limiting investor losses to their initial margin. Hayes pointed to the adoption of this model by traditional exchanges, including the CBOE and the Singapore Exchange (SGX), which are planning to launch perpetual futures products by the end of this year. He added that the Trump administration's shifting regulatory stance is accelerating the mainstream adoption of derivatives, and predicted that by 2026, stock perpetual futures will become the most popular financial product.

Bitcoin is poised for its worst November performance since 2019, with a month-to-date decline of around 17%, though some experts view the downturn as a healthy correction ahead of a potential rally next year. According to Cointelegraph, BTC has fallen 16.9% so far this month, its largest drop for November in six years, following a 17.3% decline in the same month in 2019. Technical analysts suggest that a monthly close above $93,000 would reduce the risk of further declines, while a close above $102,000 would be a strong bullish signal. Nick Ruck of LVRG expressed optimism for the market's outlook, stating that the washout of excessive leverage and weak projects has created a re-entry opportunity for long-term holders.

CryptoQuant CEO Ju Ki-young stated on X that Bitcoin's on-chain indicators are currently pointing to a downtrend, with any further upside potential dependent on macroeconomic liquidity. He predicted a period of sideways or bearish market action for the next three to six months but believes a bull market could arrive early next year if the Donald Trump administration ensures a smooth supply of liquidity.

Terraform Labs co-founder Do Kwon has argued that a prison sentence of five years or less is appropriate for U.S. fraud charges related to the 2022 collapse of TerraUSD (UST), Bloomberg reported. In a sentencing memorandum filed with the U.S. District Court for the Southern District of New York, Kwon's lawyers called the prosecution's request for a 12-year sentence excessive. The defense noted that Kwon has already been detained for about three years, a significant portion of which was spent in very poor prison conditions in Montenegro. His lawyers also stated that his agreement to disgorge over $19 million and forfeit assets should be taken into account. A final sentence is scheduled to be determined on Dec. 11.

The Bank for International Settlements (BIS) has warned that tokenized money market funds, which have grown 265% over the past year, amplify risks within traditional finance. According to DL News, the BIS stated in a report that the market for these funds has expanded to $9 billion and risks magnifying issues found in both conventional money market funds and stablecoins. The institution called for proactive measures to be taken before the sector poses a systemic threat.