![\"image\"](\"https:\/\/forklog.com\/wp-content\/uploads\/img-649ff2014835d5da-9695822281117635-1024x488.png\")
The loss of six-figure quotes spooked investors, prompting talk of the bull cycle\u2019s demise. Yet CryptoQuant CEO Ki Young Ju noted<\/a> the bear trend is still unconfirmed. He pointed to a cohort who bought digital gold six to 12 months ago at an average entry price of $94,000. Their capitulation is needed before sentiment definitively turns.<\/p>\n By week\u2019s end bitcoin hovered near this critical level. At the time of writing it trades at $95,600.<\/p>\n The drop came amid reports of heavy selling. According to CryptoQuant, long-term holders realised about 815,000 BTC over the past 30 days\u2014the most since January 2024.<\/p>\n Outflows from spot bitcoin-ETF<\/a>s accelerated during the correction. On 13 November alone investors withdrew<\/a> $870m\u2014the second-largest daily figure since launch. Cumulative weekly redemptions reached $1.1bn.<\/p>\n Almost all top-10 cryptocurrencies by market value finished in the red. A weaker ether fell to $3,200 (-7.5% on the week), while Solana dropped to $140 (-12%).<\/p>\n Total crypto market capitalisation fell to $3.33trn. Bitcoin\u2019s dominance stands at 57.3%, ether\u2019s at 11.5%.<\/p>\n The Crypto Fear and Greed Index<\/a> dropped from 22 last week to 10, signalling \u201cextreme fear\u201d.<\/p>\n On 13 November, a spot ETF based on XRP<\/a> debuted<\/a> on Nasdaq under the ticker XRPC from Canary Capital.<\/p>\n The product received listing approval after filing an 8-A form with the US Securities and Exchange Commission, which allows for \u201cautomatic\u201d authorisation.<\/p>\n In its single full day of trading the fund attracted<\/a> $243m of net inflows. Canary\u2019s assets under management reached $248m.<\/p>\n First-session turnover of $58m was the best among all ETFs launched this year.<\/p>\n \u201cXRP is one of the most widespread and widely used digital assets in the world. Access to the coin through an ETF will deliver the next wave of adoption and growth of critical blockchain infrastructure. We are confident that XRP will play a key role in developing our global financial system,\u201d said Canary Capital CEO Steven McClurg.<\/p>\n<\/blockquote>\n Following the launch, XRP jumped 3% on the day. The broader market downturn erased the gains, however. For the week the asset fell 2% to $2.2.<\/p>\n Also on 10 November, America\u2019s post-trade, clearing and settlement provider DTCC added to its list<\/a> five spot XRP ETFs at the pre-launch stage. In addition to Canary\u2019s product, funds from Bitwise, Franklin Templeton, 21Shares and CoinShares were included.<\/p>\n Launched<\/a> a few weeks ago, SOL ETFs also posted positive momentum. Over the trading week investors allocated<\/a> $46.3m to the products.<\/p>\n During the week the Czech National Bank (CNB) announced<\/a> the creation of a \u201ctrial\u201d digital-asset portfolio. The regulator has already invested $1m in bitcoin, stablecoins and tokenised<\/a> deposits.<\/p>\n The aim is to gain hands-on experience with blockchain technologies and related processes. The purchased coins will not be included in the country\u2019s national reserves.<\/p>\n CNB governor Ale\u0161 Michl said the idea of a test portfolio emerged in January to assess bitcoin\u2019s potential in reserve diversification. The project was later expanded to study \u201cthe future of payments\u201d and tokenisation.<\/p>\n The Czech central bank will test key management, multi-step transaction processes, security mechanisms and compliance with AML<\/span> procedures, and will also develop a way to audit such assets.<\/p>\n \u201cWe want to be more forward-looking. It is realistic to expect that later it will be easy to use the koruna to buy tokenised Czech bonds and much more,\u201d the head of the central bank added.<\/p>\n<\/blockquote>\n The portfolio will not be increased frequently. The bank will present an assessment of the project and lessons learned in two to three years.<\/p>\n Amid electricity shortages, Kyrgyzstan shut down<\/a> all mining farms. Energy minister Talaybek Ibraev said an energy crisis has not yet arrived, but curbs are necessary.<\/p>\n He also urged people \u201cnot to raise the temperature\u201d, but noted that the water level in the Toktogul reservoir that feeds the local hydropower plant is nearly 2bn cubic metres lower than a year ago.<\/p>\n \u201cAt peak load we have to reduce power from 5 kW to 3 kW. This is stipulated in contracts and done so that the equipment serving the population does not burn out. Kyrgyz citizens will have both light and heat. But we will have to save. By the way, this is normal,\u201d Ibraev added.<\/p>\n<\/blockquote>\n No timeline has been given for restoring mining operations.<\/p>\n Alongside the unwelcome news for local miners, Kyrgyzstan announced the launch of the USDKG stablecoin.<\/p>\n The initial supply totals $50.4m. The asset is backed by gold and pegged to the US dollar.<\/p>\n The \u201cstablecoin\u201d is issued by JSC \u201cIssuer of Virtual Assets\u201d, whose 100% shareholder is the country\u2019s Ministry of Finance.<\/p>\n \u201cUSDKG is an offer to the world of a new financial standard based on transparency, reliability and backing with real assets. Every token is backed by physical gold under state control, making the project a symbol of honest, fully backed stablecoins,\u201d the press release said.<\/p>\n<\/blockquote>\n Officials stressed the project is unrelated to the national KGST stablecoin and the digital som<\/a> initiative.<\/p>\n Also on ForkLog:<\/strong><\/p>\n Payments giant Visa unveiled<\/a> a Visa Direct pilot aimed at enabling direct cross-border payments in USDC to recipients\u2019 wallets.<\/p>\n The initiative targets content creators, freelancers and gig workers<\/span>.<\/p>\n The project will allow even fiat currency to be credited in crypto form. To receive funds, clients must have a compatible wallet and meet KYC<\/span>\/AML requirements.<\/p>\n Visa aims to provide \u201cfaster, borderless access to earnings\u201d, especially in markets with limited banking infrastructure and volatile national currencies.<\/p>\n The company\u2019s research found that a majority (57%) cited speed as the main reason for choosing digital assets.<\/p>\n The pilot will launch soon with select partners. Wider rollout is planned for the second half of 2026.<\/p>\n Visa Direct follows the September initiative<\/a> that allowed companies to prefund payouts using stablecoins.<\/p>\n Annual settlement volume using stablecoins across the corporation\u2019s services exceeded $2.5bn. Since 2020 the company has processed more than $140bn in crypto flows\u2014$100bn for purchasing digital assets with Visa cards and $35bn for paying for goods and services.<\/p>\n How Nash equilibrium and other game-theory concepts are applied<\/a> in the crypto industry to boost its efficiency.<\/p>\n![\"image\"](\"https:\/\/forklog.com\/wp-content\/uploads\/img-a8fb5addf8a62111-9695822255350459.webp\")
![\"image\"](\"https:\/\/forklog.com\/wp-content\/uploads\/img-205a6777e28d9cf7-9695822368241870.webp\")
![\"image\"](\"https:\/\/forklog.com\/wp-content\/uploads\/img-bdc5150b3353ba7d-9695822181397705-1024x383.png\")
![\"image\"](\"https:\/\/forklog.com\/wp-content\/uploads\/img-14d0afc99f09f11f-9695822324390591-1024x650.png\")
![\"image\"](\"https:\/\/forklog.com\/wp-content\/uploads\/img-b5904161b59bd455-9695822280723831.webp\")
XRP on the stock exchange<\/strong><\/h2>\n
![\"image\"](\"https:\/\/forklog.com\/wp-content\/uploads\/img-1a2619dd591f2c89-9695822220245112.webp\")
![\"image\"](\"https:\/\/forklog.com\/wp-content\/uploads\/img-2e7982e0870fa04c-9695822204653326-1024x379.png\")
\n
![\"image\"](\"https:\/\/forklog.com\/wp-content\/uploads\/img-0f72dcf2419b1be7-9695822216655339-1024x488.png\")
What to discuss with friends?<\/h2>\n
\n
Czechia\u2019s trial crypto reserve<\/h2>\n
\n
Kyrgyzstan without mining<\/h2>\n
\n
\n
\n
Direct stablecoin payments<\/h2>\n
What else to read?<\/h2>\n