Bitcoin’s Wave III expansion could drive prices toward $200,000 to $240,000.
The long-term structure remains bullish despite flat futures market activity in Q4.
US economic rebound and risk-on sentiment may fuel Bitcoin’s next rally.
Bitcoin’s (BTC) long-term price structure is showing renewed strength as analysts anticipate the next phase of its parabolic expansion. According to market analyst Gert Van Lagen, Bitcoin has once again rebounded from its 40-week simple moving average (SMA).
Van Lagen said that the corrective Wave II phase appears close to completion, with Wave III expansion on the horizon. Completion of the pattern could push BTC price to $200,000 to $240,000 in the coming months.
Bitcoin price analysis by Gert Van Lagen. Source: X
Van Lagen’s “step-like” Elliott Wave model suggests that Bitcoin forms a solid base before each major breakout. The same setup in 2019 and 2023 preceded steep rallies, suggesting that the current consolidation could be the launchpad for the next parabolic rally.
Crypto trader Jelle agreed, writing that Bitcoin continues to face resistance near the midpoint of its long-term ascending price channel. Once the level is cleared, Jelle wrote, the channel’s upper boundary near $350,000 implies strong upside potential.
Bitcoin one-week analysis by Jelle. Source: X
Meanwhile, macroeconomic researcher Sminston With wrote that broader economic conditions could soon favor risk assets like Bitcoin.
With wrote that the US Purchasing Managers’ Index (PMI), a measure of business activity, has stayed below 50 for nearly three years, marking the longest economic slowdown since records began in 1948. Historically, such extended downturns are followed by strong rebounds as business cycles recover.
With argued that this rebound, or “mean reversion,” often drives investors back into higher-risk assets, setting the stage for an imminent risk-on environment. Thus, Bitcoin, being a high-growth and speculative asset, could become one of the main beneficiaries once confidence returns to markets.
BTC CME gap filled, liquidation signals hint at recovery
While the long-term structure remains bullish, Bitcoin’s short-term price action continues to seek confirmation. On Tuesday, BTC filled the CME gap formed over the weekend and is now attempting to establish a higher leg above the $105,000 level.
According to Glassnode, futures open interest is down following the Oct. 10 liquidation event, and derivatives activity is slowing across exchanges. The average BTC futures order size has also contracted sharply, reflecting reduced participation from whales and increased influence of smaller retail trades.
Bitcoin futures average order size. Source: CryptoQuant
However, onchain liquidation patterns might be signaling a bullish reversal. Data from Hyblock Capital showed that clusters of long liquidations observed on Nov. 4 and Friday, both near $100,000, preceded minor recoveries, suggesting localized mean reversion.
Bitcoin price, aggregated open interest, and liquidation levels. Source: Hyblock
If recent liquidation pockets around the CME gap lead to another rebound, Bitcoin could form a bullish reversal pivot above $105,000, reinforcing the broader uptrend narrative outlined by analysts.
This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.
John Deaton, a lawyer who advocates for XRP holders and ran against Massachusetts Senator Elizabeth Warren in the 2024 US election, is making another bid for Congress.
At a Monday event in Worcester, Massachusetts, Deaton announced that he would run for US Senate again in 2026, this time attempting to unseat Democratic Senator Ed Markey. The lawyer ran as the Republican candidate in 2024, losing to Warren, a Democrat, by about 700,000 votes.
“I’m winning this time,” Deaton said in a campaign video aired at the Worcester event.
John Deaton announcing his second run for the US Senate in Worcester on Monday. Source: John Deaton
Deaton, who said he will run as a Republican to unseat Markey, will likely face competition on both sides of the aisle in 2026. His campaign announcement did not specifically focus on digital asset policy, but he and Warren had previously clashed over their respective views on crypto.
Deaton gained widespread recognition in the crypto industry by advocating on behalf of XRP (XRP) holders in Ripple Labs’ legal battle with the US Securities and Exchange Commission (SEC).
Seth Moulton, who represents Massachusetts’s 6th Congressional District in the US House of Representatives, is a Democratic contender in the 2026 race. Markey, who will be 80 next year, voted against the passage of the GENIUS stablecoin bill and has called out crypto mining for its “extravagant electricity use.”
Looking at a repeat of 2024?
“We’re never going to not be excited about someone advocating for [crypto] policy,” Mason Lynaugh, community director of Stand With Crypto, told Cointelegraph. “He’s going to have his own voters he’s going to cultivate that are very excited to see someone like him saying these types of things publicly.”
It’s unclear what Deaton’s chances would be in a US state that typically swings to the Democrats.
During his previous Senate campaign, cryptocurrency executives from Ripple, Gemini and Kraken supported Deaton’s run, contributing more than $360,000 in the first quarter of 2024.
2025 marked a turning point for crypto, as investors prioritized real utility and institutional integration over hype-driven speculation.
Bitcoin’s performance was supported by US spot ETFs, keeping it near or above the $100,000 mark for much of the year despite market pullbacks.
Ether rebounded after an early-year slump, supported by growing institutional interest and renewed confidence following the Ether ETF approval.
Privacy coins, such as Zcash and Monero, saw fresh demand, fueled by tightening supply and rising interest in financial anonymity.
2025 has been a remarkable year for crypto. It was the year the industry took a major step toward becoming an integral part of global finance. Instead of hype-driven tokens dominating the market, attention shifted to projects that delivered real economic value and onchain utility.
This article explores the coins that stood out in 2025, not for the hype they generated but for the way they shaped the future of digital money.
1. Bitcoin (BTC)
Bitcoin’s (BTC) progress in 2025 was supported by the success of US spot Bitcoin exchange-traded funds (ETFs). These funds began trading in early 2024 and maintained strong institutional interest throughout the year.
Bitcoin, which began the year at $93,425 on Jan. 1, 2025, climbed to $124,752 on Oct. 7 before slipping to $101,298 on Nov. 7. After crossing the $100,000 milestone several times in January and February, it briefly fell below the mark on Feb. 5 before rebounding above it on May 9 and maintaining levels above $100,000 through early November.
At the start of November, Bitcoin experienced a slight decline, with its price falling to around $100,000, while the broader crypto market remained bearish. Still, the cryptocurrency has a history of rebounding after each downturn.
Did you know? Bitcoin was the first cryptocurrency, released as open-source software in 2009. The first transaction took place that same January.
2. Ether (ETH)
The approval of spot Ether ETFs in the US on July 23, 2024, marked a turning point in how institutions viewed Ether (ETH). Large investment funds began closely monitoring Ether’s activity and started investing.
This triggered a sharp rally, but a price slump began in mid-December 2024. The decline continued through the Christmas holidays and into the following year. Ether, priced around $3,880 on Dec. 13, 2024, fell to about $1,500 by mid-April 2025.
When retail investors had grown pessimistic about Ether, the asset began another upward run. Aside from a brief pause in June, it climbed to around $4,500 by Aug. 15, 2025, before turning downward again.
The slump was linked to concerns over the US Federal Reserve rate policy, major decentralized finance (DeFi) hacks and more than $1 billion in crypto liquidations that hurt trader confidence.
3. XRP (XRP)
At the start of 2025, XRP (XRP) traded near $2. It climbed above $3 in January before dropping to its yearly low of around $1.7 in April. By November, it was back near $2.2.
After the settlement, the coin hovered around $3 for several weeks. At the start of October, it fell below the $3 mark and had not regained it by the first half of November 2025.
Did you know? After the 2025 SEC settlement, XRP became the first cryptocurrency to achieve clear US legal differentiation between institutional and retail token sales.
4. BNB (BNB)
BNB (BNB) began 2025 near $700 and stayed around that level through January. It dipped below $600 in early February and remained range-bound until late June, when momentum picked up. By Oct. 8, BNB had surged to its yearly high of about $1,310 before easing to around $990 in November.
In November, BNB Chain partnered with blockchain investigator ZachXBT to audit ecosystem projects and publish vulnerability reports. Coinbase also added the BNB Chain-based token ASTER to its listing roadmap, signaling the continued growth of the BNB ecosystem.
5. Solana (SOL)
Solana (SOL) began 2025 by slipping below the $200 level in early February. It stayed weak for months before regaining strength midyear, briefly crossing the $200 mark in July and again in late August. By mid-October, SOL had rallied to around $247, its highest point of the year.
In September, Forward Industries (ticker: FORD) adopted a Solana-based treasury model, signaling growing corporate confidence in the network. On Oct. 31, 2025, Solana rolled out its v2.0 upgrade, introducing parallel transaction processing and native Ethereum Virtual Machine (EVM) compatibility.
6. Hyperliquid (HYPE)
Hyperliquid (HYPE) delivered an impressive performance in 2025, especially as a newly launched token (Nov. 29, 2024). It began the year at around $23, dropped to its yearly low of $10.21 in April and surged to a peak of $58 on Sept. 19.
HYPE’s growth can be credited to strong onchain fundamentals, including rising revenue, a dominant position in decentralized perpetual trading and deflationary token burns. In August, the platform generated $106 million in fees from nearly $400 billion in perpetual contract volume, marking a 23% increase from July’s $86.6 million.
7. Zcash (ZEC)
Zcash (ZEC) saw a dramatic surge in late 2025, climbing above $640 and returning to the top 20 cryptocurrencies by market capitalization. From a modest $48 in early September, the coin soared past $600 within a month. The rally was fueled by growing demand for privacy-focused assets.
The mid-November halving of Zcash is set to reduce block rewards and tighten supply, potentially serving as a further catalyst for price growth. Earlier, in August 2025, the network activated its NU6.1 testnet upgrade, which introduced improvements to shielded transactions and critical bug fixes.
8. Monero (XMR)
Monero (XMR) began 2025 near $190 and climbed steadily through the first half of the year, reaching about $410 by late May. It later dipped to around $235 before regaining momentum and trading near $440 by November.
In 2025, capital rotated toward privacy coins, benefiting XMR. On Oct. 10, the network implemented the Fluorine Fermi upgrade, which strengthened protections against spy nodes. Monero remains one of the leading privacy-focused cryptocurrencies, featuring stealth addresses, ring signatures and RingCT technology.
What comes next for crypto assets
2025 proved that crypto’s long-term success depends on real-world use, transparency and institutional confidence rather than short-term hype. The year’s leading performers, from Bitcoin’s ETF-driven growth to the renewed strength of privacy coins, showed that innovation and utility now guide the market. The lessons of 2025 will continue to shape how investors, builders, and regulators define the next phase of digital finance.
Argentina’s federal judiciary ordered a freeze of assets belonging to US promoter Hayden Davis and two alleged intermediaries tied to the collapsed Libra token, deepening an investigation into one of Latin America’s biggest crypto scandals.
The order, issued by Judge Marcelo Martínez de Giorgi, reportedly covers digital wallets, bank accounts and real-estate assets of Davis, Argentine operator Orlando Rodolfo Mellino and Colombian trader Favio Camilo Rodríguez Blanco.
Prosecutors said the asset freeze was necessary to prevent any transfer of assets that could represent the proceeds of fraud, as investigators work to trace a money trail estimated to be $100 million to $120 million.
The ruling directs the National Securities Commission (CNV) to notify all virtual asset service providers in the country, ensuring that the asset freeze is extended to local crypto platforms.
A new development in the LIBRA token scandal
The case centers on Libra, a memecoin that gained traction in February after Argentine President Javier Milei briefly promoted Davis in a social-media post as a blockchain and AI adviser. Within hours, the token surged and then crashed, wiping out about $250 million from more than 40,000 retail investors.
Davis, who also promoted other meme-based tokens, has been cast as the central figure in the memecoin scheme. In May, a US judge in New York froze $57 million in USDC stablecoins tied to Davis and his collaborators at the now-defunct Meteora exchange.
The judge later lifted the freeze, ruling that Davis and former Meteora CEO Ben Chow had not tried to move the funds and that restitution remained possible.
The lawsuit, led by American and Latin-American investors, accuses Davis, Chow and others of coordinating a “rug pull.” Plaintiffs invoked the RICO Act, alleging that Libra and M3M3, another project by Davis, formed part of an ongoing pattern of organized fraud.
While no criminal charges have been filed against Milei, the Argentine investigation drew attention as Davis’s crypto transfers allegedly coincided with high-level political meetings.
Court filings describe intermediaries converting tokens into cash when Davis met Milei at the Casa Rosada, fueling the broader “Cryptogate” controversy that dominated Argentine headlines.
Despite this, Judge Martínez de Giorgi emphasized that the asset freeze will only remain in place as long as necessary to secure evidence and preserve any potential restitution for investors.
The coordinated actions in Buenos Aires and New York mark a rare instance of courts across two continents targeting the same blockchain-based assets.
For regulators, the Libra scandal highlights how cross-border enforcement and political entanglement are becoming increasingly intertwined with crypto investigations.
Despite being entangled in the scandal, the Milei-led Argentina’s La Libertad Avanza party won the midterm elections, positioning the president as a leading contender for the October 2027 presidential race.
United States-based Bitcoin mining company TeraWulf nearly doubled its third-quarter revenue this year thanks to price growth in Bitcoin, as well as an expansion in mining capacity and new income from its AI business.
Revenue for the third quarter increased 87% year-over-year to $50.6 million, with “digital asset revenue” making up $43.4 million, according to TeraWulf’s Q3 earnings report on Monday.
“These increases were primarily due to the increase in average Bitcoin prices during the periods, partially offset by a decrease in total Bitcoin mined during the periods,” the miner said.
TeraWulf mined 377 Bitcoin in the three months ending Sept. 30, compared to 555 in the same time frame last year, but made up for it as the average price of Bitcoin was $114,390 compared to just $61,023 in Q3 2024.
It also attributed the revenue surge to the expansion of mining capacity and the commencement of high-performance computing lease revenue.
TeraWulf CEO Paul Prager said in a statement that the “third quarter into the fourth has been remarkably busy for TeraWulf” as it moves away from a focus on Bitcoin mining, with the company “squarely focused on execution while advancing the next phase of growth for 2027 and beyond.”
“We expanded our partnership with Fluidstack and Google at Lake Mariner and extended that relationship into the Southwest Power Pool with the Abernathy joint venture,” he added.
TeraWulf announced a $3.2 billion senior secured notes offering in October to finance a portion of its data center expansion at its Lake Mariner campus in Barker, New York. The miner also inked three 10-year lease agreements with AI infrastructure provider Fluidstack, worth $6.7 billion.
Stock price on the rise
In the Monday trading session, TeraWulf’s stock (WULF) initially rose to $14.85, representing a 6% increase over the previous close of $13.94.
TeraWulf’s stock has registered a slight gain in the Monday trading session. Source: Google Finance
However, by the end of the session, the miner’s share price had settled at $14.30 and gained 0.49% after the bell.
Payment processor Square has launched its Bitcoin payment feature for sellers, allowing them to opt in and accept Bitcoin at checkout through its point-of-sale system.
At the same time, Jacob Szymik, an account executive at Square, stated that Bitcoin (BTC) payments are currently only available for in-person purchases and point-of-sale terminals, but online and invoicing options are “in the works,” and teased that updates would be coming soon.
He also reiterated that there will be no fees until 2027. Previously, Block indicated fees would start at 1% once the period expires. In comparison, credit card processing fees typically range between 1.5% to 4%.
Square teased its Bitcoin payments in October when it launched a conversion feature allowing sellers to convert a percentage of their daily card sales into Bitcoin, both of which are part of its payment and wallet solution, Square Bitcoin. The company had previously said it would roll out the service by 2026.
Users already using the system
More than four million sellers use Square across eight countries, including the United States, France, United Kingdom and Japan, according to the company.
Several X users have already reported using the Bitcoin payment feature. Parker Lewis, the head of business development at Bitcoin and fiat payment platform Zaprite, said he has seen it operating “with my own two eyes and bought coffee” at Medici, a coffee roaster in Texas.
“Great day for Medici, Square, all the Square merchants going live with Bitcoin and Bitcoin in general. Bitcoiners, support your local square merchants,” he said.
I was the first customer to pay with bitcoin at My Coffee in Roseburg Oregon! 🧡 https://t.co/D5mZ8qU70U
Katie Ananina, the chief marketing officer at tech platform CitizenX, reported she was the first person to pay using Bitcoin at the same coffee roaster.
“Many of us tried to onboard merchants to accept BTC. For so many years, it was painful,” she said in another post.
“You literally had to orange pill the person behind the business to the extend where they themselves become Bitcoiners and get onboard. Today’s Square move is absolutely legendary and makes the entry point so much lower. Huge!”
Dorsey also shared a post from the head of product design at the Blocks peer-to-peer payments service Cash App, announcing the launch of a map that shows all merchants worldwide that accept Bitcoin.
“Convince your local square seller to turn on Bitcoin acceptance for zero fees on sales. Convince them to keep it as Bitcoin to help them better survive dollar debasement,” Dorsey added.
Shares of Singapore-based Bitcoin miner Bitdeer Technologies fell nearly 20% on Monday after the company reported a jump in quarterly losses.
Bitdeer recorded a net loss of $266.7 million for the third quarter of 2025, compared with a net loss of $50.1 million for the same period a year ago, largely due to non-cash losses resulting from the revaluation of its convertible debt.
Revenue climbed to $169.7 million, up 174% from the previous year, driven by the expansion of its self-mining operations, according to the company.
Bitdeer also reported gains in its operating performance, with adjusted EBITDA rising to $43 million from a $7.9 million loss in the same period in 2024. The company also doubled its Bitcoin production, mining 1,109 BTC during the quarter.
Bitdeer reported its first revenue from high-performance and AI cloud services, bringing in $1.8 million in Q3 as it began shifting part of its computing power toward artificial intelligence.
Matt Kong, chief business officer at Bitdeer, said the company was “uniquely positioned to capitalize” on AI and the surge in demand for computing power. He added that allocating “200 MW of power capacity to AI cloud services could generate an annualized revenue run-rate exceeding $2 billion by the end of 2026.”
Bitdeer ended the quarter holding 2,029 BTC, up from 258 BTC a year earlier, and managed 241,000 mining rigs, compared with 165,000 at the same time last year.
An increasing number of Bitcoin mining companies are pivoting to AI and high-performance computing (HPC), repurposing a portion of their power capacity to meet the fast-growing demand for computing power.
In August, MARA Holdings announced a $168 million deal to acquire a 64% stake in Exaion, a subsidiary of France’s EDF, to expand into low-carbon AI infrastructure, while TeraWulf signed 10-year colocation agreements with AI company Fluidstack worth $3.7 billion in contract revenue.
On Nov. 3, Bitcoin miner IREN announced a five-year, $9.7 billion GPU cloud services deal with Microsoft, giving the tech giant access to Nvidia GB300 chips hosted in IREN’s data centers.
While the pivot by Bitcoin miners into AI and HPC has been picking up momentum this year, it isn’t entirely new.
In July 2023, HIVE Blockchain Technologies rebranded as HIVE Digital Technologies, reflecting its shift to an HPC strategy, alongside its traditional cryptocurrency mining operations.
In March 2024, Core Scientific signed a multi-year, $100 million deal with GPU cloud firm CoreWeave to host HPC workloads at its Texas data center.
A US government shutdown resolution might spark a short squeeze, yet traders remain skeptical that it alone can sustain Bitcoin’s move beyond $112,000.
Investor caution grows as AI valuations and weak consumer earnings weigh on risk appetite, limiting conviction in Bitcoin’s rally potential.
Bitcoin (BTC) reclaimed the $106,000 level on Monday as the US government shutdown appeared to be nearing an end. Analysts had warned that an extended funding halt could further dampen consumption, especially after thousands of flights were canceled. As the tech-heavy Nasdaq Index rose 1.5%, the cryptocurrency market followed suit.
Traders are now assessing whether Bitcoin’s latest gains can hold amid weak demand for bullish positions in BTC derivatives.
Two-month BTC futures currently trade at a 4% premium over spot markets, which is below the 5% threshold considered neutral. The lack of appetite for leveraged long positions likely reflects the $270 million in forced liquidations that occurred between Tuesday and Wednesday, after Bitcoin lost support at $107,000. Buyers may need additional confirmation that the economy is indeed entering a recession before reentering the market.
The US Federal Aviation Administration has been forced to scale back domestic operations, leading airlines to cancel more than 5,000 flights, according to Yahoo Finance. Some air traffic controllers, who have gone unpaid for nearly a month, have stopped reporting for duty. Despite the unusual Sunday session in the US Senate, there was still no assurance that the standoff would be resolved. A breakthrough in the government shutdown could strengthen optimism among Bitcoin traders.
The US Supreme Court has questioned President Donald Trump’s authority to set certain import duties. The uncertainty surrounding both the duration of the ongoing government shutdown and the sustainability of additional import tariffs adds another layer of risk.
Bitcoin mirrors broader market anxiety over US economic weakness
While the short-term economic consequences remain unclear, the overall effect has so far supported the fiscal budget by delaying expenditures and generating extra revenue. Still, Bitcoin is not immune to broader market concerns about weakness in the US economy.
BTC 30-day options delta skew (put-call) at Deribit. Source: laevitas.ch
The BTC options skew (put-call) declined to 6% on Monday, marking the edge of a neutral-to-bearish market for the first time in November. When traders anticipate a sharp correction, the metric typically jumps to 10% or more, as put (sell) options trade at a premium. What might restore traders’ confidence in a potential $120,000 rally remains uncertain, but the current setup clearly signals skepticism.
Unlike monthly BTC futures, perpetual contracts typically remain closer to spot Bitcoin prices due to their adjustable funding rate. These contracts are the preferred tool for retail traders, making it relevant to assess whether sentiment has improved following Bitcoin’s recent retest of the $106,000 level.
Under balanced conditions, the funding rate should range between 6% and 12% to reflect both risk and opportunity costs. The current 5% rate is somewhat troubling, showing a clear lack of interest from retail traders even after Bitcoin tested the $100,000 support on Friday. However, this absence of demand for leveraged bullish positions should not be mistaken for outright bearish sentiment.
Fears of excessive valuations in the artificial intelligence sector and weakness in consumer-focused corporate earnings have led investors to become more risk-averse. The eventual end of the government shutdown could ease tensions and push Bitcoin above $112,000, potentially triggering a short squeeze. For now, however, betting on a bullish breakout solely on the shutdown’s resolution appears overly optimistic.
This article is for general information purposes and is not intended to be and should not be taken as legal or investment advice. The views, thoughts, and opinions expressed here are the author’s alone and do not necessarily reflect or represent the views and opinions of Cointelegraph.
Excitement in the crypto community is growing over the potential launch of XRP funds, as the US Senate advances a deal aimed at ending the longest-ever government shutdown.
The Senate reportedly reached a deal on a budget bill to end the government shutdown on Sunday, sending a bullish signal to numerous markets, including crypto.
The XRP (XRP) community is anticipating multiple XRP exchange-traded funds (ETFs) to launch shortly, with several already appearing on the Depository Trust and Clearing Corporation (DTCC) website ahead of a possible launch this month.
The price of XRP has rallied more than 12% on the bullish news over the past 24 hours, with the token trading at $2.56 at the time of publication, according to CoinGecko.
11 XRP products listed on DTCC
As of Monday, the DTCC website featured 11 XRP ETF products on its “active and pre-launch” listing, including those by 21Shares, ProShares, Bitwise, Canary Capital, Volatility Shares, REX-Osprey, CoinShares, Amplify and Franklin Templeton.
Although a DTCC listing does not equal actual launch and does not guarantee regulatory approval, it signals that the ETF infrastructure is ready to be traded on US markets.
The list of XRP products listed on the DTCC as of Monday. Source: DTCC
It’s worth noting that Grayscale’s XRP Trust (GXRP) has not yet appeared on the DTCC website, and the list also does not currently include an XRP fund from WisdomTree.
“Government shutdown ending = spot crypto ETF floodgates opening,” ETF expert Nate Geraci wrote in an X post on Sunday, adding: “In the meantime, could see first ‘33 Act spot xrp ETF launch this week.”
Bloomberg ETF analyst Eric Balchunas also posted on X on Sunday, noting that the “shutdown is over” and highlighting a subsequent uptick in US equity futures.
“The SEC had open litigation against Ripple for the past five years, up until three months ago. IMO, the launch of spot XRP ETFs represents the final nail in the coffin for the previous wave of anti-crypto regulators,” he wrote in an X post on Nov. 2.
He also highlighted a post from Canary Capital, which claimed last Friday that its XRP ETF is “coming soon,” speculating that the product could go live by the end of this week.
