Crypto Daily | Bitcoin Drops Below $90,000 for the First Time in Seven Months; White House Evaluates IRS Proposal on Taxing Americans' Foreign Crypto

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Bitcoin Drops Below $90,000 for the First Time in Seven Months

Bitcoin dropped below $90,000, deepening a month-long slide that has erased the cryptocurrency’s gains for 2025 and rocked sentiment across the digital-asset world.

The largest token fell as much as 5.3% during Asia trading hours, extending its decline from a record of more than $126,000 set in early October. Bitcoin last traded below that threshold — eventually tumbling to as low as $74,400 in April — after President Donald Trump upended financial markets worldwide with his initial plan for tariffs.

The reversal comes amid rising economic headwinds, including renewed concerns over interest-rate policy and stretched valuations across speculative markets.

Ethereum(ETH) Falls to $3,000 with a Narrowed 5.4% Decrease in 24 Hours

Ethereum has crossed the $3,000 benchmark and is now trading at $3,004, with a narrowed 5.15% decrease in 24 hours.

White House Evaluates IRS Proposal on Taxing Americans' Foreign Crypto

The Trump administration is advancing a plan to let the IRS access Americans’ offshore crypto holdings for tax enforcement, according to a Decrypt report.

Proposed Treasury rules to join the global Crypto-Asset Reporting Framework (CARF) have reached the White House for review. Created by the OECD in 2022, CARF requires member countries to share crypto account data to curb tax evasion.

Strategy Makes $835 Million Bitcoin Bet, Largest Since July

Michael Saylor doubled down on the digital-asset treasury model that he pioneered during last week’s crypto market rout.

Strategy Inc. revealed it bought $835.6 million in Bitcoin in the seven days ended Sunday, the largest purchase of the original cryptocurrency by the firm since July. That brought its total holdings to 649,870 tokens worth roughly $61.7 billion, according to a filing Monday with the US Securities and Exchange Commission. The company appeared to finance the majority of the purchases with the proceeds of an euro-denominated preferred offering that closed last week.

Ark Invest Increases Stake in Bullish with Significant Stock Purchase

Ark Invest, led by Cathie Wood, has increased its holdings in the cryptocurrency trading platform Bullish (BLSH). On November 17, Ark Invest's ETFs—ARKK, ARKW, and ARKF—collectively acquired 277,063 shares of Bullish. The estimated market value of this purchase, based on the average price of the day, is approximately $10.18 million.

Federal Reserve's Waller Advocates for December Rate Cut Amid Labor Market Concerns

Federal Reserve Governor Christopher Waller has expressed support for another interest rate cut in December, citing growing concerns over a significant slowdown in the labor market and employment. Waller emphasized that he is not worried about accelerating inflation or a notable rise in inflation expectations. His primary focus remains on the labor market, which has shown signs of weakness over recent months. He stated that the upcoming September employment report or any other data in the coming weeks is unlikely to change his view that a rate cut is necessary.

UBS and Ant International Partner to Explore Tokenized Deposits for Cross-Border Payments

According to Cointelegraph, investment bank UBS has formed a strategic alliance with financial technology company Ant International to investigate the use of tokenized deposits for real-time cross-border payments and global liquidity management. This collaboration marks a significant expansion of the Swiss bank's blockchain-based digital cash platform. The agreement was formalized through a Memorandum of Understanding signed in Singapore, a leading hub for institutional blockchain experimentation. The initiative aims to position tokenized bank money as a viable alternative to traditional treasury settlement systems, which are often hindered by cut-offs, fragmentation, and multicurrency delays.

Bitcoin Spot ETF Flow

The overall net outflow of the US Bitcoin spot ETF on Monday was $254.51 million. The total net asset value of Bitcoin spot ETFs is $121.01 billion, and the ETF net asset ratio (market value compared to total Bitcoin market value) is 6.60%.

The Bitcoin spot ETF with the highest net outflow on Nov. 17 was iShares Bitcoin Trust ETF, with a net outflow of $145.57 million. Followed by Grayscale Bitcoin Trust ETF, with a net outflow of 34.52 million, according to SoSoValue.

SoSoValue