Crypto Daily | Bitcoin Rises to $93K and ETH Surpasses $3,000; “Permissionless Assets”: Robinhood’s 3-Phase Tokenization Plan to Disrupt TradFi

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Bitcoin(BTC) Rises to $93,000 with a 2.4% Increase in 24 Hours

Bitcoin has crossed the $93,000 benchmark and is now trading at $92,684, with a 2.4% increase in 24 hours.

Ethereum(ETH) Surpasses $3,000 with a 0.8% Increase in 24 Hours

Ethereum has surpassed $3,000 and is now trading at $3,040, with a 0.8% increase in 24 hours.

Crypto World Wipes Out $1 Trillion as Bitcoin Plunges Anew

The great crypto crash of 2025 entered a new phase on Wednesday, as Bitcoin plunged to its lowest level in seven months, extending the more than $1 trillion wipeout across the digital‑asset world.

The largest cryptocurrency fell to as low as $88,522, with the latest rout hitting investors big and small — from retail dip‑buyers to digital‑asset treasury firms whose stock premiums are vanishing.

Token prices regained some ground after Nvidia gave a strong revenue forecast, helping counter concern that a global surge in AI spending is poised to fizzle. Bitcoin rose as much as 2.5% on Thursday morning during Asia trading.

The next psychological thresholds lie around $85,000 and $80,000, with the 2025 trough of $74,425 — set during April’s tariff‑related turbulence — in focus. The total market capitalization of cryptocurrencies peaked at about $4.3 trillion on Oct. 6 and now hovers near $3.2 trillion. Still, much of that change reflects paper losses, not real‑world cash leaving hands.

“Permissionless Assets”: Robinhood’s 3-Phase Tokenization Plan to Disrupt TradFi

Fintech giant Robinhood is laying the groundwork to push the traditional financial system into a permissionless ecosystem, according to the head of strategy at blockchain development company Offchain Labs.

The brokerage app's recently launched tokenized stock offering in Europe, which already includes nearly 800 publicly traded securities and is set to add private equity, is the first step in a longer, three-phase roadmap to create a permissionless financial ecosystem, said A.J. Warner, chief strategy officer at Offchain Labs, in an interview with CoinDesk on the sidelines of Devconnect in Buenos Aires.

Coinbase Said to Launch Kalshi-Powered Prediction Market

Coinbase Global, Inc. is set to roll out a Kalshi-powered prediction marketplace to let its customers bet on various events, sports and elections, according to a media report on Wednesday.

The crypto giant plans to unveil details about the new prediction market and additional offerings during an event on Dec. 17, The Information reported, citing one of two people familiar with the matter. Prediction market Kalshi (KALSHI) reportedly allows users to deposit Circle Internet Corp.'s USDC stablecoin and relies on Coinbase to hold those tokens in custody.

Block Expects Profit Growth to Accelerate Over Next 3 Years

Shares of Block, Inc. rose about 7% after the payments firm, led by Jack Dorsey, said it expects profit growth to accelerate over the next three years while launching products at a faster clip and doubling down on efforts to integrate its consumer-focused Cash App and merchant payment service Square.

In 2026, Block forecasts 17% gross profit growth year-over-year to $11.98 billion. The outlook marks an acceleration from the 15% year-over-year gross profit growth the financial technology company expects this year to $10.24 billion for all of 2025. The optimism is a reflection of greater operational efficiency brought on by organizational changes in recent years, Amrita Ahuja, Block’s chief financial and operating officer, said in an interview ahead of the firm’s investor presentation in San Francisco on Wednesday.

“We’ve made deliberate choices to run our company differently, run really as one company across Square and Cash App,” Ahuja said. “That’s transformed us.”

Crypto Exchange Kraken Files Confidentially for IPO Next Year

Kraken has filed confidentially for a US IPO, laying the groundwork for the crypto exchange operator to go public as soon as next year.

The company, doing business as Payward Inc., didn’t disclose any details of the offering including size, valuation or timing in its statement Wednesday announcing the filing for its initial public offering.

Kraken is seeking to go public as soon as the first quarter of next year, people with knowledge of the matter have said. The crypto exchange is working with Morgan Stanley and Goldman Sachs Group Inc. on the IPO, Bloomberg News reported in September.

Bitcoin Spot ETF Flow

The overall net inflow of the US Bitcoin spot ETF on Wednesday was $75.47 million. The total net asset value of Bitcoin spot ETFs is $117.34 billion, and the ETF net asset ratio (market value compared to total Bitcoin market value) is 6.57%.

The Bitcoin spot ETF with the highest net inflow on Nov. 19 was iShares Bitcoin Trust ETF, with a net inflow of $60.61 million. Followed by Grayscale Bitcoin Mini Trust ETF, with a net inflow of 53.84 million, according to SoSoValue.

SoSoValue