Crypto Majors Chop ahead of NVDA earnings! Kraken raises $800M! Fidelity launch SOL ETF!
Overview
Crypto majors showed slight gains ahead of a significant earnings call from NVDA. Notable movements in the market included a substantial fundraising effort by Kraken and new developments from the Ethereum Foundation.
Current Market Movements
As the cryptocurrency market prepared for the NVDA earnings call, major cryptocurrencies exhibited slight positive trends. Bitcoin was positioned around $91,300, while Ethereum saw a 2% increase, reaching $3,090. Additionally, BNB and SOL both experienced a 1% rise, with BNB at $922 and SOL at $139. Among the top performers, MYX surged by 38%, STRK increased by 30%, and ZEC rose by 10%.
Bitcoin’s recent drawdown of 30% occurred more swiftly than previous declines, taking just 42 days. This contrasts with earlier drawdowns in Summer 2024 and April 2025, which lasted 147 days and 77 days, respectively.
Kraken’s Fundraising Success
Kraken announced a successful fundraising round, raising $800 million at a valuation of $20 billion. This round was led by investment firms such as Jane Street, DRW, and Oppenheimer, with Citadel contributing a significant stake of $200 million. This capital injection highlights continued investor confidence in Kraken’s operations and future prospects.
Developments from the Ethereum Foundation
The Ethereum Foundation has set forth new objectives for its upcoming Interop Layer. This initiative aims to unify all Ethereum Virtual Machine Layer 2 solutions, allowing them to operate as a cohesive network. This development is significant for the scalability and interoperability of Ethereum-based applications.
Regulatory Updates
In regulatory news, the Office of the Comptroller of the Currency (OCC) has indicated that national banks may hold and spend cryptocurrencies in specific scenarios, such as for gas payments or testing applications. This guidance could pave the way for broader acceptance and integration of cryptocurrencies within traditional banking systems.
Municipal Bond Innovation
New Hampshire has made headlines by launching the first Bitcoin-backed municipal bond. This innovative financial instrument marks a significant step in the integration of cryptocurrency into public finance.
Mt. Gox Movements
In a noteworthy development, Mt. Gox transferred 10,608 BTC, valued at nearly $1 billion, from a cold wallet to new addresses. This action has reignited speculation regarding imminent repayments to creditors, which has been a long-standing issue for those affected by the Mt. Gox collapse.
Tether’s Strategic Investment
Tether has made a strategic investment in Ledn, aiming to expand its offerings in bitcoin-backed lending. This move underscores Tether’s commitment to diversifying its operations and enhancing its role within the cryptocurrency lending landscape.
Impact on the Crypto Market
- Slight gains in major cryptocurrencies indicate a cautious optimism among investors ahead of significant earnings reports.
- Kraken’s successful fundraising showcases strong investor confidence in the crypto exchange sector.
- The Ethereum Foundation’s new goals could enhance the functionality and appeal of Ethereum-based applications.
- Regulatory clarity from the OCC may encourage more traditional financial institutions to engage with cryptocurrencies.
- The launch of a Bitcoin-backed municipal bond could inspire similar initiatives in other regions, promoting the use of crypto in public finance.
- Mt. Gox’s transfer of BTC may signal progress toward resolving long-standing creditor issues, potentially impacting market sentiment.
Updated: 11/19/2025, 6:36:12 PM
