2025-12-01 11:25:10
Bitcoin keeps falling. Tether builds up gold reserves. The first DOGE ETF debuts. Uzbekistan, China, and Spain change crypto laws. Trust Wallet adds Apple Pay and Google Pay
Bitcoin started December with a decline: reasons and forecast
Bitcoin fell to around $86,000 as of December 1, 2025, losing 5% of its value in a day. The first cryptocurrency completely lost last week's growth, when the rate rose above $92,000. Ethereum also fell 5% and is trading around $2,830.
The total capitalization of the cryptocurrency market fell 5% to $2.92 trillion. All coins in the top 10 fell 5% to 8%, with the exception of Tron, which lost only 1%. Zcash fell the most, with its price dropping 21%.
The sharp market movement led to large-scale liquidations: in 12 hours, exchanges closed traders' positions worth $577 million, of which almost the entire volume ($546 million) fell on longs on BTC and ETH.
The Fear and Greed index has once again fallen into the "extreme fear" zone, reaching 24 points out of 100. This indicates panic sentiment and a tendency among market participants to actively sell off.
The situation remains unstable. According to analysts, December started with a "flight from risk." Investors are concerned about low capital inflows into Bitcoin ETFs and the lack of large investors willing to buy on dips. The key support level in December is the $80,000 range.
Information from the head of Strategy Inc., Fong Le, added to the nervousness. He said that the company may start selling Bitcoins if its mNAV (the ratio of the company's value to its BTC reserves) falls below 1. Strategy owns $56 billion worth of BTC, and this ratio has already fallen to 1.19.
Investors fear that pressure from large holders could exacerbate the market decline in the coming weeks.
Tether has increased its gold reserves to the level of sovereign states
Tether has increased its holdings of gold to 116 tons — roughly the same amount held by the central banks of Greece, South Korea, and Hungary. Analysts suggest that such active interest in the precious metal may even have accelerated its market price growth: in the second quarter, Tether accounted for about 2% of global demand for gold with its purchases.
The company does not plan to stop there and intends to acquire another 100 tons by the end of this year. The expansion of reserves is linked to the growing focus on tokenized gold — digital assets backed by physical metal. Since August alone, Tether has added more than 275,000 ounces to the XAUT token's collateral, equivalent to approximately $1.1 billion.
Experts believe that Tether is increasing the share of gold in its reserves as a hedge against possible risks associated with the dollar.
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The launch of the first DOGE ETF did not meet expectations
The Dogecoin Trust (GDOG) fund, which Grayscale listed on the NYSE Arca exchange on November 25, 2025, got off to a much more modest start than expected.
On its first day, the instrument raised about $1.8 million, which is not much for a new ETF, especially given the popularity of the Dogecoin cryptocurrency. The fund currently has about $3.5 million under management, which is only 0.02% of the total value of DOGE.
Although Grayscale introduced a zero commission for the first months of operation, demand for the product remains low.
Reasons:
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GDOG is not subject to standard US regulations and safeguards like other funds.
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ETF investors usually prefer more stable assets, while meme coins are high-risk.
The launch of GDOG had almost no effect on the price of DOGE: the token rose by only 1.5% and is trading at around $0.15.
Uzbekistan, China, and Spain have announced new rules for the crypto market
In Uzbekistan, stablecoins will become an official means of payment from January 1, 2026. The new law introduces a special legal regime: the state will launch pilot blockchain projects, create a "regulatory sandbox" (a test environment for companies), and allow local legal entities to issue tokenized stocks and bonds. A separate platform based on the stock exchange will be created for trading such assets. Against the backdrop of the legalization of stablecoins in the country, the ban on illegal cryptocurrency trading remains in force.
China has confirmed its tough policy. The country's People's Bank has reiterated that cryptocurrencies are illegal and cannot be used as a means of payment. The authorities have promised to crack down on any illegal activity and have specifically pointed out the risks of stablecoins, including weak anti-money laundering measures. Earlier, local regulators banned seminars on stablecoins and suspended some crypto services in Hong Kong.
In Spain, parliamentarians from the Sumar group have proposed a significant increase in taxes on cryptocurrency income. If the amendments are adopted, profits from transactions will be taxed at a 47% income tax rate instead of the current 21-30%. A fixed rate of 30% is proposed for institutional investors. It is proposed to expand the authorities' powers to seize assets, including those outside the scope of the European MiCA regulation. Experts have criticized the reform and warned of a possible capital outflow.
Trust Wallet has simplified the purchase of cryptocurrency
Mobile crypto wallet Trust Wallet has introduced a major update. The service now supports payments via Google Pay and Apple Pay, allowing users to top up their balance with traditional money.
At the same time, the developers have added Express Buy — a quick cryptocurrency purchase mode. With its help, you can receive assets to your crypto address almost instantly, without long forms and additional checks. The company says it aims to make access to Web3 easy and intuitive.
Express Buy currently works with popular coins: Bitcoin, Ethereum, Binance Coin, Solana, Ripple, USDC, and USDT. The minimum purchase amount is $20, and specific limits vary by country and provider. The feature is already available to investors in 40 countries, including the US, the UK, Germany, Japan, Brazil, and the UAE. The company plans to expand the list of supported currencies and countries.
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