Here’s a quick recap of the crypto landscape for Wednesday (November 12) as of 9:00 a.m. UTC.
Get the latest insights on Bitcoin, Ether and altcoins, along with a round-up of key cryptocurrency market news.
Bitcoin and Ether price update
Bitcoin (BTC) was priced at US$104,137 a 0.2 percent increase in 24 hours. Its highest valuation of the day so far was US$105,257, while its lowest was US$102,461.
Bitcoin price performance, November 12, 2025.
Chart via TradingView
Bitcoin is struggling to regain momentum after a turbulent October with multiple failed recovery attempts. The leading cryptocurrency has been hovering near key support levels, with traders closely watching whether it can break above the US$108,000 barrier to signal a meaningful recovery or resume its descent below US$100,000
While Bitcoin has bounced from the 75th percentile cost and is consolidating around $106,200, resistance lies at the 85th percentile cost basis near $108,500, which has historically capped recovery attempts during similar phases.
Market analysts remain wary. Morgan Stanley strategists warn that Bitcoin may be entering the “fall season” of its four-year cycle, typically a period to harvest gains before a potential downturn. The bank’s wealth management team advised investors to take profits while prices remain elevated, noting that stalled liquidity inflows and a drop below the 365-day moving average point to weakening momentum.
Trader Ted Pillows also highlighted the challenges for bulls, noting that Bitcoin recently lost the US$105,000–US$106,000 support zone despite ETFs buying US$530 million in BTC.
‘If bulls really want to bring BTC momentum, they need to reclaim the $108,000 level,’ Pillows posted on X. ‘If this doesn’t happen, BTC will drop below $100,000 again.’
Ether (ETH) was priced at US$3,469, a 0.2 percent decrease in the last 24 hours. Its highest valuation of the day was US$3,565.20, while its lowest was US$3,408.35.
Altcoin price update
- Solana (SOL) was priced at US$157.90, down by 2.2 percent over the last 24 hours. Its highest valuation of the day was US$163.65, while its lowest was US$153.94.
- XRP was trading for US$2.41, down by 0.4 percent over the last 24 hours. Its highest valuation of the day was US$2.47, while its lowest was US$2.37.
Crypto derivatives and market indicators
Over the past four hours, Bitcoin has seen liquidations totaling US$14.81 million, mostly from short positions, suggesting a short-covering rally and improving near-term sentiment. Futures open interest rose 0.67 percent to US$68.66 billion, reflecting a modest increase in market participation following earlier selling pressure.
The funding rate is neutral at 0.007, signaling balanced sentiment between longs and shorts, while implied volatility is at 39.9 percent, indicating ongoing uncertainty.
Max pain for options expiry sits at US$115,000.
Meanwhile, Ether has seen US$13.66 million in options liquidations, largely from short positions, supporting the recent upward movement. Ether futures open interest increased 3.6 percent to US$40.76 billion, and its funding rate is slightly positive at 0.008, reinforcing a mild bullish bias.
Bitcoin dominance stands at 59.3 percent.
Today’s crypto news to know
Coinbase relocates incorporation from Delaware to Texas
Coinbase announced that the company is moving its state of incorporation from Delaware to Texas.
The exchange cited “unpredictable outcomes” in the Delaware Chancery Court as a key reason for the shift, noting ongoing litigation related to its 2021 public listing. Texas law allows corporations to limit shareholder lawsuits against executives, offering greater legal predictability.
‘For decades, Delaware was known for predictable court outcomes, respect for the judgment of corporate boards and speedy resolutions,’ Coinbase Chief Legal Officer Paul Grewal wrote in a Wall Street Journal opinion piece. ‘It’s a shame that it has come to this, but Delaware has left us with little choice.’
The company joins other notable departures from Delaware, including, SpaceX, Andreessen Horowitz, Dropbox, and TripAdvisor. Chief Legal Officer Paul Grewal described the move as a practical necessity given the current legal landscape in Delaware.
Visa launches pilot to pay gig workers in stablecoins
Visa has introduced a pilot program enabling marketplaces to pay gig workers, freelancers, and creators directly in dollar-backed stablecoins like USDC.
The program uses Visa Direct to allow near-instant payouts, typically within 30 minutes, enhancing liquidity and accessibility for workers.
Visa has been expanding its crypto capabilities through partnerships with Bridge, Paxos, and PayPal’s PYUSD, integrating stablecoins into cards and payment rails.
The company faces competition from Mastercard, which is also deploying stablecoin solutions in collaboration with Ripple, Kraken, and other partners.
JPMorgan launches dollar deposit token
JPMorgan Chase has rolled out a dollar-denominated deposit token, JPMD, on Coinbase’s Base Ethereum layer-2 network, enabling instant, 24/7 transactions for institutional clients.
Unlike privately issued stablecoins, JPMD represents actual deposits held within the bank, effectively tokenizing commercial bank money for blockchain use. The launch follows months of trials with Mastercard, Coinbase, and liquidity provider B2C2, allowing JPMorgan to test settlement efficiency and interoperability.
The bank plans to expand JPMD to retail clients and introduce a euro version, JPME, as well as integrate additional blockchains pending regulatory approval.
Securities Disclosure: I, Giann Liguid, hold no direct investment interest in any company mentioned in this article.
Securities Disclosure: I, Meagen Seatter, hold no direct investment interest in any company mentioned in this article.
