**Top 5 Most Impactful Cryptocurrency News Stories of the Week: Massive Market Correction, Major Regulatory Shifts & Institutional Moves**
This past week in the cryptocurrency world was marked by a historic market correction that erased most of the year’s gains, set against a backdrop of significant regulatory actions and institutional investments that signal the industry’s ongoing maturation. Here’s our review of the top five news stories from Coinidol.com.
—
**1. Market Plunge and $400 Billion Wipeout**
The most defining event of the week was a dramatic market downturn, which saw nearly $400 billion wiped from the total crypto market capitalization between November 1st and November 8th. Bitcoin (BTC) briefly dipped below the significant $100,000 psychological threshold on November 4th, representing a retreat of over 20% from its early October high and officially entering “bear market” territory.
This slump was mainly triggered by a continuation of the liquidation cascade that began in late October: leveraged long positions were aggressively closed, seriously damaging investor confidence. By November 8th, the total crypto market value had fallen to approximately $3.45 trillion. However, the market showed signs of a strong technical rebound by the weekend, with altcoins like Ethereum (ETH) and XRP leading the recovery—suggesting the worst of the deleveraging might be over.
—
**2. JPMorgan: Bitcoin Now “Cheaper Than Gold”**
Amidst short-term volatility, institutional voices offered long-term optimism for Bitcoin. On November 6th, JPMorgan analysts published a report asserting that Bitcoin now appears “mechanically cheaper than gold” on a volatility-adjusted basis after the recent crash. According to the report, Bitcoin would need to trade closer to $170,000 to be valued equivalently to gold’s private sector investment.
This analysis reinforces the “digital gold” narrative and highlights a strong buying opportunity, with JPMorgan signaling there is “significant upside” to Bitcoin’s value in the coming months.
—
**3. Central Bank of Ireland Fines Coinbase €21.5 Million**
Major regulatory action took place this week as the Central Bank of Ireland (CBI) imposed a €21.5 million fine on Coinbase Europe Limited on November 6th. The penalty stemmed from severe failures in the exchange’s Anti-Money Laundering (AML) and Counter Terrorist Financing (CFT) controls. In particular, Coinbase’s transaction monitoring system failed to properly track over 30 million transactions worth more than €176 billion.
This landmark fine is the CBI’s first against a major crypto-services provider and sets a precedent for strict enforcement. It sends a clear message to all European crypto firms: robust compliance and monitoring systems are non-negotiable as the new MiCA regulatory framework is implemented.
—
**4. Kazakhstan Plans National Crypto Reserve Fund**
In a notable development for sovereign wealth management, Kazakhstan announced plans to launch a national Cryptocurrency Reserve Fund valued between $500 million and $1 billion. The fund aims to invest strategically in ETFs and shares of publicly traded crypto-sector companies, leveraging assets recovered from overseas—rather than directly holding volatile cryptocurrencies.
This move positions Kazakhstan at the forefront of integrating digital assets into national wealth strategies, using the asset class as a tool for economic diversification and long-term financial management.
—
**5. Ripple Labs Secures $500 Million in New Funding**
Institutional capital continued to flow into core crypto infrastructure. On November 5th, Ripple Labs announced it had secured a $500 million strategic funding round—tripling the company’s valuation to $40 billion. Major Wall Street firms, including Citadel Securities, Fortress Investment Group, and Brevan Howard, notably participated in the round.
This substantial influx of capital underscores growing institutional confidence in crypto infrastructure and Ripple’s central role in the evolving digital finance ecosystem.
—
*Stay tuned with Coinidol.com for ongoing updates on these and other breaking stories in the cryptocurrency world.*
https://bitcoinethereumnews.com/bitcoin/market-plunge-btc-vs-gold-and-kazakhstan-national-crypto/