Bitcoin price down 20%, stablecoin market cap down $2B: November in charts

November was a rocky month for crypto markets. Bitcoin’s price is down over 20%, shedding almost $2 trillion in market capitalization.

Concerns over possible rate cuts at the US Federal Reserve and the potential for an imminent AI bubble burst have brought anxiety to crypto and stock markets. Bearish sentiment prevails after Bitcoin showed a “death cross” when the 50-day simple moving average crossed below the 200-day equivalent on Nov. 15.

According to data from Trading Economics, global inflation slowed in November among major world economies. Seventeen members of the G20 experienced lower inflation on the month, part of a growing global trend.

Around the globe, regulators are grappling with how cryptocurrencies should be taxed as adoption continues. Seven countries are updating their crypto tax policies.

Here’s November by the numbers:

Seven countries mull new rules for crypto taxes

The taxman cometh. Crypto adoption is increasing at institutional levels, and now regulators have no choice but to decide how and whether certain types of digital assets can be taxed.

Seven different jurisdictions began to make changes to their crypto tax codes in November. In the US, the White House began to review an Internal Revenue Service proposal to join the global Crypto-Asset Reporting Framework. This would allow the US tax service to access Americans’ foreign crypto account data.

In Spain, the left-wing Sumar party, which is part of the Socialist Party’s ruling coalition, proposed raising the top tax rate for crypto to 47%. This would replace the current 30% savings rate and set a flat 30% tax for corporate holders.

Switzerland decided to delay its new reforms until 2027. Brazil is considering a tax on international crypto transfers. Japan is considering a 20% crypto tax rate, a reduction from the current 50%.

France is turning the screws on crypto with a potential “unproductive wealth” tax classification, while the UK is simplifying decentralized finance tax reporting.

Bitcoin price slumps over 20% on the month

Cryptocurrency markets saw red in November, with Bitcoin’s price decreasing from $110,000 to $91,000 as of publishing time. BTC’s price bottomed out this month on Nov. 21 at $82,600.

Bitcoin dipped below $100,000 amid the brutal sell-off — the first time since May 2025. Deutsche Bank analysts said this current collapse, in which market capitalization fell to $1.8 million, was particularly acute.

“Unlike prior crashes, driven primarily by retail speculation, this year’s downturn has occurred amid substantial institutional participation, policy developments, and global macro trends.”

Despite the worst November Bitcoin has seen in years, some analysts are optimistic. Justin d’Anethan, head of research at private markets advisory firm Arctic Digital, previously told Cointelegraph that the currency slump could be positive.

He said that market dynamics are changing “as institutions finally came in a meaningful way, changing the pace, breadth and timing of crypto price action.”

17% of the Bitcoin supply is owned by governments and companies

Companies, traditional financial institutions and even governments are increasing their exposure to Bitcoin, with many holding the asset directly. At the end of November, 17% of the 21 million BTC supply was owned by companies or governments.

The proliferation of exchange-traded products and Bitcoin treasuries firms is leading to a higher concentration of BTC ownership. Exchange-traded funds alone hold over 7% of the Bitcoin supply.

Public and private companies are also putting Bitcoin on their balance sheets. After the success of Michael Saylor’s Bitcoin-buying Strategy, more corporations and private firms are attempting to replicate it. At the end of November, 357 companies had Bitcoin in their treasuries, according to BitcoinTreasuries.Net.

Now, large institutional players have more influence over the Bitcoin market than ever before. Some observers have tried to quell centralization concerns. Nicolai Søndergaard, research analyst at crypto intelligence platform Nansen, previously told Cointelegraph:

“It doesn’t change Bitcoin’s fundamental properties. The network remains decentralized even if custody becomes more centralized.”

Seventeen G20 members see inflation rates slow down

The early 2020s saw inflation explode as the world grappled with COVID-19, supply chain disruptions, the Russian invasion of Ukraine and the outbreak of the Israel-Gaza war. Inflation rates in many countries are still high, but in 17 of the G20 member nations, those rates slowed down in November.

Inflation is an important indicator for cryptocurrency adoption. Countries experiencing high inflation rates, particularly in the developing world, have been quick to adopt cryptocurrencies, particularly dollar-denominated stablecoins.

On Nov. 25, the minister of economy of Bolivia, Jose Gabriel Espinoza, announced that the government will allow banks to offer crypto custody and enable digital currencies to function as legal tender for savings accounts. Stablecoins have gained significant popularity in Bolivia — some shops even list prices in Tether’s USDT (USDT).

Stablecoin market capitalization down $2 billion

Stablecoin markets grew steadily for the last 26 months until November, when the market capitalization decreased slightly by $2 billion, at just above 0.62%. This was the steepest drop since November 2022, when the FTX collapse tanked stablecoin markets.

USDT dominance grew by nearly 0.50% while Ethena USDe slid by 26.8% in November. Total value locked on Ethena dropped quickly as traders exited looping strategies.

A report from crypto exchange BitGet also stated that concerns about stablecoin stability, as well as increased regulatory oversight, have cooled enthusiasm for stablecoins.

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