The month of November has not been kind to Bitcoin: the market has swung back and forth and has yet to fully recover. There have also been developments in the stablecoin sector — what is the current status there?

November brings historically low figures

These are tough times for Bitcoin: last month, the coin fell below $90,000 for the first time in seven months. The last time Bitcoin traded at those levels was in April, when it dropped to $74,400 after Donald Trump announced his plans for trade tariffs. Now, however, the market is unstable due to uncertain interest-rate expectations. While November has historically been one of Bitcoin‘s strongest months, with an average return of 42.5%, this year it is being dubbed ‘Painvember‘, as figures appear to be heading deeper into the red.

Weakest fourth quarter since 2018

The current decline surpasses the weak quarters of 2022 and 2019 and seems poised to exceed the 16.7% drop recorded in 2014. On Sunday, Bitcoin traded below $93,000 — its lowest level since April — and on Monday morning stood at around $94,000, more than 25% below the all-time high of $126,000 on 6 October. This leaves the 2025 performance close to flat.

Technical indicators point to possible capitulation. Investors who opened positions in the past six to twelve months are now, on average, underwater. Historically, such levels often mark points of peak panic. A recovery above $100,000, supported by steady inflows via ETFs, is seen as the most reliable path to a structural rebound. Without such a recovery, there is room for a further correction towards $88,000–$92,000.

ETF developments and outflows

Bitcoin ETFs saw $1.1 billion in outflows this month, bringing total outflows for November to $2.3 billion. This is edging closer to the record of $3.5 billion in outflows recorded in February 2025. Major investors and institutional players are scaling back their positions, partly due to macro-economic uncertainty, profit-taking, and tax strategies.

Analysts emphasise that such outflows can often signal that the market bottom is near. They may also mark the final buying opportunity below the $100,000 level — provided that trading volumes remain strong enough to confirm a potential trend reversal.

Bitcoin consolidates

After a strong move towards $92,000 earlier this week, Bitcoin is now in a consolidation phase. Over the past 24 hours, the price has shown several fluctuations: a dip to $91,000, followed by a swift rebound, another drop towards $90,500, and a recovery to $91,800 with a higher low around $90,750. As long as the price stays above $90,000, a push towards the upper range remains possible.

Lower trading volumes due to Thanksgiving and a shortened trading day on Wall Street have reinforced the calm price action, while the weak US labour market and expectations of a December rate cut are exerting additional macro-economic influence on Bitcoin‘s movements.

The process surrounding the GENIUS Act

The GENIUS Act brings major changes for financial regulators, compliance teams, and software developers. The law will take effect on 18 January 2027 in the US, or 120 days after the final stablecoin rules are established — whichever comes first. Although there appears to be time to prepare, the impact of stablecoins is so significant that careful and swift implementation is required.

Stablecoins have now become a key asset class. Total market value is estimated at more than $300 billion, and global transaction volume over the past year reached an estimated $27.6 trillion — more than Visa and Mastercard combined. This highlights the importance of careful application of the GENIUS Act to ensure that funds in these markets remain protected.

Regulation is now moving faster than ever. Whereas previous financial laws sometimes took years or even decades to materialise, the GENIUS Act demands a rapid approach. Legal requirements must be translated into digital and blockchain-based systems. Technology and code therefore become extensions of the law, enforcing compliance more effectively.

Some predictions suggest that traditional banks may benefit, or that developing countries may gain from faster cross-border payments. The practical impact, however, remains uncertain. What *is* clear is that regulators, compliance teams, and software developers must work closely together to ensure that stablecoin innovation is both safe and legally compliant. This could make a stable monetary system built on blockchain a reality — and the success of the GENIUS Act will depend on the combination of technology and compliance.

Stablecoins in motion

The stablecoin market saw several major developments this month that could influence the broader crypto landscape. Klarna, for instance, announced that it will launch its own dollar-backed stablecoin called KlarnaUSD in 2026. With this, Klarna aims to make online payments and cross-border transactions cheaper and faster, stepping into the race to make stablecoins mainstream.

Stablecoin regulation also returned to the spotlight. Recently, Tether (USDT), the largest stablecoin by market capitalisation, was downgraded by S&P Global due to concerns about transparency and the composition of its reserves. This news highlights the importance of robust structures for stablecoins and increases scrutiny around audits and compliance in the sector.

For the broader crypto market, these developments have a direct impact. Stablecoins continue to play an essential role as a safe haven during volatility, while new initiatives such as KlarnaUSD and improved regulation further expand the infrastructure of digital payments and trading.

Finally, recent movements show that stablecoins are becoming increasingly integrated into both fintech initiatives and traditional markets. The coming weeks and months will likely bring further updates and announcements that may shape the future position of these digital currencies.