The world of cryptocurrency continues to evolve at a rapid pace, with major developments across exchanges, regulatory movements, blockchain innovations, and market dynamics. This weekly digest captures the most significant events from November 7 to November 13, offering a concise yet comprehensive overview for investors, developers, and enthusiasts alike.
Binance Lists Native Ordinals Token, Sparking 50% Surge in $ORDI
In a move that sent shockwaves through the Bitcoin ecosystem, Binance — the world’s largest cryptocurrency exchange — announced the listing of ORDI, the native token of the Ordinals protocol. The listing, confirmed on November 7, triggered immediate market excitement, propelling ORDI’s price from around $7 to a peak of $11.53 within hours — a surge of over 50% in a single day.
👉 Discover how emerging Bitcoin-based tokens are reshaping digital asset trends.
The Ordinals protocol enables the creation and transfer of NFT-like digital artifacts directly on the Bitcoin blockchain, leveraging its security and decentralization. With Binance’s global reach and liquidity, the listing is expected to significantly boost adoption and visibility for Bitcoin-based NFTs.
Bitcoin Transaction Fees Soar Nearly 1000% Amid Ordinals Boom
Since August, Bitcoin transaction fees have skyrocketed by nearly 1000%, driven largely by the resurgence of activity on the Ordinals network. As more users inscribe data onto Bitcoin blocks — including images, text, and digital collectibles — block space has become increasingly competitive.
According to a recent report by 21Shares, this surge in fee revenue is providing a much-needed financial lifeline to Bitcoin miners, whose income from block rewards alone has been declining due to halving cycles. With fees now contributing a larger share of miner compensation, the long-term sustainability of Bitcoin’s security model may be strengthened.
This trend also highlights a shift in how the Bitcoin network is being used — evolving beyond simple value transfers into a platform for digital ownership and expression.
Ethereum Breaks $2,000 as BlackRock Eyes Spot ETH ETF
Ethereum (ETH) reclaimed the $2,000 mark following reports that asset management giant BlackRock is preparing to file for a spot Ethereum ETF. Crypto analyst @SummersThings uncovered corporate filings in Delaware indicating BlackRock’s intent — mirroring its earlier registration process before applying for a Bitcoin ETF.
ETF expert Eric Balchunas affirmed the significance of this development, noting that such pre-filing steps often precede formal submissions to the U.S. Securities and Exchange Commission (SEC). The news fueled a 8% price increase within 24 hours, reflecting strong market confidence in Ethereum’s institutional future.
If approved, a spot ETH ETF would allow traditional investors to gain exposure to Ethereum without holding the underlying asset directly — potentially unlocking billions in new capital inflows.
Friend.tech User Activity Plummets 97% in November
Once hailed as the future of decentralized social media, Friend.tech has seen a dramatic decline in engagement. Active users on the platform dropped by 97% in November, falling to just 1,623 active participants.
The downturn follows sustained outflows of capital from the protocol, as early adopters cash out and user retention falters. Compounding the issue, the team recently launched a new feature allowing users to trade comments — a move widely criticized by the community as irrelevant and poorly timed.
This collapse underscores the challenges facing Web3 social platforms: while innovative in concept, many struggle with sustainable engagement models and long-term utility.
Circle Plans IPO Revival in Early 2025
Stablecoin issuer Circle, the company behind USDC, is reportedly preparing for a comeback on the public markets. After an unsuccessful attempt to go public via SPAC in 2022, sources close to the company told Bloomberg that Circle is now considering a traditional IPO in early 2025.
A successful listing could bolster confidence in the stablecoin sector, especially amid ongoing regulatory scrutiny. As one of the most transparent and regulated issuers of dollar-backed tokens, Circle’s public debut may set a benchmark for compliance and financial reporting in crypto.
👉 Learn how stablecoins are becoming central to global digital finance.
Celsius Approved to Transition into Bitcoin Mining Operation
In a surprising turn of events, bankrupt crypto lender Celsius Network has received court approval to transform into a Bitcoin mining company owned by its creditors. The plan still requires final clearance from the SEC but marks a pivotal step in the company’s restructuring process.
Celsius intends to begin distributing assets to users in early 2025, using mining revenues to support repayments. This pivot highlights how distressed crypto firms are exploring alternative business models to recover value — turning liabilities into productive infrastructure.
Bitcoin mining offers predictable cash flow and tangible assets, making it an attractive option for restructured entities seeking long-term viability.
FTX Reboot Gains Momentum with Multiple Interested Buyers
Efforts to revive FTX are gaining traction, with at least three parties confirmed to be seriously evaluating acquisition opportunities. Companies including Nasdaq, Ripple Labs, Galaxy Digital, BlackRock, Robinhood, and NYDIG have expressed interest in FTX 2.0.
Several firms have already signed non-disclosure agreements (NDAs) to access sensitive financial data as part of due diligence. While no deal is finalized, the breadth of interest suggests that FTX’s brand, technology stack, and international licenses still hold significant value despite its collapse.
A successful relaunch could restore trust in exchange ecosystems — provided robust safeguards are implemented.
Poloniex Hacked in Suspected North Korean Cyberattack
Crypto exchange Poloniex, owned by Justin Sun, suffered a major security breach estimated to have resulted in losses of $118 million. Initial investigations suggest the attack may be linked to Lazarus Group, a hacking collective tied to North Korea.
The exchange swiftly paused withdrawals and began collaborating with blockchain analytics firms to trace stolen funds. While most of the assets were moved through privacy-focused mixers, partial recovery remains possible.
This incident serves as a stark reminder of persistent threats in the digital asset space — even for established platforms with large user bases.
Chinese Court Rules NFT Theft Constitutes Criminal Theft
In a landmark legal decision, Chinese courts have ruled that stealing NFTs or digital collectibles constitutes theft under criminal law. A report published by People’s Court Daily on November 9 clarified that digital collectibles possess dual attributes: as both data objects and property assets.
Under China’s "punish according to the heavier offense" principle, theft cases involving NFTs will be prosecuted under theft charges, which carry harsher penalties than data-related offenses.
This ruling strengthens legal protections for digital ownership and could influence future regulations across Asia.
Frequently Asked Questions (FAQ)
Q: What is the Ordinals protocol?
A: Ordinals is a protocol that allows users to inscribe unique data — like images or text — directly onto individual satoshis (the smallest unit of Bitcoin), effectively creating NFTs on the Bitcoin blockchain.
Q: Why did Ethereum’s price rise after BlackRock’s ETF news?
A: Institutional involvement signals growing legitimacy and potential for massive investment inflows. A spot ETH ETF would make it easier for traditional finance players to invest in Ethereum, increasing demand.
Q: Can stolen cryptocurrency ever be recovered?
A: While blockchain transactions are irreversible, advanced tracking tools can trace stolen funds. Exchanges and law enforcement sometimes freeze or recover assets when they’re deposited into regulated platforms.
Q: Is it safe to use decentralized social platforms like Friend.tech?
A: These platforms offer innovation but come with risks — including volatility, low liquidity, and uncertain longevity. Users should exercise caution and avoid investing more than they can afford to lose.
Q: What does Celsius’ shift to mining mean for creditors?
A: By operating mining rigs, Celsius can generate ongoing revenue to repay debts. This model provides more stability than liquidating all assets at once during a market downturn.
Q: How might Circle’s IPO affect USDC?
A: A public listing would increase transparency and regulatory oversight, likely enhancing trust in USDC and reinforcing its position as one of the most reliable stablecoins.
👉 Stay ahead of crypto market shifts with real-time insights and secure trading tools.
The past week has underscored the dynamic nature of blockchain technology — where innovation, regulation, and market forces continuously reshape the landscape. From institutional milestones to legal precedents and security challenges, staying informed is more critical than ever.