Let’s explore the latest crypto market updates today, on Nov. 7.
Bitcoin BTC $88 072 24h volatility: 0.7% Market cap: $1.76 T Vol. 24h: $40.26 B is trading below the $102K level, meaning it has lost nearly 1% over the last 24 hours. The total cryptocurrency market capitalization is also down by around 1%, currently standing at $3.7 trillion. What key events could influence the crypto market today, on Nov. 7?
According to recent reports, Japan’s Financial Services Agency (FSA) is preparing to tighten regulations on cryptocurrency lending services. The proposed changes would bring these activities under the Financial Instruments and Exchange Act. This will align such transactions more closely with traditional financial oversight.
More details are available here.
US spot Bitcoin ETFs recorded $239.9 million in net inflows on Nov. 7, snapping a six-day streak of outflows that had drained nearly $1.4 billion from the market.
The rebound was led by BlackRock, which added $112.4 million to its iShares Bitcoin Trust (IBIT). It is followed by Fidelity’s Wise Origin Bitcoin Fund (FBTC) with $61.6 million. ARK 21Shares Bitcoin ETF (ARKB) also saw inflows of $60.4 million. Grayscale’s GBTC remained flat.
Over the past month, centralized exchanges have seen a significant rise in stablecoin holdings among traders. Data from CryptoQuant shows that CEX stablecoin reserves have reached $73.13 billion. This figure marks a $10 billion increase compared to the previous month.
In November 2024, exchange stablecoin reserves totaled only $33 billion. This means it has more than doubled within a year amid accelerating stablecoin adoption.
The Internet Computer (ICP) has gained over 30% on Nov. 7 alone. The surge has pushed its seven-day gains above 180%. The rally has propelled ICP to become the world’s largest AI-focused blockchain, overtaking Bittensor (TAO).
According to CoinMarketCap data, ICP is currently priced at $8.18 with a market cap of $4.42 billion, which places it among the top 30 cryptocurrencies.
Filecoin (FIL) is the biggest gainer today, on Nov.7. Over the last 24 hours, the coin has gained almost 60% and is currently trading at $2.10.
The gains over the past 7 days are around 40%. The 24-hour trading volume is up 845%.
Filecoin’s price movement mirrors ICP’s pattern just before its breakout.
Both ICP and FIL fall under the DePIN (decentralized physical infrastructure networks) category. These projects offer storage, computing power, and data management for decentralized AI systems.