Bitcoin was quoted at $69, 376 on Nov. 13, down 4.1% in 24 hours and 8.5% over seven days. The week also brought a reported Coinbase trust-charter approval, an Avalanche role in the NYSE’s proposed tokenized-securities venue, and a U.S. Treasury order restricting financial institutions’ transfers involving MEXC Global.
- CoinGlass put 24-hour crypto liquidations at roughly $1.47 billion.
- Coinbase’s charter covers institutional custody, not full-service retail banking.
- The NYSE venue and a bank-backed stablecoin are plans, not live products.
- Treasury’s MEXC action applies to U.S. financial institutions; its allegations are not a court verdict.
Bitcoin falls below $70, 000 as leveraged positions are liquidated
Bitcoin was below $70, 000 in the Nov. 13 price snapshot. CoinGlass put crypto liquidations at roughly $1.47 billion over 24 hours, including about $1.31 billion in long positions, or trades that benefit when prices rise.
When a leveraged trader’s collateral can no longer cover a position, an exchange may close it automatically. These forced closures are called liquidations. They can add selling pressure, but the liquidation figures alone do not show what caused Bitcoin’s decline.
U.S. spot Bitcoin exchange-traded funds also reportedly saw about $1.44 billion in withdrawals across five trading sessions through Nov. 11, according to SoSoValue figures cited in the weekly market recap. The withdrawals measure money leaving the funds, not total demand for Bitcoin across the market. On their own, they do not show that ETF flows drove the price drop.
Coinbase’s charter focuses on institutional custody
Coinbase said on Nov. 9 that its national trust charter had received final approval, following preliminary clearance in April. Under the arrangement described by the company, its institutional custody business will operate under the supervision of the Office of the Comptroller of the Currency, or OCC.
The charter’s stated scope is narrower than the claim that “Coinbase is now a bank” suggests. Coinbase says it covers institutional custody and related services, but not ordinary retail deposits, traditional lending or direct stablecoin issuance. The company plans to move its New York-regulated custody operations into the federal entity over three years. Staking, prime trading and financing will remain services provided by affiliates.
Custody means safeguarding assets and managing the systems used to hold them. It does not automatically include taking retail deposits or offering every service associated with a conventional bank. That distinction matters as crypto firms seek federal oversight without necessarily becoming full-service banks.
NYSE selects Avalanche infrastructure for a proposed venue
Ava Labs announced on Nov. 9 that Avalanche had been selected to provide the core ledger for the clearing firm supporting the NYSE’s planned tokenized-securities venue. A core ledger is a record-keeping system. In this proposed setup, Avalanche would record and settle transactions, but it would not issue every security or run the entire NYSE.
The venue is designed to support round-the-clock trading and onchain settlement for tokenized U.S. stocks and exchange-traded funds. Tokenized securities represent or handle conventional financial assets through blockchain-based systems. Onchain settlement means recording and completing transactions on a blockchain.
Ava Labs said the selection followed about a year of technical and commercial evaluation. The venue still needs regulatory approval, and the NYSE’s plans are designed to accommodate securities issued across multiple blockchain networks. That’s a less maximalist vision than one chain taking over everything. Financial infrastructure could be spread across networks while remaining subject to conventional oversight.
Treasury order restricts U.S. financial institutions’ transfers involving MEXC
The clearest regulatory action in this roundup came from the U.S. Treasury Department. In a Nov. 6, 2026 release, Treasury said it had issued an order under section 9714(a) of the Combating Russian Money Laundering Act. The order bars U.S. financial institutions from processing transfers of funds to or from MEXC Global.
Treasury alleges that MEXC facilitated at least $16 billion in transactions connected to illicit activity between May 2021 and May 2026. The department cited alleged links to sanctions evasion, cybercrime, scams and darknet markets. It also pointed to transactions connected to Russian entities and Iranian crypto exchanges.
These figures and descriptions are Treasury’s allegations and its stated basis for the action. They are not a court finding that every cited transaction, or every MEXC customer, was unlawful. The order’s reach is also specific: it concerns transfers processed by U.S. financial institutions. It does not prove that MEXC has shut down globally or that every customer withdrawal is banned.
The order is set to take effect 30 days after publication in the Federal Register. MEXC said withdrawals remained operational. That statement does not change the restrictions Treasury imposed on U.S. financial institutions.
Binance says it replaced affected customer assets
Binance said on Nov. 12 that it had covered customer assets affected by an October security incident described as involving approximately $6.3 billion. The exchange also published a new reserve snapshot.
Replacing customer assets does not mean the stolen funds have been recovered or returned by the attackers. Binance’s accompanying zero-knowledge proof, a cryptographic method for proving a claim without revealing all the underlying information, was still pending. The reserve snapshot and promised proof are separate pieces of information. Neither gives a complete account of the incident without knowing what each covers.
Kalshi’s dispute with Arkansas remains in court
The Justice Department and the Commodity Futures Trading Commission reportedly sued Arkansas on Nov. 12, seeking to stop the state’s enforcement case against prediction-market company Kalshi. Federal lawyers argued that the CFTC has exclusive jurisdiction over the event contracts at issue. Arkansas alleges illegal gambling and deceptive practices.
Event contracts are agreements tied to the outcome of an event. The federal jurisdiction argument is the government’s position in the case, not a ruling that settles the dispute. The court had not ruled on the requested relief in the reported update.
Banks plan a stablecoin venture as Deutsche Bank adds custody
Bloomberg reported that a 21-member consortium, including Goldman Sachs, Citi, Santander and Deutsche Bank, committed around $270 million to a planned stablecoin company. The group is aiming to launch in the first half of 2027, starting with a dollar token. The commitments are meant to cover five years of operating costs.
The venture remains a plan. The reported information did not include details about the full membership, reserve arrangements or governance. Those details matter. A dollar peg is a promise, and the reserves and redemption rules determine how that promise is supposed to hold up.
Separately, Deutsche Bank launched crypto custody services for paying institutional and corporate clients in Europe. The initial supported assets are Bitcoin, Ether, USDC, EURC and EURAU. The bank manages wallets and private keys. Retail customers are excluded from the initial offering, and expansion into Asian financial centers is planned for 2027.
MARA sells Bitcoin while Strategy adds to its holdings
In a Nov. 9 shareholder letter, MARA disclosed that it had sold 13, 597 BTC after the quarter ended for approximately $1.1 billion. It also repaid $750 million in Bitcoin-backed loans, freeing up 17, 477 BTC pledged as collateral. The company reported third-quarter revenue of $164.2 million, down 35%. Unrealized gains on Bitcoin holdings supported reported net income. These gains reflect changes in the value of assets held, not cash generated by operations.
Strategy, by contrast, disclosed on Nov. 9 that it had purchased 1, 036 BTC for $81.9 million and repurchased $188.3 million of its STRC preferred shares. The company said it financed both transactions through common-stock sales. As of Nov. 8, it reported holding 850, 364 BTC and approximately $4.9 billion in dollar-denominated assets.
The contrast is a reminder that corporate Bitcoin exposure does not always mean buying and holding more. A miner may sell BTC to manage debt and collateral while another company keeps buying. Neither move settles the broader question of whether corporate Bitcoin treasuries are durable strategies or concentrated balance-sheet risks.
Key questions and answers
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Did Bitcoin remain above $70, 000?
No. The Nov. 13 snapshot put it at $69, 376, down 8.5% over seven days. Coinbase CEO Brian Armstrong has described Bitcoin as still bullish, but that outlook does not change the reported price.
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What do the liquidation figures mean?
CoinGlass reported roughly $1.47 billion in crypto positions forcibly closed over 24 hours, including $1.31 billion in long positions. That total is not the same as the amount lost by every crypto investor.
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Does Coinbase’s charter cover retail banking?
No. Coinbase described the charter as covering institutional custody and related services, while excluding ordinary retail deposits, traditional lending and direct stablecoin issuance.
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Is the NYSE’s Avalanche-powered venue live?
No. It is a proposed tokenized-securities venue and still needs regulatory approval.
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Does Treasury’s MEXC order mean the exchange has shut down worldwide?
No. The order bars U.S. financial institutions from processing transfers to or from MEXC Global. Treasury’s allegations are not a court verdict, and the order does not confirm a global shutdown.
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Is the bank-backed stablecoin available yet?
No. Bloomberg reported that the consortium is aiming to launch in the first half of 2027, starting with a dollar token.
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Why did MARA sell Bitcoin while Strategy bought it?
MARA said it sold BTC and repaid Bitcoin-backed loans, freeing up pledged collateral. Strategy reported new BTC purchases financed by common-stock sales. The companies are pursuing different balance-sheet strategies.
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Did Binance say the attackers returned the funds?
No. Binance said it had covered affected customer assets. That is different from recovering the stolen funds.
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Has a court settled the Kalshi-Arkansas dispute?
No ruling on the requested relief was reported. The federal jurisdiction argument remains a legal position, not a final decision.
This week brought both market stress and institutional crypto plans. Bitcoin’s price remained volatile, while banks and exchanges pursued custody, settlement and tokenization projects. The difference between a proposal, an approval, an allegation and a proven outcome is not fine print. It separates what has happened from what might happen next.
