Crypto Gains Strong Legal Protection in the UK as Lawmakers Finalize Digital Asset Property Rules

Trading volumes on cryptocurrency exchanges have plummeted to approximately $1.59 billion in November, marking a 26.7% decrease from October and the lowest level since June. This decline raises concerns among traders and long-term investors about the health of the market.

The SEC has decided to block the launch of highly leveraged ETFs that aimed to deliver three to five times the daily performance of stocks and cryptocurrencies, citing concerns over excessive risk-taking. This decision reflects the regulatory body's ongoing scrutiny of investment products that could expose investors to significant volatility.

Bitcoin has reclaimed the $93,000 level following a significant market rebound, indicating a positive shift in sentiment after weeks of bearish pressure and selloffs. Analysts are cautiously optimistic as new data suggests improvements in market conditions, particularly with the Coinbase premium turning positive after being in the red for several weeks.

Historical data indicates that December can be a volatile month for Dogecoin, with significant price rallies often occurring. However, there are also instances of major crashes during this month, raising concerns about a potential downturn in the cryptocurrency's value as the year ends.

Ethereum has experienced a notable decline in monthly on-chain transactions, reflecting a slowdown in network activity amid a volatile market environment. The price of Ethereum has dropped significantly, contributing to this decrease in transactions and indicating a period of fatigue for the network.

Solana's price has continued to decline, impacting the SOL-backed Treasury reserves significantly, with corporate treasury companies reporting a sharp decrease in their SOL holdings amid broader market instability. This bearish trend indicates a lack of confidence among investors in the cryptocurrency market.

The UK has officially recognized cryptocurrencies as a new category of property following the Royal Assent of the Property (Digital Assets etc.) Act. This legislation marks a significant legal milestone, clarifying the status of digital assets within the UK legal framework.

The cryptocurrency market has experienced a significant rebound this week, with Bitcoin surging past $93,000 and Ethereum climbing back above $3,000. This dramatic recovery follows a period of volatility, highlighting the resilience of these major digital assets amidst market fluctuations.