Crypto Market Update: Coinbase to Move to Texas, JPMorgan Deploys Dollar Deposit Token

Bitcoin and Ether price update

Bitcoin (BTC) was priced at US$104,137 a 0.2 percent increase in 24 hours. Its highest valuation of the day so far was US$105,257, while its lowest was US$102,461.

Bitcoin Price Performance, November 12, 2025.

Chart via TradingView

Bitcoin is struggling to regain momentum after a tumultuous October with several failed recovery attempts. The leading cryptocurrency hovered near key support levels, with traders closely watching whether it could break above the US$108,000 barrier to signal a meaningful recovery or resume its slide below US$100,000.

While Bitcoin has bounced back from the 75th percentile cost and is consolidating around $106,200, resistance lies at the 85th percentile cost base near $108,500, which has historically limited recovery attempts during similar phases.

Market analysts remain cautious. Morgan Stanley strategists warn that Bitcoin may be entering the “autumn season” of its four-year cycle, usually a period to reap profits before a possible downturn. The bank’s wealth management team advised investors to take profits while prices remained high, noting that stalled liquidity inflows and a dip below the 365-day moving average indicated weakening momentum.

Trader Ted Pillows also highlighted the challenges for bulls, noting that Bitcoin recently lost the US$105,000-US$106,000 support zone despite ETFs buying US$530 million in BTC.

“If bulls really want to bring BTC momentum, they need to reclaim the $108,000 level,” Pillows posted on X. “If that doesn’t happen, BTC will drop back below $100,000.”

Ether (ETH) was priced at US$3,469, down 0.2 percent in the last 24 hours. Its highest valuation of the day was US$3,565.20, while its lowest was US$3,408.35.

Altcoin price update

Solana (SOL) was priced at US$157.90, down 2.2 percent over the past 24 hours. Its highest valuation of the day was US$163.65, while its lowest was US$153.94. XRP was trading at US$2.41, down 0.4 percent over the past 24 hours. Its highest valuation of the day was US$2.47, while its lowest was US$2.37.

Crypto derivatives and market indicators

Over the past four hours, Bitcoin has seen liquidations totaling US$14.81 million, mostly from short positions, suggesting a short-covering rally and improving near-term sentiment. Open interest on futures contracts rose 0.67 percent to US$68.66 billion, reflecting a modest increase in market participation after earlier selling pressure.

Funding rate is neutral at 0.007, indicating balanced sentiment between longs and shorts, while implied volatility is at 39.9 percent, indicating continued uncertainty.

Maximum pain for option expiration is US$115,000.

Meanwhile, Ether saw US$13.66 million in option liquidations, mostly from short positions, supporting the recent upward move. Open interest on Ether futures rose 3.6 percent to US$40.76 billion, and its funding rate is slightly positive at 0.008, reinforcing a mild bullish bias.

Bitcoin dominance stands at 59.3 percent.

Today’s crypto news to know

Coinbase moves incorporation from Delaware to Texas

Coinbase has announced that the company is moving its state of incorporation from Delaware to Texas.

The exchange cited “unpredictable outcomes” in the Delaware Chancery Court as a key reason for the move, and noted ongoing litigation related to its public listing in 2021. Texas law allows corporations to limit shareholder suits against executives, providing greater legal predictability.

“Delaware has been known for decades for predictable court outcomes, deference to the judgment of corporate boards and quick decisions,” Coinbase Chief Legal Officer Paul Grewal wrote in a Wall Street Journal opinion piece. “It’s unfortunate that it has come to this, but Delaware has left us with little choice.”

The company joins other notable spinoffs from Delaware, including SpaceX, Andreessen Horowitz, Dropbox and TripAdvisor. Chief Legal Officer Paul Grewal described the move as a practical necessity given the current legal landscape in Delaware.

Visa launches pilot to pay gig workers in stablecoins

Visa has launched a pilot program that allows marketplaces to pay gig workers, freelancers and creators directly in dollar-backed stablecoins like USDC.

The program uses Visa Direct to allow near-instant payouts, typically within 30 minutes, improving liquidity and accessibility for workers.

Visa expanded its crypto capabilities through partnerships with Bridge, Paxos and PayPal’s PYUSD, which integrated stablecoins into cards and payment rails.

The company faces competition from Mastercard, which is also deploying stablecoin solutions in collaboration with Ripple, Kraken and other partners.

JPMorgan Launches Dollar Deposit Token

JPMorgan Chase has rolled out a dollar-denominated deposit token, JPMD, on Coinbase’s Base Ethereum layer-2 network, enabling instant, 24/7 transactions for institutional clients.

Unlike privately issued stablecoins, JPMD represents actual deposits held within the bank, effectively tokenizing commercial bank money for blockchain use. The launch follows months of trials with Mastercard, Coinbase and liquidity provider B2C2, allowing JPMorgan to test settlement efficiency and interoperability.

The bank plans to expand JPMD to retail clients and launch a euro version, JPME, as well as integrate additional blockchains pending regulatory approval.