BAF NEWS

TL;DR

Bitcoin tops $90,000 november 2025 on Thanksgiving, with sentiment lifted by rate‑cut expectations and light liquidity. The november 2025 beige book noted a slight employment dip, while exchanges pushed back on a potential sec innovation exemption.

Bitcoin tops $90,000 November 2025: drivers and context

Bitcoin tops $90,000 November 2025 amid muted U.S. trading and rising confidence in a near‑term Fed cut, according to Reuters. Prices were cited around $90,800, while other outlets reported ~$91,200 to ~$91,600. “With U.S. markets closed for the Thanksgiving holiday, activity was more muted,” Reuters noted, as “investor confidence in a Federal Reserve rate cut next month kept sentiment upbeat.”

Barron’s said Bitcoin “has surged past $90,000, reaching $91,600 early Thursday.” The Economic Times similarly reported a move to about $91,238 on the day. Notably, the move unfolded during the thanksgiving market closure, which helped restrain cross‑asset flows.

Beige Book flags slight employment decline

The november 2025 beige book highlighted softer labor demand in several Districts and “employment declined slightly over the current period.” Wage growth remained modest. Consequently, the tone reinforced expectations for policy easing at the next meeting, even as conditions vary by region.

Timeline: Nov. 24–27, 2025 market and policy moves

• Nov. 24: The SEC posted an updated notice on the cboe bzx multi-class etf proposal to adopt generic listing standards for multi‑class ETF shares.
• Nov. 26: The Federal Reserve released the november 2025 beige book, which flagged a slight decline in employment.
• Nov. 26: A World Federation of Exchanges letter was published by the SEC, warning against carve‑outs for crypto.
• Nov. 27: Bitcoin advanced above $90,000 amid the thanksgiving market closure, with reports ranging from ~$90,800 to ~$91,600.

Exchanges warn SEC on crypto ‘innovation exemption’

A group of stock exchanges urged the SEC not to let crypto companies bypass core investor‑protection rules. The push came as officials consider a potential sec innovation exemption, according to Reuters. Exchanges argued that any exemption could weaken tokenized stocks regulation and expose investors to avoidable risks.

Moreover, the letter urged consistent standards regardless of asset wrapper. As a result, the WFE warned against experimental permissions tied to tokenized stocks regulation without safeguards. The debate over a sec innovation exemption may intensify if retail‑facing products scale quickly.

SEC updates Cboe BZX multi-class ETF listing proposal

On Nov. 24, the SEC posted an updated notice on Cboe BZX’s proposed rule to permit the generic listing and trading of multi‑class ETF shares. In practice, the cboe bzx multi-class etf framework would set listing criteria ex‑ante, reducing the need for case‑by‑case approvals. Still, the review could evolve as public comments arrive.

What bitcoin tops $90,000 november 2025 means for markets

The jump signals firmer risk appetite, helped by perceived odds of a December rate cut, according to Reuters. However, the holiday backdrop limited conviction, and intraday liquidity remained thin. Therefore, follow‑through will likely depend on macro data and clarity on regulatory rules.

At the same time, policy signals matter. A softer labor tone in the Beige Book aligns with easing bets. Yet potential SEC moves on the cboe bzx multi-class etf and the sec innovation exemption could shape crypto plumbing and access, even if core spot dynamics dominate pricing.

What’s Next

• Fed decision: Markets are pricing policy easing, the november 2025 beige book supports that narrative. Watch the statement and dots.
• SEC agenda: Any steps on the sec innovation exemption will be key. Expect further commentary on tokenized stocks regulation.
• Listing standards: Monitor the cboe bzx multi-class etf proposal’s comment path and any amendments.
• Market liquidity: As trading normalizes after the thanksgiving market closure, observe whether Bitcoin can hold or extend gains.