Ethereum News Today: Crypto Plummets as Telcoin Launches First U.S. Regulated Digital Bank

Ethereum (ETH) fell 3.46% to $3,417.77 on November 13, marking its largest single-day drop since November 4, 2025, when it plummeted 10.73%, according to a TradingView report.

The sell-off coincided with broader crypto market turbulence, as Bitcoin (BTC) saw a net outflow of 463.27 BTC from centralized exchanges (CEX) in the last 24 hours, with KuCoin, Gate, and Gemini leading the outflows, according to a LookOnChain analysis. Ethereum also faced a net outflow of 119,700 ETH from CEX, with Binance, Coinbase Pro, and Kraken reporting the largest withdrawals, as noted in the same report.

Amid the volatility, Telcoin made history by securing approval to launch the first regulated digital asset bank in the United States. The Nebraska Department of Banking and Finance granted Telcoin a Digital Asset Depository Institution charter, enabling the firm to issue eUSD, a bank-issued U.S. dollar stablecoin, as reported by Morningstar. This move positions Telcoin as a bridge between traditional finance and decentralized finance (DeFi), with its eUSD aiming to facilitate secure, programmable digital cash transactions, according to the same analysis. Nebraska's role in shaping blockchain banking innovation was highlighted by Director Kelly Lammers, who played a pivotal role in developing the charter, as the Morningstar article noted.

The crypto market's instability also sparked a surge in liquidations. Ethereum alone faced $16.48 million in liquidations within an hour, with Hyperliquid accounting for 45% of the total, according to the LookOnChain analysis. The largest position on Hyperliquid was a $103 million short bet on ASTER, held by a whale account at an average price of $3,265 per ETH, as the same report details.

Meanwhile, social media-driven speculation briefly lifted the stock of Nine Suns Corporation, a subsidiary of NineYang Inc., after rumors surfaced about a "Hachimi North-South Green Beans" beverage. The company clarified it had no Hachimi-related products, but the misinformation led to a 10.05% intraday surge in its stock, pushing its market value to 8.44 billion yuan, as the LookOnChain report notes. The Chinese meme coin "Hachimi" also saw a 70% rally in 24 hours before retreating to a 40% gain, as described in the same report.

Regulatory developments continued to shape the landscape. Metaplanet, a Japanese Bitcoin treasury firm, emphasized its adherence to corporate governance in transforming into a Bitcoin-focused business, citing shareholder approvals for key decisions, as the LookOnChain analysis points out. Separately, Domain X Holdings agreed to acquire a 5.56% stake in Hong Kong's HKVAX virtual asset exchange for HKD 100 million, blending traditional and crypto finance, as the same report details.