<p style="text-align: justify">On November 6, the cryptocurrency market experienced a broad decline, with major assets losing value over the past 24 hours. At 14:13 UTC, CoinGecko data indicated sharp drops in both leading and secondary tokens. <a href="https://en.coin-turk.com/grayscale-predicts-continued-crypto-growth-from-economic-trends/" rel="noopener noreferrer nofollow">Bitcoin</a> traded at $75,480, down 5% on the day, while <a href="https://en.coin-turk.com/discover-how-ethereum-layer-2-solutions-shake-up-the-crypto-market/" rel="noopener noreferrer nofollow">Ethereum</a> stood at $2,224.90, representing a 6.65% decrease. The Crypto Fear &amp; Greed Index measured 28, placing market sentiment firmly in the ‘Fear’ category.</p>
<h2 id="market-snapshot-leading-tokens-drop-sentiment-weakens">Market snapshot: Leading tokens drop, sentiment weakens</h2>
<p style="text-align: justify">Among the top digital assets, BNB was priced at $693.85, down 2.24%. XRP saw the steepest decline among the leading coins, sliding 9.5% to $1.18, while <a href="https://en.coin-turk.com/solana-payment-activity-jumps-13-percent-to-246-8-billion/" rel="noopener noreferrer nofollow">Solana</a> gave up 5.56% to reach $89.82. The price drops reflect continued market uncertainty and risk aversion among investors.</p>
<p style="text-align: justify">The overall negative sentiment persisted throughout the day, with no single catalyst identified for the broad sell-off. According to analysts, the current mood is characterized by caution, as reflected by the low reading on the Fear &amp; Greed Index.</p>
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 <p style="text-align: justify">The Fear &amp; Greed Index recorded a reading of 28, representing ‘Fear’ as investors responded to declines across major cryptocurrencies including $BTC, ETH, and XRP.</p>
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<p style="text-align: justify">Given such rapid market shifts, tools that provide real-time price monitoring and up-to-the-minute sentiment indicators can be essential for investors. <a href="https://lk.software/cryptoappsy/" rel="noopener noreferrer nofollow">CryptoAppsy</a> enables users to track prominent cryptocurrencies live, set smart alerts for sharp price movements, and view sentiment data in one place. During periods of heightened volatility, these features can help investors stay informed and make timely decisions without having to navigate multiple platforms.</p>
<h2 id="nigeria-moves-to-ban-algorithmic-stablecoins-tightens-crypto-rules">Nigeria moves to ban algorithmic stablecoins, tightens crypto rules</h2>
<p style="text-align: justify">Nigeria has initiated a ban on algorithmic stablecoins and announced new reserve requirements for stablecoin issuers, expanding the central bank’s oversight of crypto payment services. The measures, confirmed by government statements, aim to strengthen regulatory controls and mitigate risks associated with these instruments.</p>
<p style="text-align: justify">Alongside the ban, issuers will be subject to stricter reserve mandates and compliance checks. Authorities stated that these steps form part of a wider campaign to align Nigeria’s payments sector with international standards and address concerns over financial stability. The new rules are specific to Nigeria and do not affect regulations in other jurisdictions.</p>
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 <p style="text-align: justify">Officials indicated the ban on algorithmic stablecoins and reserve requirements are intended to satisfy regulatory aims for resilience and transparency in Nigeria’s crypto payments sphere.</p>
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<h2 id="core-scientific-to-exit-bitcoin-mining-by-year-end">Core Scientific to exit Bitcoin mining by year-end</h2>
<p style="text-align: justify">Core Scientific revealed plans to cease all Bitcoin mining operations before the end of 2026 and transition exclusively into a data center service provider in 2027. The company, which generated only 7.5% of its last quarter’s revenue from mining activities, reported strong growth in its artificial intelligence hosting segment.</p>
<p style="text-align: justify">Executives outlined the change as a strategic pivot toward high-value data center services. The move does not suggest that other major miners intend to follow suit, and the company has not released long-term projections for its non-mining operations.</p>
<h2 id="greece-approves-new-crypto-gains-tax">Greece approves new crypto gains tax</h2>
<p style="text-align: justify">Greek lawmakers have passed legislation imposing a 10% tax on cryptocurrency gains, effective from 2027. The tax will apply only to annual net gains above 500 euros, leaving smaller retail investors exempt from the new levy. Further clarifications on the implementation timetable and compliance processes are expected from tax authorities in the coming months.</p>
<h2 id="zcash-upgrade-reduces-block-interval-shifts-fee-allocation">Zcash upgrade reduces block interval, shifts fee allocation</h2>
<p style="text-align: justify">The Zcash network successfully deployed its NU7 upgrade on November 5, reducing the target block interval from 75 seconds to 25 seconds. Project representatives stated that the change enables private transactions to confirm three times faster. The update also modifies transaction fee distribution, with 60% now allocated to a newly established reserve and 40% directed to miners.</p>
<p style="text-align: justify">In addition to faster confirmation times, NU7 increases capacity for Zcash’s Orchard shielded pool and introduces new wallet limits aimed at curbing spam. Data from Coinglass showed Zcash open interest dropped 7.8% around the time of the upgrade, and ZEC traded near $1,286, down 1.5% over 24 hours. Market observers described the immediate price response as mixed, consistent with the wider downturn across digital assets.</p>
<p>The post <a href="https://en.coin-turk.com/bitcoin-falls-5yuzde-to-75480-nigeria-bans-algorithmic-stablecoins/" rel="noopener noreferrer nofollow">Bitcoin falls 5% to $75,480, Nigeria bans algorithmic stablecoins</a> appeared first on <a href="https://en.coin-turk.com" rel="noopener noreferrer nofollow">COINTURK NEWS</a>.</p>

Bitcoin falls 5% to $75,480, Nigeria bans algorithmic stablecoins

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