Top Cryptocurrencies headlines for November 21, 2025

Top Cryptocurrencies headlines for November 21, 2025

Description: Crypto markets face a liquidity crisis as Bitcoin tests $80K and ETFs bleed billions. Key updates on XRP ETFs, MicroStrategy’s index risks, and regulatory shifts.

Key Topics: Bitcoin, Ethereum, XRP, Solana, MicroStrategy, Regulation, DeFi, ETF, Hedera, Zcash

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Bitcoin Plunges to $80,000 Amid Liquidity Crisis and Record $3.79B ETF Outflows

Bitcoin (BTC) has faced severe downward pressure, touching the $80,000 mark—a level not seen since April 2025.

The sell-off is being driven by a massive liquidity crunch and “extreme fear” sentiment, with the Crypto Fear & Greed Index dropping to 11.

Institutional capital is fleeing at a record pace; U.S. spot Bitcoin ETFs recorded a staggering $3.79 billion in outflows throughout November, with BlackRock’s IBIT alone accounting for nearly $2.5 billion of that exit.

This represents a significant tactical rebalancing by institutional players rather than a complete structural failure, according to some analysts, but the sheer volume of the sell-off has rattled the market.

The derivatives market has exacerbated the crash, with over $2 billion in liquidations occurring within a 24-hour window. Long positions were decimated as Bitcoin broke through key support levels, triggering a cascade of forced selling.

Technical indicators are flashing warning signs, with a confirmed “death cross” on the charts suggesting the potential start of a prolonged bear market.

However, contrarian investors note that realized losses are hitting levels comparable to the FTX crash, which historically signals a bottoming process.

While the immediate outlook is grim, some macro analysts believe the market washout is necessary to reset valuations before a potential year-end rally.

Bitwise XRP ETF Launch Overshadowed by Market Rout as XRP Falls Below $2

The highly anticipated launch of the Bitwise XRP ETF on the NYSE has failed to catalyze a price rally for the asset, with XRP tumbling below the psychological $2.00 barrier to trade near $1.81.

Despite the ETF attracting significant initial interest—recording over $100 million in inflows and high trading volumes on its debut—the broader market sell-off has overwhelmed any bullish momentum.

This “sell the news” event has left investors reeling, as XRP faces its most severe liquidity stress test since late 2022.

On-chain data reveals a mixed picture behind the price drop.

While the ETF launch validates XRP’s regulatory standing and institutional appeal, large holders (whales) have offloaded approximately 190 million tokens in just 48 hours, adding sell pressure during a fragile market window.

Additionally, a massive 3,554% liquidation imbalance was reported, indicating aggressive short-selling or forced liquidation of long positions.

Ripple CEO Brad Garlinghouse remains optimistic, citing the long-term benefits of the ETF and the expansion of the XRP Ledger, but for now, the token remains at the mercy of broader macro forces.

MicroStrategy Stock Crashes as MSCI Exclusion Risks Loom; Saylor Remains Defiant

MicroStrategy (MSTR) is facing a dual crisis as its stock price plummets alongside Bitcoin, exacerbated by fears that the company could be excluded from MSCI indices.

JPMorgan analysts have warned that if MSCI decides to classify MicroStrategy strictly as a Digital Asset Treasury (DAT) rather than an operating company, it could trigger forced selling by index-tracking funds, potentially leading to billions in capital outflows.

The stock has already dropped 43% over the past month, severely underperforming the broader equity market.

Despite the mounting pressure and the “death cross” forming on Bitcoin charts, Executive Chairman Michael Saylor remains steadfast in his strategy.

In a public response to the MSCI concerns, Saylor emphasized that his conviction in Bitcoin is “unwavering” and urged investors to “never back down.” He argues that MicroStrategy operates as a hybrid operating business rather than a passive fund.

However, with the company’s Net Asset Value (NAV) premium eroding and competitors like Japanese DAT firms outperforming due to favorable tax policies, the pressure on Saylor’s leverage-heavy strategy is intensifying.

Ethereum Futures Data Hints at Bounce Despite Drop to 4-Month Low

Ethereum (ETH) has not been spared in the current rout, falling to lows not seen since July 2025 and trading below $3,000. The asset is currently down significantly against Bitcoin, with the ETH/BTC ratio testing historic support levels.

The sell-off is compounded by issues at Ethereum-focused treasury firms like BitMine Immersion Technologies, which are facing structural issues and declining NAV premiums on their holdings.

BitMine, specifically, is sitting on significant unrealized losses, further depressing sentiment around ETH-linked equities.

However, a silver lining has emerged in the futures market. Analysts point to compelling data suggesting that the derivatives market is becoming oversold, potentially setting the stage for a “short squeeze” or a relief bounce toward $3,200.

Whales have been spotted accumulating ETH at these lower levels, with realized price data indicating a “classic bottom” setup.

While the immediate trend remains bearish, the divergence between aggressive selling price action and constructive on-chain accumulation suggests that smart money may be positioning for a reversal once the liquidity crunch eases.

Hedera (HBAR) Crashes 11.5% Breaking Key Support; Anchorage Adds HYPE Staking

Hedera (HBAR) has suffered a sharp double-digit decline, crashing 11.5% and breaking through critical technical support levels. Trading volume for the token exploded to 98% above average, indicating a high-volume capitulation event driven by institutional sellers.

The breakdown has pushed the asset into a precarious position, with technical analysts warning of further downside if the broader market does not stabilize.

In related ecosystem news, Anchorage Digital has announced a partnership with Figment to add support for HYPE staking on the HyperCORE network.

This integration provides institutions with regulated access to DeFi capabilities, aiming to bridge the gap between traditional finance and complex on-chain staking mechanisms.

While this is a positive fundamental development for the Hedera and Hyperliquid ecosystems, it has done little to arrest the immediate price slide of HBAR or HYPE, the latter of which also saw a significant drop in market capitalization.

Coinbase Doubles Down on Solana with Acquisition of Vector.fun

Coinbase continues its aggressive expansion into the Solana ecosystem with the acquisition of Vector.fun, a Solana-based decentralized exchange (DEX) and social trading application.

This move is part of Coinbase’s broader “everything exchange” vision, integrating Solana-native DeFi and meme coin trading directly into its consumer-facing products.

The acquisition follows a spree of similar deals, including the purchase of derivatives platform Deribit, signaling Coinbase’s intent to capture market share in high-performance chains.

The deal comes at a time when Solana (SOL) has shown relative resilience compared to BTC and ETH, with Solana-based ETFs continuing to attract inflows despite the general market bleeding.

By acquiring Vector, Coinbase is positioning itself to monetize the vibrant, albeit volatile, meme coin activity on Solana.

The integration is expected to improve the on-chain trading experience for Coinbase users, further bridging the gap between centralized and decentralized trading venues.

Fed Rate Cut Odds Surge to 70% for December, Sparking ‘Bottom’ Hopes

Macroeconomic factors are back in the driver’s seat for crypto markets, as interest rate traders are now pricing in a more than 70% chance of a Federal Reserve rate cut in December.

Comments from New York Fed President John Williams and recent economic data have reignited hopes for monetary easing, causing a sharp recalibration in market expectations.

Previously, traders had largely written off further cuts for 2025, contributing to the recent bearish sentiment.

This shift in monetary policy expectations caused a brief but violent $3,000 bounce in Bitcoin’s price, offering a glimpse of the volatility that lies ahead.

Some analysts and Bitcoin proponents believe this renewed dovishness from the Fed could mark a local bottom for risk assets. The theory is that cheaper capital will alleviate the liquidity crisis currently choking the crypto market.

However, the interplay between these rate cut hopes and the persistent inflation data remains a complex narrative that traders are navigating cautiously.

Zcash (ZEC) Rallies on Privacy Bet as Winklevoss Twins Invest

Amidst a sea of red, privacy coins have emerged as a surprising safe haven, with Zcash (ZEC) outperforming the broader market.

The token has rallied significantly, entering the top performers list and even threatening to break into the top 10 cryptocurrencies by market cap.

This resurgence is driven by a growing narrative that privacy will be the next major sector to boom, fueled by increasing AI surveillance and data harvesting concerns.

Adding credibility to this thesis, Cameron and Tyler Winklevoss have publicly placed a bet on Zcash and privacy protocols as a necessary counterweight to the exponential growth of AI.

Their investment firm, Winklevoss Capital, is backing the idea that privacy technologies will gain major traction as “civil liberties” infrastructure.

This high-profile endorsement has sparked a flurry of interest in ZEC, causing it to decouple from Bitcoin’s price action and attract speculative capital looking for asymmetrical upside in a down market.

US Authorities Launch National Security Probe into Bitcoin Miner Bitmain

The U.S. government has opened an investigation into Bitmain, the Chinese giant that dominates the global Bitcoin mining hardware market.

The probe, reportedly led by the Department of Homeland Security under “Operation Red Sunset,” is examining potential national security risks associated with Bitmain’s mining rigs.

Authorities are concerned about alleged remote capabilities in the hardware that could potentially be used for espionage or to disrupt the U.S. power grid.

This geopolitical development adds a layer of regulatory risk to the mining sector, which is already struggling with profitability due to low Bitcoin prices.

If the U.S. imposes sanctions or bans on Bitmain hardware, it could severely disrupt the supply chain for American miners and force a costly transition to alternative hardware providers.

The news has sent jitters through publicly traded mining stocks and raises long-term questions about the decentralization and security of the Bitcoin network’s hashrate distribution.

Cardano Network Hit by ‘Poisoned’ Transaction Attack causing Disruption

The Cardano network experienced a rare disruption triggered by a “poisoned” transaction that caused a validation mismatch and an unexpected network fork. The incident forced block production to stutter, raising concerns about the network’s resilience.

A user publicly apologized for sending the transaction, which exploited a specific vulnerability in the validation logic, though insiders were quick to debunk claims that the blockchain had completely halted.

While the network recovered, the incident has had a negative impact on sentiment for ADA, which is already facing predictions from analytics firms like Nansen that it could fall out of the top 20 cryptocurrencies by 2026.

The glitch highlights the technical challenges facing legacy Layer-1 blockchains as they attempt to scale and upgrade. In the wake of the disruption, ADA price action has remained weak, underperforming newer, high-throughput competitors.

Kraken Files Confidentially for IPO Amid $100 Billion Listing Stampede

In a major signal of industry maturation, crypto exchange Kraken has confidentially filed for an Initial Public Offering (IPO) in the United States.

This move kicks off what analysts are calling a “$100 billion listing stampede,” as major crypto infrastructure companies seek to go public despite the current market downturn.

Kraken recently closed an $800 million fundraising round valued at roughly $20 billion, securing backing from heavyweights like Jane Street and Citadel.

The filing indicates that despite short-term price volatility, long-term confidence in the crypto economy remains high among corporate leaders.

A successful IPO for Kraken could reopen the door for other digital asset companies to access public capital markets, following the path blazed by Coinbase in 2021.

However, the timing is bold given the current regulatory environment and the depressed stock prices of existing public crypto companies.

Japan Approves $135B Stimulus as Yen Volatility Shakes Global Crypto Markets

Japan has approved a massive $135 billion economic stimulus package aimed at easing inflation burdens on households, a move that has significant ripple effects for global liquidity and crypto markets.

The stimulus comes as the Japanese Yen faces renewed volatility; historically, yen weakness has been correlated with risk-on sentiment for Bitcoin. However, the current dynamic is complicated by Japan’s mounting fiscal strains and the unwinding of the “yen carry trade.”

The stimulus package coincides with a shift in Japanese tax policy that could favor domestic crypto adoption.

Reports indicate Japan is moving to lower its harsh crypto gains tax from 55% to a flat 20%, aligning it with traditional financial assets. This policy divergence—where Japan becomes friendlier to crypto while the U.S.

struggles with regulatory clarity—is leading to a situation where Japanese corporate treasuries are outperforming their U.S. peers, creating a new geographic power center for digital asset investment.

Nvidia Earnings Beat Fails to Sustain Crypto AI Rally; Bubble Fears Persist

Nvidia’s blockbuster quarterly earnings report initially provided a brief lift to crypto markets, particularly for AI-related tokens like FET and NEAR, but the rally quickly faded.

Despite reporting record revenue of $57 billion, the company’s stock saw high volatility, signaling that investors are becoming increasingly skeptical about the sustainability of the AI infrastructure boom.

Prominent investors like Michael Burry and Peter Thiel have expressed bearish views, with Burry reportedly placing a billion-dollar bet against the sector.

The reversal in Nvidia’s stock served as a drag on the broader crypto market, cementing the correlation between Big Tech equities and digital assets.

The “sell the news” reaction suggests that the AI narrative, which has buoyed crypto for much of the year, may be running out of steam.

Crypto AI projects are now facing a reality check, with valuations correcting as the market demands tangible utility over speculative hype.

Proposed ‘Bitcoin for America’ Bill Would Allow Federal Tax Payments in BTC

U.S. Representative Warren Davidson has introduced groundbreaking legislation titled the “Bitcoin for America Act,” which would allow U.S. citizens to pay their federal taxes using Bitcoin.

Crucially, the bill proposes that these payments would not trigger capital gains tax events, resolving a major friction point for crypto users. Furthermore, the Bitcoin collected through this mechanism would be retained to bolster the U.S. Strategic Bitcoin Reserve.

While the bill faces a long road to enactment, it represents a significant shift in the Overton window regarding crypto’s role in government finance.

Proponents argue that this could generate up to $14 trillion in cumulative value for the U.S. economy over the next two decades.

The proposal aligns with a broader push by industry groups urging the incoming administration to use executive authority to clarify crypto regulations, bypassing the gridlock in Congress.

Base Network’s ‘Flashblocks’ System Exploited for $1.3M Profit by Bots

The Base Layer-2 network has suffered a controversial exploit related to its new “flashblocks” feature, a system designed to increase transaction speed.

Sophisticated trading bots managed to front-run the network’s own founder during the debut of a creator coin, extracting over $1.3 million in profits.

The exploiters utilized the split-second advantage provided by flashblocks to snipe the token issuance before other participants could react.

This incident has sparked a debate about the fairness and security of high-speed block generation systems.

While not a direct hack of user funds, the event highlights the adversarial nature of the on-chain environment, where “maximal extractable value” (MEV) strategies can be weaponized against protocol creators.

It serves as a cautionary tale for developers launching new market mechanisms on high-throughput chains like Base.

Memecoin Market Meltdown: $5 Billion Wiped Out as DOGE and SHIB Crash

The speculative fervor that drove the memecoin supercycle has come to a screeching halt, with over $5 billion in market value wiped out from the sector in a single day.

Dogecoin (DOGE) and Shiba Inu (SHIB) have plunged to their weakest levels of 2025, with DOGE charting a bearish “death cross” on its weekly chart.

Traders are fleeing speculative assets en masse, rotating capital into stablecoins or exiting the market entirely.

Compounding the misery for meme coin investors, controversial influencer Andrew Tate was liquidated on his leveraged positions on the Hyperliquid platform, losing his entire account balance.

The capitulation in this sector is viewed by some as a necessary cleansing of “froth,” but for retail investors who bought the top, the losses are devastating.

The crash indicates a decisive shift in risk appetite, with the market no longer willing to support assets with high valuations and low utility.

Hyperliquid (HYPE) Market Cap Falls Below $9B Amid Staking Updates

Hyperliquid’s native token, HYPE, has dropped out of the top 20 cryptocurrencies as its market capitalization fell below $9 billion. The decline comes despite positive fundamental news regarding institutional staking support via Anchorage Digital.

The token has been caught in the broader market downdraft, with its price suffering a 25% correction that has shaken investor confidence.

The disconnect between the project’s adoption—Hyperliquid is increasingly viewed as a competitor to major chains like Solana—and its token price highlights the severity of the current bear trend.

While the platform continues to generate high trading volumes and revenue, the token is struggling to find a floor.

Analysts are watching closely to see if the $9 billion valuation level acts as a psychological support or if further downside is inevitable.

BitMine Immersion Technologies Struggles with Treasury Strategy as ETH Falls

BitMine Immersion Technologies, a company that pivoted to an Ethereum treasury strategy, is facing a financial reckoning as the price of ETH tumbles.

The firm is currently sitting on significant paper losses, with its stock trading at a discount to the Net Asset Value (NAV) of its crypto holdings.

In an attempt to placate shareholders, BitMine has announced plans to stake its ETH holdings to generate yield and offer an annual dividend.

However, analysts warn that the company faces “structural issues,” including high embedded fees and a vanishing NAV premium.

The situation at BitMine mirrors the broader struggles of Digital Asset Treasury (DAT) companies, which are seeing their valuations erode faster than the underlying assets they hold.

This creates a negative feedback loop where corporate treasuries may be forced to liquidate crypto assets to cover operational costs or satisfy covenants, adding further sell pressure to the market.

Vitalik Buterin Urges Accelerated Shift to Quantum-Resistant Encryption

Ethereum co-founder Vitalik Buterin has issued a stark warning regarding the threat of quantum computing to blockchain security.

In a new roadmap update, Buterin argued that the timeline for achieving quantum resistance needs to be accelerated, urging the network to transition to quantum-proof cryptography by 2028.

This is significantly earlier than previous estimates, reflecting growing anxiety about the pace of quantum development.

The warning was echoed by other industry figures, including former Algorand CTO John Woods and Ray Dalio, who expressed concerns that Bitcoin and other legacy chains could be vulnerable to quantum hacks.

The push for “post-quantum” security is leading to new technical initiatives, such as the “Quantumroot” vault system recently debuted on Bitcoin Cash.

For investors, this introduces a new long-term risk vector to consider, as networks that fail to upgrade in time could face existential threats.

UK Cracks Down on Russian Sanctions Evasion via Crypto; Arrests 128

Authorities in the United Kingdom have executed a major operation targeting a money laundering network using cryptocurrency to evade sanctions against Russia.

“Operation Destabilise” resulted in the arrest of 128 individuals and the seizure of $32.6 million in crypto and cash. The investigation revealed that the network was facilitating the purchase of a bank in Kyrgyzstan to move illicit funds.

This enforcement action highlights the intensifying global regulatory focus on crypto’s role in geopolitical conflict and financial crime. It signals that governments are becoming more sophisticated in tracking on-chain activity to enforce sanctions.

For the crypto industry, while this boosts legitimacy by removing bad actors, it also likely presages stricter compliance requirements for exchanges and wallet providers operating in the UK and Europe.

BlackRock Files for Staked Ethereum ETF in Delaware

In a move that could reshape institutional access to DeFi yields, BlackRock has registered the “iShares Staked Ethereum Trust” in Delaware.

While not yet a full SEC filing, this preliminary step indicates the asset manager’s intention to launch an ETF that not only holds Ethereum but also stakes it to earn network rewards.

If approved, this product would offer investors a way to capture the “risk-free rate” of the Ethereum network within a regulated vehicle.

This development is significant because the SEC has previously been hesitant to approve ETFs that include staking components due to liquidity and regulatory concerns.

A BlackRock-backed staking ETF could force a shift in regulatory policy and unlock billions in capital for the Ethereum staking ecosystem.

However, the filing comes at a time when demand for existing ETH ETFs is weak, suggesting BlackRock is playing a long game for the next market cycle.

Bitcoin ‘Death Cross’ Confirmed: Analysts Debate Bear Market vs. Lagging Indicator

Bitcoin’s daily price chart has confirmed a “death cross,” a technical pattern where the 50-day moving average crosses below the 200-day moving average. Historically, this pattern has often preceded prolonged bear markets, leading many traders to brace for further downside.

The confirmation of this signal has contributed to the “extreme fear” currently gripping the market.

However, seasoned analysts warn against panic, noting that the death cross is a lagging indicator that often appears after the worst of the sell-off has already occurred.

Some point to back-tested data suggesting that this specific washout could be a “bear trap” preparing Bitcoin for a longer-term rally to new highs.

Contrarian traders are viewing this technical breakdown as a potential accumulation opportunity, provided that macro conditions (like the Fed’s rate policy) begin to improve.

Plume CEO Predicts 3-5x Growth for Real-World Assets (RWA) in 2026

Despite the current market gloom, optimism for the Real-World Asset (RWA) sector remains high.

The CEO of Plume, a tokenization platform, predicts that the RWA market will grow by 300-500% in 2026 as it expands beyond crypto-native audiences to institutional investors.

This bullish outlook is supported by new partnerships, such as Securitize—backed by BlackRock and Morgan Stanley—agreeing to deploy institutional-grade assets on Plume’s staking protocol.

The tokenization of assets like stocks, bonds, and real estate is viewed as a major driver for the next crypto bull run.

Projects like Trump International Maldives are already launching tokenized real estate stakes, and companies like Superstate are advocating for borrowing against tokenized stocks.

This trend suggests that while token prices are down, the infrastructure for merging traditional finance with blockchain continues to be built at a rapid pace.

Binance CEO Richard Teng Dismisses Bitcoin Volatility Concerns

Binance CEO Richard Teng has publicly addressed the recent market turmoil, arguing that Bitcoin’s 35% decline and current volatility are in line with broader risk-off deleveraging seen in global markets.

Teng pushed back against the narrative that crypto is uniquely unstable, pointing out that major asset classes are all suffering under current macro conditions. He emphasized that the fundamentals of the industry remain strong despite the price action.

Teng’s comments come as Binance continues to expand its footprint, with its Japanese arm integrating with SoftBank-backed payment giant PayPay. This integration is expected to onboard millions of new users in Japan, further solidifying the exchange’s position in Asia.

The CEO’s calm demeanor stands in contrast to the retail panic, reinforcing the view held by industry leaders that this is a cyclical correction rather than an existential crisis.