Crypto Markets: Sharp Swings Test Market Nerves

(November 25 Edition)

Total Market Cap: $3.03T
24h Volume: $159.19B

BTC: $87,772
ETH: $2,924
SOL: $138
XRP: $2.25

BTC Dominance: ~ 58%

Over the past week crypto felt like it went through a full mood swing. Bitcoin dropped hard from the 111K zone down toward the low 80Ks, shaking out a huge wave of leverage and flipping sentiment almost instantly. That slide triggered billions in liquidations and forced a lot of traders to step back. Once the move flushed out the riskiest positions, the market finally started to cool, and BTC has now climbed its way back to around 88K. The tone is still cautious, but you can feel the market trying to find its footing again after the shock.

What comes next depends on how Bitcoin behaves around this middle ground. Holding above the mid 80K range would give the market room to stabilize while traders look for fresh signs of strength. If BTC can push back toward the 90K zone with solid volume, confidence will start to rebuild and you could see a healthier uptrend form. If it slips back under 85K, fear can return quickly and bring more downside. Everyone is watching how clean the reset becomes. The leverage washout was painful, but it also cleared space for a more stable foundation if buyers continue to step in.

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This week the Office of the Comptroller of the Currency gave U.S. banks a new kind of permission. They can now hold small amounts of cryptocurrency on their balance sheets, but only for one purpose, paying the network fees needed to run blockchain transactions. This matters because banks that use blockchain for things like tokenized deposits or payments need to cover those fees in the native crypto of each network.

The update does not let banks hold crypto for investing, but it does bring traditional finance a step closer to operating directly on blockchain rails. It is a small change with a big signal, banks are getting more involved in the crypto world behind the scenes.

Revolut announced this week that it has chosen Polygon as its main blockchain network for payments, trading, and staking, and the numbers are already big. Through this setup, Revolut customers have processed more than 690 million dollars in on chain volume using Polygon.

This means users can send stablecoins like USDC and USDT across borders with very low fees, trade and stake the POL token directly inside the app, and move between fiat and crypto with less friction. The update shows how fintech companies are starting to rely on blockchain as a core part of their system instead of treating it as a side feature.

Coinbase rolled out a new feature this week that lets users unlock up to 5 million dollars in liquidity by borrowing against their Bitcoin without having to sell it. The platform allows eligible users to use their BTC as collateral and receive USDC in return, giving them access to cash while still keeping their long term Bitcoin position intact. The service runs through the Morpho lending protocol on the Base network and is currently open to most U.S. customers except those in New York.

It is a big step for investors who want flexibility, but there is still risk involved since a sharp drop in Bitcoin price can trigger margin calls or even liquidations if the loan is not managed carefully.

Nvidia delivered a massive earnings beat this week, reporting a 62 percent jump in revenue compared to last year and showing that the demand for AI chips is still strong. The news normally boosts risk assets, and it did give crypto a small lift at first because big tech strength often signals a healthier appetite for growth and innovation. But the reaction also showed how sensitive the crypto market is right now. Even with Nvidia’s strong results, Bitcoin continued to move cautiously as traders balanced excitement about tech with concerns about recent volatility and the wider pullback.

The message for crypto investors is simple, strong tech earnings help sentiment, but they cannot overpower the mood of the market when fear is already in the air.

Bill Ackman is a well known billionaire investor and the founder of Pershing Square Capital, a hedge fund known for making bold, high conviction bets in the stock market.

This week he said he underestimated how much exposure Fannie Mae and Freddie Mac have to the crypto world, not because the companies hold digital assets, but because many of their shareholders do. When crypto prices fall and investors need cash quickly, they often sell whatever stocks they can, and that includes shares of Fannie and Freddie. Ackman explained that this indirect link makes the mortgage giants more sensitive to big crypto swings than most people realize. It is a reminder that turmoil in one corner of the financial system can spill into places that seem totally separate.