Crypto Market Today, November 22, 2025: Bitcoin Holds Near $84K as ISO 20022, ETFs and Mining Stress Shape Sentiment

The global crypto market is attempting to steady itself this Saturday after a brutal November that wiped tens of billions off digital assets and pushed Bitcoin more than 30% below last month’s all‑time high near $126,000. ^[1]

According to data from Binance and CoinCodex, the total cryptocurrency market cap is hovering around $2.87–$2.90 trillion, modestly higher on the day, with Bitcoin dominance near 58%. ^[2] Bitcoin is trading roughly around $84,000, Ethereum near $2,700, and most major altcoins are mixed as traders digest a wave of macro, regulatory and structural news. ^[3]

At the same time, today brings a historic switch in global payments infrastructure as SWIFT completes its cut‑over to ISO 20022 messaging, an event heavily watched by XRP and XLM communities; new spot XRP and Dogecoin ETFs are lining up in the U.S.; Coinbase and Binance are rolling out new products; and fresh enforcement and security stories are reminding everyone that crypto risk is far from theoretical. ^[4]

Quick disclaimer: All prices and levels mentioned here are approximate snapshots from widely used data providers on November 22, 2025 and may have moved by the time you read this. Nothing in this article is financial advice.

Key Crypto Market Numbers for November 22, 2025

Market overview

Total crypto market cap: ≈ $2.9T, up about 1–1.3% over the last 24 hours, but still sharply below early‑November levels. ^[5]
BTC dominance: around 58%, slightly higher on the day, reflecting Bitcoin’s outsized weight even after the sell‑off. ^[6]

Top assets

From Binance’s market update and CoinCodex’s daily report: ^[7]

Bitcoin (BTC): ~$84K, trading in a rough $80.6K–$85.6K 24‑hour range; down about 2–3% over 24 hours and roughly 24% in November, more than 30% below its recent ~$126K peak. ^[8]
Ethereum (ETH): ~$2,700–2,730, off 1–2% on the day after breaking below the $3,000 level earlier in the week. ^[9]
BNB: ~$816, down around 1% in 24h and underperforming majors on the week. ^[10]
XRP: ~$1.90, slightly negative on the day and down roughly 15% on the week, sitting on a major support band between about $1.79 and $1.98. ^[11]
Solana (SOL): ~$126, marginally lower today after a week of heavy selling; still above key support levels flagged by recent technical reports. ^[12]
Dogecoin (DOGE): ~$0.137, down around 2–3% over 24h with attention shifting to upcoming spot DOGE ETFs. ^[13]
TRON (TRX): ~$0.275, slightly lower over 24h, but backed by strong USDT flows and stablecoin settlement volumes. ^[14]

Big movers

CoinCodex highlights a very split tape among mid‑caps: ^[15]

Top gainers:
- FLUID: +37%
- World Liberty Financial (WLFI): +13–20% (also flagged by Binance as a standout) ^[16]
- Bitcoin Cash (BCH): +15–18%, climbing into the top‑10 by market cap. ^[17]
Top losers:
- Zcash (ZEC): –26%
- StarkNet (STRK): –25%
- Dash, Decred and various small caps also post steep double‑digit declines. ^[18]

It’s classic late‑cycle volatility: index‑level metrics look only modestly red or green, but under the surface altcoins are swinging wildly.

Bitcoin Today: Sideways Near $84K After a Violent Reset

From seven‑month lows to fragile stabilization

On Friday, Bitcoin briefly dropped toward $80,500, marking a seven‑month low and leading another leg in a global “flight from risk” that hit stocks, crypto and other speculative assets. ^[19]

Today, BTC is trying to build a base in the low‑to‑mid $80Ks, with major exchanges reporting intraday ranges roughly between $82K and $85K. ^[20] Analysts interviewed in TS2’s Bitcoin wrap describe November’s drop as a 30%+ drawdown from the ~$126K high, driven by a mix of: TechStock²+1

Heavy outflows from some U.S. spot Bitcoin ETFs
A broad risk‑off move tied to worries about stretched AI‑stock valuations and uncertain Fed timing
Thin liquidity and options‑driven selling once $90K and then $85K supports gave way

NDTV’s coverage of the derivatives market notes that dealer “gamma” positioning around the $85K and $80K strikes has amplified price moves: as Bitcoin sliced below $85K, market‑makers hedging short‑gamma exposures likely added to the sell‑off, while models suggest that below $80K the dynamics could flip and force dealers to buy into further weakness. ^[21]

Mining stress: hashprice at a record low

Today’s price reset is hitting miners hard. Data from mining analytics site TheMinerMag shows Bitcoin hashprice — miner revenue per unit of hashrate — has fallen to a new all‑time low below $35 per PH/s, with BTC trading near $83K and network difficulty still elevated. ^[22]

Key mining metrics: ^[23]

BTC is down over 30% from last month’s highs, erasing previous year‑to‑date gains.
7‑day average hashrate has slipped from about 1.124 ZH/s in mid‑November to roughly 1.06 ZH/s, suggesting some miners are already powering down hardware.
The network is on track for a ~2% negative difficulty adjustment in about four days if current block production continues.

That combination — falling price, record difficulty, and now early signs of hashrate retreat — is exactly the sort of late‑stage miner stress that past cycles have seen near major local bottoms, though there’s no guarantee history repeats.

Corporate balance sheets under pressure: MicroStrategy in the spotlight

Institutional balance‑sheet strategies built around Bitcoin are feeling the strain. Indonesia‑based outlet Pintu reports that MicroStrategy, which holds about 649,870 BTC, now has around 40% of its stash sitting at a loss after BTC fell below $91K earlier this week. ^[24]

Highlights from that report: ^[25]

A recent 8,178‑BTC purchase at an average $102,171 per coin is down nearly $100 million on paper.
MicroStrategy’s stock is down about 55% from its peak earlier in the year, with roughly $72 billion in market value erased.
The broader market’s “extreme fear” is showing up in sentiment gauges even as some altcoins bounce.

The MicroStrategy case has become a symbol of the risks of highly leveraged corporate BTC strategies: spectacular upside during the rally, but extreme drawdowns when volatility turns.

Macro backdrop: Fed cut hopes vs. risk‑off mood

Despite the pain, macro signals are starting to shift. Wall Street wrapped up the week higher on renewed Federal Reserve rate‑cut bets, with the Dow up nearly 500 points on Friday and investors pricing in an elevated probability of a December cut. ^[26]

Binance’s market note pegs the December Fed cut probability around 71%, and links Bitcoin’s modest rebound to that shift in expectations. ^[27] Yet weekly research from major FX/crypto desks still describes risk appetite as broadly deteriorating, signalling that any crypto relief rally is competing with persistent caution across global markets. ^[28]

Ethereum, XRP and Other Majors: Whales Buy the Dip, ETFs Re‑Route Flows

Ethereum (ETH): Oversold, in a “danger zone,” but whales are active

Ethereum is trading around $2,700–2,720, having spent much of the week grinding lower from above $3,000. Historical data from Investing.com shows a three‑day slide from over $3,025 down into the high‑$2,700s, with daily losses of 2–6% across multiple sessions. ^[29]

TS2’s Ethereum deep‑dive frames today’s setup as a technical “danger zone”: TechStock²

ETH has broken below its main daily uptrend line.
Price has lost the key 0.618 Fibonacci retracement of its prior rally.
Immediate support is seen around $2,630–$2,700, with deeper bearish targets discussed around $2,500 and even $2,100 if selling resumes.

Yet the same analysis also flags early stabilisation signs: TechStock²

Perpetual futures funding rates on ETH have normalised toward ~6% annualised after dipping, suggesting derivatives markets are no longer in full panic.
Top traders on OKX reportedly increased their long exposure as price slid from ~$3,200 to the $2,700 area.
ETH’s RSI has moved into classic oversold territory, and the ETH/BTC ratio has held its range relatively well, implying Ethereum is not underperforming Bitcoin to the same extent as during earlier drawdowns.

On the fundamental side, Coinbase’s expansion of ETH‑backed loans is adding a subtle tailwind. The exchange now lets eligible U.S. users (outside New York) borrow up to $1 million in USDC against their ETH, extending a program that previously supported only BTC and had already originated over $1.27 billion in Bitcoin‑backed loans. TechStock²+1

This move deepens ETH’s role as collateral in both centralized and decentralized finance, potentially encouraging long‑term holders to keep coins off the market instead of selling into weakness.

XRP: Price pinned near $1.90 on a historic day for payments

XRP is trading close to $1.90, slightly down on the day with a steep weekly loss but resting on a critical $1.79–$1.98 support band. ^[30] Technical analysts at several outlets point to: TechStock²

A cluster of support between roughly $1.76 and $1.98 that has so far held.
Oversold momentum readings (daily RSI recently in the low‑20s), which historically preceded double‑digit relief bounces.
Layered resistance between $2.06–$2.15, then $2.20–$2.30, and finally a major ceiling near $2.70–$2.80 if any recovery extends.

Fundamentally, today is pivotal for XRP’s long‑running payments narrative:

As of November 22, 2025, SWIFT has fully migrated to the ISO 20022 messaging standard, ending coexistence with its legacy MT formats. ^[31]
CCN’s explainer stresses that ISO 20022 is a data standard, not a crypto endorsement, but notes Ripple joined the ISO 20022 governance ecosystem years ago and that RippleNet already supports ISO‑formatted messages, aligning with bank needs for structured, compliance‑friendly data. ^[32]

At the same time, the legal cloud over XRP in the U.S. has finally cleared. In August 2025, the SEC and Ripple filed a joint dismissal of their appeals, leaving Judge Analisa Torres’ earlier ruling in place — one that found some institutional XRP sales violated securities laws but that secondary‑market trading of XRP itself is not automatically a securities offering. TechStock²

This clarity has opened the door to U.S. spot XRP ETFs, some of which are now live and others slated to launch in the coming days. However, today’s price action shows that ETF tailwinds and ISO 20022 hype are being overwhelmed by broader risk‑off sentiment and heavy Bitcoin ETF outflows across the market. TechStock²+2TechStock²+2

Other majors: BNB, Solana, TRON, Dogecoin

BNB (Binance Coin) sits in the low‑$800s, under pressure despite Binance news of new product launches and a high‑profile integration with PayPay Money in Japan that lets users buy and sell crypto directly via the popular digital wallet. ^[33] Binance also remains in the regulatory spotlight after an ICIJ investigation alleged ongoing exposure to high‑risk flows even after its 2023 AML settlement — claims the exchange disputes, but which continue to weigh on sentiment. TechStock²
Solana (SOL) is trading around $126, slightly red on the day but holding above key support flagged earlier this week by FXStreet and other analysts. Those reports highlighted oversold technicals and ongoing ETF inflows into newly launched Solana products from firms like 21Shares and VanEck as structural positives. ^[34]
TRON (TRX), near $0.277, continues to lean on its dominance in USDT circulation, with Coinpaper noting that over $78.5 billion of Tether — more than 60% of the total supply — now lives on TRON, driving massive stablecoin settlement volumes and reinforcing TRX’s role in high‑frequency payments. ^[35]
Dogecoin (DOGE) is hovering near $0.137 with a soft tone, but structurally it’s entering a new phase as Grayscale’s spot Dogecoin ETF (GDOG) is set to begin trading on NYSE Arca on Monday, November 24, alongside other DOGE products in the pipeline. TechStock²+2Binance+2

Altcoin Rotation: BCH, WLFI and FLUID Pop as Most Coins Bleed

Despite November’s heavy selling, altcoins as a group have quietly outperformed Bitcoin this month. TS2’s Bitcoin briefing notes that the ALT/BTC ratio is up almost 9.5% in November, and that altcoins now account for about 60% of Binance’s trading volume, the highest share since early 2025. TechStock²+1

Today’s market looks like this under the hood: ^[36]

Bitcoin Cash (BCH) is up roughly 15%+ on the day, with Binance showing it around $530–$550, helping it break back into the top‑10 market‑cap rankings.
World Liberty Financial (WLFI) is up ~14–20%, singled out both by Binance’s market movers list and CoinCodex’s “coin of the day” section.
FLUID leads the top‑200 gainers with a ~37% jump over 24 hours.
Meanwhile, Zcash, StarkNet, Dash, Decred and others are tumbling between –20% and –27%, underscoring how selective the risk‑on appetite really is.

In other words, this isn’t a broad‑based alt season — it’s a highly fragmented rotation where a handful of narratives (payments, yield, newer DeFi plays) are attracting speculative flows even as the majority of coins continue to trend lower.

Regulation and Policy: From ISO 20022 to U.S. Market‑Structure Bills

Beyond price charts, several policy developments today are shaping how institutional players think about digital assets.

ISO 20022 goes live for SWIFT — data, not magic

As of today, all SWIFT bank‑to‑bank payment instructions are being sent in ISO 20022 format, ending the coexistence period with the older MT messaging standard. ^[37]

CCN’s explainer emphasises that: ^[38]

ISO 20022 is a messaging format (XML/JSON with rich metadata), not a stamp of approval for any given cryptocurrency.
Ripple and Stellar have both aligned their infrastructure with ISO 20022‑style data, but no coin is “ISO‑certified” in any formal sense.
The real impact is better data, compliance and interoperability, which could make it easier for banks and regulated fintechs to integrate with blockchain‑based rails in the future.

For XRP and XLM, today’s switch is structurally positive but not an instant price catalyst — traders are watching for actual bank corridors and announced partnerships rather than narratives alone. ^[39]

U.S. regulatory clarity: gas fees, bank capital and a possible December markup

The Bank Policy Institute’s BPInsights roundup for November 22 flags several important U.S. and global policy steps: ^[40]

The OCC has clarified that national banks may pay blockchain “gas fees” and hold small amounts of crypto assets as principal when necessary to support otherwise permissible activities (for example, testing or running payment platforms). This gives banks more explicit permission to interact with public blockchains in limited, operational ways.
Senate Banking Committee Chair Tim Scott says he aims to mark up crypto market‑structure legislation in December, in both the Banking and Agriculture Committees. Any bill emerging from that process could eventually define clearer lines between SEC and CFTC oversight of crypto spot and derivatives markets.
At the global level, Basel Committee head Erik Thedéen has called for a revamp of bank capital rules for crypto exposures, and the FSB’s 2026 work plan includes continued focus on global standards for crypto and stablecoins.

Taken together, these steps suggest regulators are moving — slowly but clearly — from emergency reactions toward longer‑term rulebooks for banks and large institutions engaging with digital assets.

Security and Compliance: A USDT Exploit, Exchange Scrutiny and Quantum‑Era Fears

Security stories today are a sharp reminder that operational risk remains a core part of the crypto landscape.

Indonesian hacker arrested over Markets.com USDT exploit

Analytics Insight reports that Indonesian authorities have arrested a hacker accused of exploiting a flaw in Markets.com’s deposit system to generate fake USDT balances and steal around $398,000. ^[41]

Key details: ^[42]

The suspect allegedly abused a “nominal deposit” anomaly that created artificial USDT credits based on user‑entered values, without sufficient backend checks.
Police say multiple accounts were opened using scraped identity data, and seized a hardware wallet containing more than 266,000 USDT (~$4.2 million at current prices) alongside other assets.
The case has prompted renewed attention on exchange risk controls, with BitForex and others highlighting new KYC and compliance deadlines as part of ongoing restructuring efforts.

The same report also notes rising interest in quantum‑resistant cryptography, citing security reviews of QANplatform’s protocols and estimates that post‑quantum cryptography revenues could grow at an annual rate above 40% to reach roughly $2.8 billion by 2030. ^[43]

Binance and Coinbase: liquidity hubs under the microscope

The Binance news round‑up points to surging exchange inflows and a roughly $9 billion increase in stablecoin reserves over the past month, interpreted by some analysts as “dry powder” waiting to be deployed once volatility cools. TechStock²+1 At the same time, the ICIJ’s investigative work on Binance’s past exposure to high‑risk counterparties — which the exchange disputes — continues to shape how regulators and banks perceive its risk profile. TechStock²
On the Coinbase side, TS2’s coverage highlights a busy day: the Vector.fun acquisition, 24/7 altcoin futures, and the launch of ETH‑backed loans all deepen the exchange’s role as a hybrid “CeFi front end with DeFi plumbing,” including DEX integrations in markets like Brazil. TechStock²+1 Yet equity analysts are increasingly split on Coinbase stock, citing valuation concerns and competition from low‑fee spot ETFs even as the company rolls out new products. TechStock²

The unifying theme: infrastructure is getting richer and more complex, but every added feature brings new vectors for operational, market and regulatory risk.

Global Adoption and the “Consolidation Phase” Narrative

Outside the U.S. and Europe, local exchanges and regulators are trying to navigate the same volatility with their own twists.

An interview with Tokocrypto CEO Calvin Kizana, published in Indonesian outlet VOI today, describes global crypto as likely to remain in a “consolidation phase” through the end of 2025. ^[44] He notes that: ^[45]

Bitcoin’s price around $84.5K is seen as sharply weaker, partly due to shifting expectations that the U.S. Federal Reserve might delay rate cuts.
Indonesia’s crypto transaction value fell about 13.8% year‑on‑year in January–October 2025, but the number of users rose to 18.6 million, growing more than 3% month‑over‑month.
This suggests local investors are not abandoning digital assets, but becoming more selective and risk‑aware.

Kizana’s view mirrors the message from several global research shops: no clear confirmation yet of a deep structural bear market, but a cooling phase in which new money is cautious, long‑term holders keep accumulating, and developers continue to ship.

What to Watch Next

For traders, builders and long‑term investors, here are the key variables to monitor after today’s session:

Bitcoin’s $80K–$82K support
- A sustained hold above this zone would support the idea that a tradable bottom is forming. A decisive break could accelerate miner stress and trigger further forced selling. TechStock²+1
ETF flows and volumes
- Watch daily flows into and out of U.S. spot Bitcoin ETFs, as well as the first trading days for new XRP and Dogecoin ETFs next week. Large, persistent inflows would strengthen the “institutional dip‑buying” narrative; renewed outflows would argue the opposite. ^[46]
ISO 20022 implementation news
- Now that SWIFT’s cut‑over is done, the next catalysts will be concrete announcements: banks actually using RippleNet, Stellar or other ISO‑compatible rails for live corridors, not just pilots. ^[47]
Regulatory calendar
- Any movement on U.S. crypto market‑structure legislation, Basel’s review of bank crypto capital rules, or new stablecoin guidance could quickly shift institutional appetite for the space. ^[48]
On‑chain capitulation vs. accumulation
- Hashrate, miner balances, exchange inflows/outflows, and whale positioning in BTC and ETH will help determine whether today’s price action is a pause before another leg down — or the messy start of a recovery. ^[49]

Whatever your timeframe, the current backdrop is one where volatility, regulation and macro all matter at once. Position sizing, diversification and risk management are at least as important as trying to time the next big move.

Reminder: This article is for information and news purposes only. It is not investment advice. Always do your own research and, where appropriate, consult a licensed financial adviser before committing capital to cryptocurrencies or related products.