Why Crypto Is Crashing Today [Live] Updates On November 21,2025

Markets plunged after the U.S. Labor Department announced that November and October employment reports will be released on December 16, but the real shock came before the data. By 11:20 AM ET, the S&P 500 had already dropped 70 points, then fell another 120 points in 40 minutes.Investors are on edge, and in today’s polarized market, any headline can trigger massive moves, wiping out trillions in minutes. Sudden declines spark panic selling, while rallies accelerate on optimism, such as AI hype. The real driver? extreme sentiment swings, not the news itself.

This Black Friday, the markets went completely haywire:

S&P 500 erased $1.5 trillion from its intraday high.

Bitcoin plunged to $87,000.

Total crypto market cap fell below $2.95 trillion.

There’s no obvious catalyst — no macro shock, tariffs, recession fears, or earnings misses. Even NVIDIA’s rally from yesterday is gone. Traders are calling it pure, unexplained liquidation chaos — either someone knows something we don’t, or the market has officially lost its mind.

Short-term Bitcoin holders are clearly underwater, but that alone doesn’t guarantee a new all-time high this cycle. In the previous cycle, the same pattern played out: First, holders went underwater early in the year.Then it happened again near the end of the 4-year cycle and that second dip produced a relief rally, not a new ATH. if the market behaves differently this time, analysts say they’re ready to adjust their outlook.

Trader 0x9f59 pulled off a massive quick-hit profit by sniping Jesse Pollak’s token $jesse at launch. He spent 67 ETH ($190K) to buy 76.15M $jesse, paying another 15.54 ETH ($44K) in gas. Within just 15 minutes, he dumped the entire stack for 303.53 ETH ($860K) — locking in a profit of 221 ETH ($626K) in one of the fastest meme-token flips of the week.

Asset tokenization platform Securitize has teamed up with Plume Network’s Nest protocol to bring major institutional products on-chain, including offerings from Apollo, Hamilton Lane, VanEck, and BlackRock.At the same time, Bitcoin staking platform Solv Protocol is committing $10 million to Nest Vaults to strengthen liquidity across the connected asset pools, boosting institutional-grade on-chain access.

Binance data shows Bitcoin dropped below $88,000 to $87,123.89, falling 4.61% in 24 hours. Ethereum slipped under $2,900 to $2,851.83, down 5.28%. According to Coinglass, the past 24 hours saw $831 million in total liquidations $696 million in longs and $135 million in shorts with roughly 227,500 traders wiped out as volatility surged across the market.

The current crypto crash appears to be driven by multiple pressures hitting at once:

Surging Japanese 10Y yields are shaking global liquidity and weighing heavily on Bitcoin and altcoins.

DATs are unwinding, with BTC’s valuation triggering accelerated sell pressure.

A major prop firm or market maker may be blowing up, similar to what happened during the FTX collapse — something the market may only confirm months later.

Veteran traders say these are some of the wildest moves seen in nearly a decade.

The S&P 500 erased $1.5 trillion in under two hours nearly $15 billion per minute marking one of the fastest wipeouts in history. But this wasn’t a crash or a black swan. Goldman says a critical S&P level broke, triggering massive algorithmic sell flows that could unload up to $40 billion more in the coming days. No news caused it just machines reacting to signals. Markets are selling first, and explanations will come later.

Japan’s surging long-term yields—after a massive stimulus push—have sparked a global liquidity crunch. As Japanese bonds reprice, U.S. yields jump, mortgage rates rise, bank collateral weakens, and repo funding tightens. With liquidity evaporating, forced deleveraging has hit crypto and stocks hard. Japanese institutions are now repatriating capital, further draining global markets. This yield spike—not sentiment—is driving the sudden crash across risk assets.