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Crypto Market Rocked by Significant Downturn on November 23, 2025
The cryptocurrency market is experiencing a turbulent period as of November 23, 2025, with major digital assets like Bitcoin (BTC) and Ethereum (ETH) facing sharp declines amidst a confluence of macroeconomic pressures and significant market movements. The overall sentiment leans towards 'extreme fear,' with substantial value wiped out across the board.
Bitcoin and Ethereum Lead the Retreat
Bitcoin, the world's largest cryptocurrency, has seen considerable volatility, retesting the $85,000 level after a challenging week. While it managed to breach $84,000 and subsequently $85,000, it remains down by 11% on weekly charts. Just a few days prior, on November 17, Bitcoin was trading around $94,860, but by November 21, it had slipped into the low $80,000s, closing at $80,553 on Friday. Analysts are closely watching the $80,000 support level, warning that a drop below it could trigger even larger losses. This downturn has erased Bitcoin's year-to-date gains, with a 12% loss over the past week.
Ethereum has followed a similar trajectory, struggling to maintain its position above key support levels. Its price decisively broke through $3,000 and further support zones, stabilizing above $2,700 after dropping to $2,680. ETH was trading near $3,140 on November 17, falling to roughly $2,784 by November 21, and is currently retesting its 20-day EMA at $2,823. Ethereum is down nearly 19% so far in 2025.
Macroeconomic Headwinds and ETF Outflows Fueling the Decline
The pronounced declines in the crypto market are largely attributed to broader macroeconomic uncertainty and a prevailing 'risk-off' sentiment among investors. Concerns about expensive tech stocks, coupled with uncertainty surrounding US interest rate decisions, have led to a sell-off in riskier assets, including cryptocurrencies. A weak job market and dovish comments from the New York Fed President John Williams have also played a role.
Further exacerbating the market's woes are significant outflows from US Bitcoin spot ETFs. SoSoValue data indicates that these ETFs have lost over $3 billion in the past month, with weekly outflows amounting to approximately $1.5 billion. November alone has seen multi-billion-dollar outflows from spot Bitcoin ETFs after substantial inflows earlier in 2025. This indicates institutional caution and a shift in investor behavior. The market also witnessed heavy liquidations, with over $2.2 billion in leveraged crypto trades wiped out on November 21, with Bitcoin accounting for the majority of these losses.
Some analysts suggest that the current volatility reflects broader market deleveraging rather than crypto-specific events, viewing it as a mid-cycle correction rather than a full market capitulation, as 20-30% pullbacks are common even during bull cycles.
Other Notable Events and Trends
Beyond the price action, other developments are shaping the crypto landscape:
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Bitcoin as 'Digital Gold': BlackRock's head of digital assets, Robbie Mitchnick, emphasized that institutional investors are primarily treating Bitcoin as a store of value, or 'digital gold,' rather than a future payments network. He noted that the payments role for Bitcoin remains speculative and would require significant scaling advancements to become practical.
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Crypto ATM Operator in Trouble: Crypto Dispensers, a crypto ATM operator, is reportedly considering a $100 million sale of its business. This comes shortly after its founder and CEO, Firas Isa, was charged by the US Department of Justice with conspiracy to commit money laundering amounting to $10 million.
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Altcoin Corrections: XRP and TRON have also experienced corrections after overheating. Despite nine new XRP ETFs launching, which initially created a short lift, the rally faded, leaving traders searching for more stable opportunities.
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November Crypto Events: November 2025 has been an active month for the crypto industry with several conferences and summits. Events such as the Mining Disrupt Conference in Texas (November 12-14) focused on mining trends and regulatory impacts, while the Cardano Summit in Berlin (November 8-10) and Bitcoin Amsterdam (November 13-15) brought together developers, investors, and policymakers. The Ethereum Cypherpunk Congress is also scheduled for November 25-27, focusing on privacy and advanced cryptography.
As the crypto market navigates ongoing volatility and macroeconomic uncertainties, investors are advised to exercise caution and monitor key support levels closely.
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What will the price of MYX be in 2026?
In 2026, based on a +5% annual growth rate forecast, the price of MYX Finance(MYX) is expected to reach $3.01; based on the predicted price for this year, the cumulative return on investment of investing and holding MYX Finance until the end of 2026 will reach +5%. For more details, check out the MYX Finance price predictions for 2025, 2026, 2030-2050.What will the price of MYX be in 2030?
MYX Finance is a decentralized derivatives exchange (DEX) focused on perpetual contracts, aiming to bridge the efficiency of centralized exchanges (CEXs) with the transparency and self-custody inherent in decentralized finance (DeFi). The platform, launched in 2023, distinguishes itself through a unique architecture designed to optimize liquidity and trading experience. It has rapidly gained attention, particularly for its zero-slippage trading capabilities and cross-chain support.
Core Functionality and Technology
At the heart of MYX Finance is its proprietary Matching Pool Mechanism (MPM). Unlike traditional order books or automated market makers (AMMs), the MPM aggregates liquidity from providers and algorithmically matches long and short positions within a shared pool. This innovative approach is designed to eliminate slippage, even for large orders, and reduce trading costs, a significant advantage over many existing DEXs. MYX Finance also utilizes a Peer-to-Pool-to-Peer (P-Pool-P) model to ensure constant and deep liquidity across its perpetual markets.
A key technological innovation is chain abstraction, which allows users to trade assets from over 20 different blockchains, including Arbitrum, BNB Chain, and Linea, without the need for manual bridging. This streamlines the trading process and improves capital efficiency by enabling collateral from various chains to be used in a single account. MYX Finance also integrates Chainlink Data Streams and Pyth Oracle for low-latency, manipulation-proof price feeds, ensuring institutional-grade execution and transparent pricing. Gas costs for transactions are typically paid by a relayer network and netted in settlement currency, offering users a gas-free trading experience that feels instantaneous. The platform offers high leverage options, up to 50x, on USDC-collateralized perpetual futures contracts.
To secure its ecosystem and manage risks, MYX Finance incorporates advanced tools such as:
- Time Traveller: For retroactive execution in cases of market anomalies.
- Live Surveillance: Real-time monitoring of assets and liabilities.
- Auto-Deleveraging (ADL): Automatic reduction of open interest during volatility spikes.
- Risk Reserve: Funds set aside to cover unexpected losses.
Tokenomics and Ecosystem
The native utility token of the platform is MYX. With a fixed total supply of 1 billion tokens, MYX plays several crucial roles within the ecosystem. Its functions include:
- Governance: Holders of MYX tokens can stake them to participate in protocol governance, voting on upgrades, fee structures, risk limits, and other key parameter changes.
- Fee Discounts: Holding a minimum amount of MYX tokens (e.g., ≥10 MYX) can unlock VIP tiers, offering significant reductions in trading fees, potentially up to 70%.
- Staking Rewards: Liquidity providers and stakers can earn a share of the protocol's net trading fees, aligning incentives with the platform's growth.
- Collateral: MYX tokens can also be used as collateral for leveraged trading positions.
The token distribution plan includes allocations for ecosystem incentives (40%), core contributors (20%), investors (17.5%), airdrops (14.7%), initial liquidity provisioning (4%), community rounds (2%), and a foundation reserve (1.8%). A significant portion (45%) is allocated to community incentives to promote transparent rewards and long-term sustainability. The project has undergone an audit by PeckShield to bolster its security framework.
Team and Funding
MYX Finance was founded by Mark Zhang (Yihao Zhang), who serves as the CEO. Zhang brings a strong background from leadership positions at prominent centralized exchanges like Huobi and OKEx, providing expertise in derivatives products and trading systems.
The project successfully raised $5 million in a seed round at a $50 million valuation in November 2023. This funding round was led by HongShan (formerly Sequoia China) and saw participation from several notable investors, including Consensys, Hack VC, OKX Ventures, Redpoint China, Hashkey Capital, Foresight Ventures, GSR Markets, Leland Ventures, Cypher Capital, Bing Ventures, and Lecca Ventures.
Market Position and Outlook
MYX Finance positions itself as a strong competitor in the decentralized derivatives market, aiming to rival established players like dYdX and Hyperliquid. It emphasizes low transaction fees (as low as 0.01% for makers), competitive funding rates, and a user-friendly experience akin to centralized exchanges. The platform has garnered significant trading volume, processing weekly trading volumes of $2.2 billion and accumulating a total trading volume of $4.7 billion in its first year.
The roadmap for MYX Finance includes continued ecosystem expansion and technical upgrades. Near-term upgrades focus on enhancing cross-margin support and implementing full cross-chain portfolio margining. There are also plans for non-EVM chain expansion, with discussions hinting at integrations with Solana and Bitcoin L2s in 2026, which could significantly broaden its reach and liquidity. The V2 Protocol upgrade is also planned, promising zero-slippage execution and improved liquidity efficiency.
Despite its innovative features and rapid growth, MYX Finance is a relatively young protocol, and its long-term security, resilience, and sustainability are ongoing considerations. The token's price history has shown volatility, and some analysts have raised concerns about potential market manipulation due to rapid price surges and short squeezes, especially given the low liquidity for smaller pairs. However, the commitment to transparency, community-driven governance, and continuous innovation suggests a proactive approach to addressing these challenges. The protocol's ability to maintain liquidity depth and expand cross-chain interoperability will be crucial for its sustained success.
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