Bitcoin slid below $85,000 this week amid a wave of forced liquidations, losing several long-term moving-average supports and stoking debate over whether the latest rebound is sustainable or a pause before further downside. The sell-off leaves BTC on track for a fourth consecutive weekly decline and its lowest levels since April.

Break below long-term trend supports

Bitcoin closed below the 50-week moving average for the first time in the current four-year cycle after a failed attempt to reclaim that level. The rejection followed a brief bounce from the lower boundary of a multi-year price channel, after which the pattern broke down.

Structurally, BTC has slipped beneath the 2-day 200 EMA and SMA, breached the 50-week SMA, and lost a key confluence zone between $98,000 and $106,800 that traders had flagged for long-term Fibonacci overlap. Historically, a similar combination—a weekly close under the 50-week MA alongside an RSI drop below 50 and a MACD turn negative—preceded deeper weakness in January 2022.

Spot price lows reached roughly $81,800, leaving BTC well below its MA-20 (~$100,159), MA-50 (~$108,384), and MA-200 (~$110,345). BTC Markets strategist Rachael Lucas noted that Bitcoin is now approaching the 100-week simple moving average after failing to hold the 50-week level, calling the latter “a critical support level for long-term trend watchers.”

Liquidations turned a correction into a slide

Derivatives positioning amplified the move. As price fell through psychological thresholds at $100,000 and $90,000, a 13-day stretch of forced long liquidations removed bids and triggered cascading selling, accelerating the decline from around $105,000 into the low-$80,000s.

The token’s drop to fresh multi-month lows marks a steepening of the downtrend that began after highly leveraged crypto positions were unwound in October.

Short-term bounce; levels to watch

After the flush, buyers pushed BTC back above $86,000, reclaiming more than 50% of the downswing from the $92,872 swing high to the $80,595 low. Intraday momentum is mixed: the RSI on lower timeframes has recovered above 50, while the MACD is flattening after losing momentum.

• Resistance: $86,000–$92,900 (includes the 50% retracement and prior swing area).
• Support: $82,500 near term; major support at $80,000. A decisive break below $80,000 could accelerate downside.
• Trend gauges: 50-day EMA remains under pressure after a second weekly close beneath it, a setup some analysts view as a risk for a retest of $80,000.

Prominent market watcher Ted Pillows cautioned that repeated closes below the 50-day EMA keep $80,000 in play as a key technical floor, a level last visited in late February 2025.

Macro backdrop and broader market

Macro uncertainty continues to weigh on risk assets. Bloomberg Intelligence senior commodity strategist Mike McGlone warned that Bitcoin could face further downside toward $50,000 in 2026 if broader risk-off conditions persist.

Across majors, selling was widespread. Ether fell below $2,740 (−9.6% over 24 hours). XRP, Binance’s BNB, and Solana’s SOL declined about 9.1%, 8.4%, and 10.6%, respectively.

As of the latest trade, Bitcoin hovered near $87,000 (approximately A$135,000), with the 100-week SMA overhead and the $80,000 area emerging as the market’s pivotal near-term line in the sand.

Dogecoin rose on Monday as Grayscale’s spot Dogecoin exchange-traded fund (ETF) made its U.S. debut, with traders pointing to fresh institutional access and improving technical signals. The launch comes amid a broader market uptick and renewed interest in altcoin-based ETFs.

Grayscale’s DOGE ETF launches on NYSE Arca

Grayscale Investments is listing spot ETFs for Dogecoin and XRP on NYSE Arca on November 24, 2025. The Dogecoin product, referred to by market participants as GDOG, opened for trading on Monday, adding a new avenue for U.S. investors to gain exposure to DOGE via traditional brokerage accounts.

ETF watchers on X, including Bloomberg’s Eric Balchunas, projected first-day transaction volumes for the Dogecoin ETF could reach around $11 million. Market participants also flagged the potential for a rival DOGE vehicle from Bitwise to go live under the standard post-filing window, creating additional competition for inflows.

The launch follows a series of altcoin ETF developments in November, with XRP, Solana, and Ethereum products seeing fresh inflows and a recently approved leveraged crypto ETF on Nasdaq adding to risk appetite across digital assets.

Price action: key levels and technical setup

DOGE advanced roughly 2% over 24 hours as the total crypto market capitalization climbed about 2.6%. The token has recovered from a steady drawdown since its November 2024 peak and is attempting to confirm a bullish reversal.

On shorter timeframes, Dogecoin broke decisively above the $0.148 resistance on strong volume, a move that coincided with a clean MACD bullish crossover on the 4-hour chart. Traders also highlighted price holding above the $0.16–$0.17 support area, a zone that previously capped rallies. A falling wedge breakout has been cited by some analysts as a constructive pattern that can precede upside continuation.

In a historical context, DOGE defied resistance in late June, rallying about 90% from $0.151 to a July high near $0.288. Some analysts argue that a clear upside breakout from current consolidation could open room for significant percentage gains, but they also caution that confirmation above major resistance remains critical.

On-chain and flow dynamics

Short-term exchange and on-chain metrics indicate a shift in market structure, with traders rotating back into higher-beta tokens as ETF headlines drive attention. However, Dogecoin’s Network Value to Transactions (NVT) ratio has spiked, a sign that valuation may be running ahead of on-chain settlement activity. That mismatch could limit upside if inflows disappoint.

Broader ETF flows have offered a supportive backdrop. Spot products tied to XRP, Solana, and Ethereum saw renewed subscriptions after Friday’s pullback, suggesting risk appetite remains intact into week’s start. The arrival of a U.S. spot Dogecoin ETF adds a new institutional channel, though early trading suggested a measured start rather than a surge of immediate volume.

What to watch

• ETF traction: First-week volumes and spreads in GDOG, plus any competing DOGE products that list in coming sessions.
• Key price levels: Support at $0.16–$0.17 and prior resistance near $0.148 now acting as a floor; medium-term bulls eye a retest of the July high around $0.288 if momentum sustains.
• Momentum signals: Whether the 4-hour MACD crossover and falling wedge breakout lead to follow-through on higher timeframes.
• On-chain valuation: Elevated NVT normalizing alongside improving exchange flows would strengthen the case for a trend reversal.

While the technical setup has improved, analysts note that confirmation above overhead resistance will determine whether Monday’s bounce evolves into a durable uptrend.

Bitcoin hovered near multi-month lows ahead of a major options expiry on Friday, with roughly $14 billion in contracts set to roll off. Traders are bracing for elevated volatility as spot prices struggle below key technical levels and sentiment gauges flash extreme bearish readings.

Market snapshot and sentiment

Bitcoin extended November’s decline in recent sessions, with intraday moves briefly taking the price below $85,000 for the first time since April. At one point, BTC traded near $87,300, down about 4% on the day and almost 13% on the week after falling from highs above $103,000 days earlier, according to CoinGecko. Broader risk sentiment also softened, with U.S. equities giving back early gains.

CryptoQuant’s Bull Score Index fell to 20/100, indicating extreme bearish conditions. Analysts noted that BTC remains well below the 365-day moving average around $102,000, a level associated with trend confirmation and referenced as a key threshold during the 2022 bear market.

Options expiry and potential volatility

About $14 billion in Bitcoin options are due to expire on Friday, a catalyst that often reshapes positioning and short-term price action. A Bitwise analyst highlighted the $84,000–$73,000 zone as a potential “max pain” capitulation range if downside pressure accelerates. Others see the possibility of a sharp short squeeze toward $98,000 if selling exhausts and forced covering accelerates.

Derivatives indicators suggest positioning has already cooled substantially. Open interest in BTC terms posted its sharpest 30-day drop of the cycle at roughly 1.3 million BTC (about $114 billion notionally with BTC near $87,500), a sign that leverage has been flushed out, according to a CryptoQuant contributor. Rising realized and implied volatility signal a potential return to pre-ETF launch dynamics, when price swings were more pronounced.

On-chain and derivatives signals

• Capriole’s “relative heat” metric for Bitcoin derivatives, which tracks the heat across perpetuals, futures, and options weighted by open interest, fell to 0.09 — its lowest reading since November 2022.
• On-chain readings indicate significant seller capitulation near $80,000, with one model suggesting a 91% probability that a bullish trend reversal follows such capitulation. While model-based probabilities are not guarantees, they underscore the degree of deleveraging already seen.
• Analysts also flagged that the cost basis of large institutional holders — including BlackRock’s spot Bitcoin ETF (IBIT) and major corporate treasuries — is drawing closer to current prices, historically a zone that can attract defensive flows or opportunistic buying.

Key levels and institutional context

Technicians say the break below $92,000 altered the market’s character, with price testing minor support near $90,500 and risk extending toward $88,000 if flows do not improve. On the daily chart, there is no clear trend-reversal signal until BTC reclaims at least the 20-day EMA, currently near $100,000.

Despite short-term weakness, some market participants maintain a constructive longer-term view. Bitfinex described Bitcoin’s structural thesis as “firm,” citing ongoing institutional adoption and store-of-value demand. Still, ETF flows have been mixed in recent weeks, and analysts noted that long-term whales accounted for a sizable portion of sales during October and November.

What to watch

• Friday’s options expiry: Position resets could amplify volatility and set the next directional move.
• Support and resistance: $88,000 on the downside; $92,000–$100,000 on the upside, including the 20-day EMA and the 365-day moving average near $102,000.
• Derivatives/flows: Open interest rebuilding, funding rates, and ETF net flows as gauges of risk appetite.

For now, the market sits between potential capitulation and the possibility of a squeeze, with Friday’s expiry poised to be a key inflection point.

Paxos has acquired institutional wallet provider Fordefi to combine its regulated custody infrastructure with Fordefi’s multi-party computation (MPC) wallet stack and decentralized finance (DeFi) integrations. The deal, whose terms were not disclosed, is aimed at giving institutions a single, compliant platform to issue stablecoins, tokenize assets, and manage on-chain transactions. In parallel, Paxos said it is extending its regulated USDG stablecoin across multiple blockchains using LayerZero’s Omnichain Fungible Token (OFT) standard.

Paxos Adds Fordefi to Unify Custody, MPC Wallets, and DeFi

Paxos said integrating Fordefi’s MPC architecture, policy engine, and DeFi connectivity will enhance its qualified custody services and provide clients with end-to-end tooling for on-chain operations. The combined platform is designed to support complex payment flows, tokenization, and stablecoin issuance while maintaining enterprise-grade security and compliance controls.

Fordefi provides an institutional MPC wallet solution that reportedly safeguards more than $120 billion in monthly transaction volume. By bringing Fordefi in-house, Paxos aims to simplify institutional access to on-chain activity, allowing customers to transact, custody, and build products from a single provider underpinning both traditional and DeFi use cases.

Broader Strategy: Stablecoins, Tokenization, and Enterprise Rails

Paxos issues a range of regulated digital assets, including PayPal USD (PYUSD), Pax Dollar (USDP), and Pax Gold (PAXG). The company has been expanding its footprint in stablecoins and tokenized finance, and earlier this year acquired Finland-based stablecoin issuer Membrane Finance.

Paxos also recently introduced Paxos Labs to help partners embed DeFi products—such as stablecoins, yield strategies, and tokenized assets—directly into their platforms. Together, the Fordefi acquisition and recent product expansions position Paxos as a full-stack infrastructure provider for regulated institutions spanning both centralized custody and emerging DeFi channels.

USDG Expands Omnichain via LayerZero

As part of its multi-chain strategy, Paxos said it is extending its regulated USDG stablecoin across additional networks using LayerZero’s OFT standard. The OFT-based bridged token enables USDG to circulate on chains where Paxos does not yet natively issue, improving liquidity and developer access.

According to the company, USDG is currently available on Solana, Ethereum, Ink, and X Layer. The first phase of the omnichain rollout includes integrations with Hyperliquid—followed by Plume and Aptos—to support use cases such as yield-aligned trading, lending markets, modular DeFi, and enterprise-grade stablecoin rails.

Industry Context

The move underscores ongoing consolidation in crypto wallet and custody infrastructure as enterprises seek secure, compliant ways to operate on-chain. Recent sector deals include fintech providers acquiring wallet platforms to accelerate product development and deepen institutional capabilities.

Paxos has acquired institutional wallet provider Fordefi, combining its regulated custody platform with Fordefi’s multi‑party computation (MPC) wallet technology and decentralized finance (DeFi) integrations. The deal, terms of which were not disclosed, is aimed at offering institutions a single platform to issue stablecoins, tokenize assets, and manage on‑chain transactions with enterprise security and compliance.

Paxos Acquires Fordefi to Bolster Institutional Wallet Infrastructure

Paxos said integrating Fordefi’s MPC wallet architecture, policy engine, and DeFi connectivity will enhance its qualified custody services. According to the companies, clients will be able to use one platform to launch stablecoins, tokenize real‑world and digital assets, and build complex payment flows while maintaining regulated controls.

Fordefi provides an institutional‑grade MPC wallet solution that reportedly safeguards more than $120 billion in monthly transaction volume. MPC technology distributes key management across multiple parties, reducing single‑point‑of‑failure risks for organizations conducting high‑value on‑chain operations.

Strategic Context and Recent Deals

The Fordefi acquisition is Paxos’s second in the past year. In February, the blockchain infrastructure firm closed its purchase of Membrane Finance, a Finland‑based stablecoin issuer. Together, the moves indicate Paxos is expanding beyond token issuance toward full‑spectrum infrastructure for regulated institutions, spanning both traditional stablecoin rails and emerging DeFi channels.

Paxos issues several regulated digital assets, including PayPal USD (PYUSD), Pax Dollar (USDP), and Pax Gold (PAXG). The company also recently debuted Paxos Labs to help partners embed products such as stablecoins, yield strategies, and tokenized assets into their platforms.

USDG Stablecoin Expands via LayerZero’s OFT Standard

In a related product update, Paxos said its regulated USDG stablecoin is being extended across multiple blockchains using LayerZero’s Omnichain Fungible Token (OFT) standard. The bridged token will allow USDG to move to networks where Paxos does not yet offer native issuance.

The initial rollout will start with Hyperliquid—a network Paxos cited as having more than $4.5 billion in total value locked—and will expand to Plume and Aptos. Paxos said USDG is currently available on Solana, Ethereum, and other networks including InK and X Layer. The company highlighted use cases such as yield‑aligned trading, new lending markets, modular DeFi, tokenized yields, and enterprise‑grade stablecoin rails, alongside direct integration of stablecoin liquidity into applications and protocols.

Why It Matters

By bringing regulated custody and MPC wallet infrastructure under one roof and extending USDG across chains, Paxos is positioning itself as a comprehensive provider of compliant, institution‑ready on‑chain services. The combined offering targets enterprises seeking to issue stablecoins, tokenize assets, and execute DeFi strategies while adhering to stringent security and regulatory standards.

Klarna announced plans to launch KlarnaUSD, a USD-backed stablecoin, on Tempo, a payments-focused blockchain developed by Stripe and Paradigm. The Swedish buy-now-pay-later provider said the token is in pilot and slated for mainnet launch in 2026, aiming to reduce the cost and speed up cross-border transfers for its global customer base.

KlarnaUSD to run on Stripe–Paradigm’s Tempo

Klarna said it will issue KlarnaUSD on Tempo, describing the network as an independent blockchain purpose-built for payments by Stripe and crypto investment firm Paradigm. The company characterized the move as making Klarna the first bank and first regulated payments provider to launch a stablecoin on Tempo.

The stablecoin is designed to maintain a one-to-one peg with the U.S. dollar and is being issued using Stripe’s infrastructure, including its Bridge “Open Issuance” tooling, according to the company. Klarna said the initiative is intended to lower fees and settlement times in international remittances and merchant payouts.

Payments scale and rollout timeline

Klarna reports 114 million customers and approximately $112 billion in annual transaction volume, with its largest user base in the United States. The company said KlarnaUSD is currently in pilot testing and is expected to go live on Tempo’s mainnet in 2026.

Why it matters

Klarna’s stablecoin push comes as stablecoin transaction volumes have grown rapidly. The company cited estimates that annual stablecoin transactions exceed $27 trillion, and noted that cross-border payments generate an estimated $120 billion in fees each year—costs that blockchain-based settlement could help reduce.

About Tempo

Tempo is a new blockchain developed by Stripe and Paradigm specifically for payment use cases, emphasizing faster, lower-cost transactions. Klarna’s launch positions the BNPL and digital banking provider among the first major regulated payments firms to test stablecoin-based settlement on the network.

Kraken announced the launch of a Mastercard-powered debit card offering up to 1% cashback and multi-asset spending across the UK and EU, marking the first phase of a broader global rollout tied to its KRAK money app. The move expands Kraken’s push beyond crypto trading into payments, equities, and futures as it prepares for a potential public listing.

Mastercard debit card debuts in UK and EU

The new Krak Debit Card lets users spend anywhere Mastercard is accepted while earning up to 1% cashback on purchases. Integrated with the global Mastercard network, the card is designed to draw directly from balances held in the KRAK app, enabling spending across digital and fiat holdings.

• Up to 1% cashback on eligible purchases
• Acceptance everywhere Mastercard is supported
• Multi-asset spending across hundreds of assets available in the KRAK app
• Phased rollout beyond the UK and EU planned

KRAK app: payments, savings, and investing

Kraken’s KRAK app is positioned as a global platform for payments, savings, and investing, centralizing both fiat and digital asset management. The company says the card extends that functionality to everyday spending by converting supported assets at the point of sale.

Kraken notes certain funding and withdrawal holds apply: cash deposits made via ACH Plaid are held from withdrawal for seven days, and debit/credit card purchases in USD may be subject to a 72-hour hold.

Broader expansion into equities, tokenized assets, and futures

The debit card comes as Kraken broadens its product set beyond crypto trading. In recent months, the company has launched equities and tokenized equity trading, and expanded access to U.S. futures. In May 2025, Kraken acquired retail futures platform NinjaTrader for $1.5 billion to accelerate its multi-asset strategy and user growth.

• Equities and tokenized equity trading added to the platform
• NinjaTrader acquired for $1.5 billion to bolster U.S. futures
• Commission-free stock trading introduced in New Jersey, Connecticut, Wyoming, and Rhode Island in partnership with Alpaca, with additional markets planned
• Bunq became the first European bank to use Kraken’s infrastructure to offer crypto trading to customers

Funding and IPO outlook

Kraken has raised $800 million across two recent funding rounds, reinforcing its balance sheet ahead of a planned initial public offering. The announcement comes amid a rebound in U.S. IPO activity and alongside increased capital raising across the crypto sector.

Company background

Founded in 2011, Kraken is a U.S.-based platform that facilitates trading in digital assets such as bitcoin and ether. Today, the company says clients can trade more than 450 digital assets, U.S. futures, U.S.-listed stocks and exchange-traded funds, and major fiat currencies.