Stay updated with live coverage of the crypto market on Nov. 26. Let’s explore whether the recent crypto downturn is ending.
Bitcoin BTC $90 498 24h volatility: 0.2% Market cap: $1.81 T Vol. 24h: $18.43 B is hovering around $87,780, continuing its downward trend as November stands out as one of the weakest months in the current cycle. What else is happening in the crypto market on Nov. 26?
S&P Global Ratings downgraded Tether’s USDT stablecoin to its lowest stability grade of “5,” indicating a “weak” ability to maintain its dollar peg, citing increased exposure to high-risk assets that now represent 24% of reserves as of September 30, 2025.
The rating agency specifically flagged Bitcoin holdings at 5.6% of circulation, which exceeds USDT’s 3.9% overcollateralization margin, warning that further Bitcoin price declines could push the world’s largest stablecoin with $185 billion market cap into undercollateralization territory despite controlling 71% of the stablecoin market.
Read more details here.
Three cryptocurrency whales opened nearly $100 million in long positions on Bitcoin and Ethereum through Hyperliquid, signaling a bullish sentiment shift among high-capitalized traders with leverage ranging from 2x to 25x.
Over the past 2 hours, 3 whales turned bullish and opened big longs on Hyperliquid.
— Lookonchain (@lookonchain) November 26, 2025
0x0ddf opened a 3x long on 311.9 $BTC($27.14M) and a 2x long on 5,176 $ETH($15.15M).
0x2c26 opened a 20x long on 346 $BTC($30.09M).
0x535e opened a 25x long on 7,000 $ETH($20.49M).… pic.twitter.com/Pa5xszOlen
Read more details here.
Grayscale filed an S-3 registration statement to convert its $196.8 million Zcash Trust into a spot ETF, marking a critical step toward launching the first institutional Zcash exchange-traded product.
We’ve filed the ZCSH Form S-3 – an important step required to launch the first ZEC ETPs.
— Grayscale (@Grayscale) November 26, 2025
Zcash launched in 2016. Seeing the potential of the Zcash protocol, we launched Grayscale Zcash Trust (Ticker: ZCSH) as a private placement in 2017.
Despite the milestone, ZEC remained stagnant near $500 as futures markets showed a sell-the-news reaction, with open interest dropping 6.24% to just above $1 billion while volume surged 20.7%.
Read more details here.
Revolut users holding tez (XTZ) will now receive 100% of on-chain delegation rewards, as the platform has removed all fees from its auto-delegation feature. The update follows Tezos’ recent Rio protocol upgrade, which simplified network participation by reducing cycle times to one day.
With the new zero-fee model, all tez balances on Revolut earn full delegation rewards automatically.
Tez is now one of just 13 cryptocurrencies on Revolut offering native earning features.
Monad (MON) gained strong attention on its second day of trading following its mainnet launch and $105 million airdrop. Holder count increased by 283% in 24 hours, and the network processed over 4.2 million transactions within two days.
After briefly falling below its public sale price, MON recovered and doubled within 48 hours. With growing on-chain activity and rising trader interest, the market is watching whether the token can stay above the $0.050 level.
Just what this bull market needs another low float , high FDV useless L1. But obvi I aped. It’s a bull market bitches!$MON to $10 pic.twitter.com/UMSDWWmp5a
— Arthur Hayes (@CryptoHayes) November 25, 2025