Daily Market Wrap | Nov. 21

Hot Topics

• Bitcoin flash crashes to around $80K amid extreme market volatility and liquidations.
• Exactly one year after MicroStrategy (MSTR) hit its all-time high, the stock has plunged 68% amid Bitcoin's decline from $126,000 to as low as $81,385.
• Tether's gold reserves surge to 116 tons, rivaling small central banks as the largest corporate holder amid USDT profit-driven buying.

Market Updates

• Kalshi raises $1B at an $11B valuation, closing in on rival Polymarket's targeted $12-15B in prediction market funding race.
• JPMorgan attributes ongoing crypto correction to retail investors selling $4B in spot BTC/ETH ETFs, distinct from continued equity buying.