According to Odaily Planet Daily, Tom Lee stated that the crypto market has numerous automated processes, such as ADL (Automatic Deleveraging). This system triggers forced liquidation when the price of a user's account assets or collateral falls. He pointed out that while USDE maintained a price of $1 on other exchanges, one exchange's internal quote plummeted to $0.65. Due to insufficient liquidity on that exchange, the ADL mechanism was triggered, leading to the automatic liquidation of numerous accounts. This chain reaction eventually spread throughout the market, resulting in the liquidation of thousands of crypto accounts within minutes. Tom Lee believes this is essentially a systemic risk caused by a code vulnerability: the exchange incorrectly relied on its internal pricing system to set stablecoin valuations instead of collecting cross-platform price data. He further stated that this incident caused a significant reduction in the capital of market makers and trading institutions. When shrinking trading volume leads to a drop in coin prices, these institutions need more capital to maintain operations, thus being forced to further shrink their balance sheets, eroding the market's foundation. He concluded that code inevitably contains vulnerabilities, and leverage is the real source of risk in the crypto market.

According to Bitget data, PIPPIN has broken through 0.054 USDT and is currently trading at 0.05283 USDT, representing a 24-hour increase of 139.38%.

Huoxun Finance reported on November 23 that, according to official data, in the seven days ending November 20, Circle issued approximately 6.3 billion USDC and redeemed approximately 8 billion USDC, resulting in a decrease of approximately 1.7 billion USDC in circulation. The total circulating supply of USDC is 73.8 billion, with reserves of approximately $74.1 billion, including approximately $9.2 billion in cash and approximately $64.9 billion held by the Circle Reserve Fund.

According to Odaily Planet Daily, Michael Saylor stated that volatility is a gift from Satoshi Nakamoto to his followers. If Bitcoin were to rise by only 2% per month with no volatility, Warren Buffett would own all of Bitcoin.

According to a report by The New York Times, JPMorgan Chase, Citigroup, and Morgan Stanley have been notified by SitusAMC that their customer data may have been stolen. SitusAMC, a technology provider offering mortgage and loan origination and collection services to hundreds of banks and other lending institutions, confirmed on Saturday that it was a victim of a cyberattack on November 12. The company confirmed that the leaked data is related to residential mortgage loans. JPMorgan Chase, Citi, and Morgan Stanley, among others, have been notified by SitusAMC that their customer data may have been stolen. SitusAMC CEO Michael Franco stated that law enforcement has been notified and they are focusing on analyzing any potentially affected data. FBI Director Kash Patel stated that they are working closely with affected organizations and partners to understand the extent of the potential impact, but no operational impact on banking services has been found so far. A JPMorgan Chase spokesperson stated that the bank itself was not directly attacked. SitusAMC possesses a large amount of personal data related to loan applications, including sensitive information such as Social Security numbers. In addition, because the company provides services such as regulatory compliance, it may also possess sensitive information about the bank's own internal operations, such as the risks associated with its real estate asset holdings.