November has shaped up to be one of the most negative months for the crypto market in the past three years. In this recap, we break down the key reasons behind this downturn, examine whether it affected core on-chain metrics, and highlight the projects that continue to see rising activity despite the broader market decline.
One of The Longest US Shutdowns Hitted Crypto Hard
The main macro event shaping markets in early November was the ongoing U.S. government shutdown, which by the start of the month had already lasted longer than usual. This not only elevated market fear but also translated into real economic losses, as a large share of federal employees were placed on unpaid leave, slowing down actual economic activity.
Interestingly, equities showed stronger resilience than Bitcoin. The S&P 500 fell less during the month and had recovered to its early-November levels by month-end. Bitcoin, however, posted its second-worst monthly performance in the past three years.
We współpracy z: https://cryptodaily.co.uk/2025/12/crypto-market-recap-november-2025
