The major news in the cryptocurrency market on November 22 focuses on three main categories: the chain reaction of liquidations triggered by the sharp decline of major cryptocurrencies, the renaming of a leading trading platform, and a cryptocurrency project claiming to become a global currency. The details are as follows:

1. Bitcoin's sharp decline triggers ongoing liquidations, and the market falls into extreme panic: Following Bitcoin's drop to $81,111 on November 21, marking a seven-month low, the price volatility between 3 and 8 AM on November 22 triggered a third-level liquidation storm, with total liquidation volume across the network reaching $1.73 billion (approximately ¥12.56 billion), and the maximum number of liquidations in a single hour reaching 98,462. The peak leverage liquidation range concentrated between 50 and 100 times, accounting for 63.7%. Previously, Bitcoin had fallen over 35% from its historical high of $126,200 in October, wiping out all gains for 2025, and the total market value of cryptocurrencies has evaporated by approximately $1.2 trillion, with the fear and greed index dropping to 15, indicating the market is in a state of "extreme fear."

2. Huobi announces a name change and new logo, aiming to return to the top three in the industry: On November 22, the cryptocurrency trading platform Huobi Global announced that its Chinese name has changed from "Huobi" to "Huobi", and its English name has been shortened from "Huobi Global" to "Huobi". The logo has also changed from teal back to dark blue + black. Its global advisory board member Sun Yuchen revealed that the new name and logo were designed by him personally and emphasized that the platform will adhere to a 1:1 margin model, aiming to return to the ranks of the top three cryptocurrency trading platforms in the industry. He also mentioned that Huobi's inflows and outflows have turned to positive growth, but its current asset reserve of around $3 billion is not only far lower than Binance's $69 billion but also less than OXK's $6 billion.

3. Pi Network claims to have become a recognized global currency on that day: Reports indicate that on November 22, Pi Network officially became a recognized global currency. The project claims to comply with the ISO 20022 financial information international standard, making it compatible with traditional banking infrastructure and potentially usable for cross-border settlement and real-time payment scenarios. Moreover, its user base has exceeded 50 million, and the ecosystem is continuously expanding, with over 60 decentralized applications adopting its pricing model and infrastructure, while decentralized exchanges and other test networks have also gone live and will be officially activated with the mainnet upgrade in the future. However, the authenticity and feasibility of such cryptocurrency-related claims still need verification, and the investment risk is extremely high. $BTC #比特币波动性