The crypto market has experienced a significant downturn over the past six hours, with a flash crash wiping out approximately $140 billion in market capitalization and triggering $400 million in hourly liquidations. Bitcoin dropped sharply, testing lower support levels after recording its worst monthly performance in November since 2018. This bearish sentiment is exacerbated by diverging global monetary policies, as the Bank of Japan signals potential rate hikes while the market prices in a high probability of a Federal Reserve rate cut, creating a complex liquidity environment. Regulatory and infrastructure developments remain active despite the price action. China has escalated its crackdown on crypto, specifically targeting stablecoins and illegal foreign exchange activities through an expanded inter-agency framework. Conversely, Japan is moving towards a more favorable environment with a proposal to unify crypto taxes at a flat 20% and Sony Bank announcing plans for a US dollar-pegged stablecoin. Meanwhile, Binance has announced the delisting of several futures contracts and added monitoring tags to high-volatility assets. On the technical and financial front, Tether reported strong Q3 figures with $7 billion in excess equity, aiming to quell solvency concerns. The ecosystem is also preparing for key network events, including the Ethereum 'Fusaka' upgrade and the Bittensor (TAO) halving scheduled for December. However, security remains a concern as reports confirm November exploits reached $194 million, with recent phishing attempts targeting Yearn Finance users.