According to The Kobeissi Letter, a sharp market selloff coincided with an 11:20 AM ET headline from the US Labor Department about the timing of the November and October Employment Situation reports, which they identify as the only plausible catalyst for the sudden drop; source: The Kobeissi Letter on X, Nov 20, 2025. The Kobeissi Letter adds that the headline-driven move highlights elevated event risk into the jobs data window, a cross-asset volatility trigger that crypto traders also monitor for potential impacts on BTC and ETH via risk sentiment and rates repricing; source: The Kobeissi Letter on X, Nov 20, 2025.