Bitcoin’s whirlwind day sees $440M in market liquidations as CME overtakes Binance in open interest

Bitcoin’s whirlwind day sees $440M in market liquidations as CME overtakes Binance in open interest
фото показано с : cryptoslate.com

2023-11-9 20:15

Quick Take

Bitcoin’s trajectory on Nov 9 presents a compelling case study in market volatility. Briefly touching $38,000, Bitcoin’s price has since dialed back to settle at $36,500. This short-lived surge drove Bitcoin’s market cap from an initial $715B to a zenith of $740B, before receding back to $715B.

The noteworthy aspect is the day-to-day market cap increase, where at the peak, Bitcoin’s market cap soared by approximately 4.5%, escalating from $697B to $729B. This stood at one of the most significant one-day percentage change increases in Bitcoin’s storied market cap history, just outside the top 10.

Top 10 one-day percentage increases in Bitcoin market cap: (Source: Glassnode)

However, this surge was not without repercussions. Liquidations over the last 24 hours have surpassed $440M in the crypto market, a direct consequence of the abrupt market flush.

Time Liquidation Amount 1 hour $147M 4 hours $262M 12 hours $334M 24 hours $446M

Source: Coinglass

Concurrently, open interest has seen a reduction by over 5%, effectively eradicating $1B of open interest in Bitcoin.

Significantly, this turbulence has resulted in a shifting landscape regarding exchange open interest. Chicago Mercantile Exchange (CME) has now ascended to become the largest exchange in this regard, following a substantial wipeout of open interest from Binance.

BTC Open Interest: (Source: Coinglass)

The post Bitcoin’s whirlwind day sees $440M in market liquidations as CME overtakes Binance in open interest appeared first on CryptoSlate.

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Источник: cryptoslate.com

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