Bitcoin

Time

<h2 id="quick-take">Quick Take</h2> 
<p>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.</p> 
<p>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.</p> 
<figure id="attachment_372558" aria-describedby="caption-attachment-372558" style="width: 100%" class="wp-caption aligncenter">
 <img decoding="async" class="wp-image-372558 size-full" src="https://cryptoslate.com/wp-content/uploads/2023/11/Change.png" alt="Top 10 one day percentage increases in Bitcoin market cap: (Source: Glassnode)" width="1329" height="691" srcset="https://cryptoslate.com/wp-content/uploads/2023/11/Change.png 1329w, https://cryptoslate.com/wp-content/uploads/2023/11/Change-300x156.png 300w, https://cryptoslate.com/wp-content/uploads/2023/11/Change-1024x532.png 1024w, https://cryptoslate.com/wp-content/uploads/2023/11/Change-768x399.png 768w" sizes="(max-width: 1329px) 100vw, 1329px">
 <figcaption id="caption-attachment-372558" class="wp-caption-text">
  Top 10 one-day percentage increases in Bitcoin market cap: (Source: Glassnode)
 </figcaption>
</figure> 
<p>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.</p> 
<table> 
 <thead> 
  <tr> 
   <th>Time</th> 
   <th>Liquidation Amount</th> 
  </tr> 
 </thead> 
 <tbody> 
  <tr> 
   <td>1 hour</td> 
   <td>$147M</td> 
  </tr> 
  <tr> 
   <td>4 hours</td> 
   <td>$262M</td> 
  </tr> 
  <tr> 
   <td>12 hours</td> 
   <td>$334M</td> 
  </tr> 
  <tr> 
   <td>24 hours</td> 
   <td>$446M</td> 
  </tr> 
 </tbody> 
</table> 
<p style="text-align: center; font-size: small;">Source: Coinglass</p> 
<p>Concurrently, open interest has seen a reduction by over 5%, effectively eradicating $1B of open interest in Bitcoin.</p> 
<p>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.</p> 
<figure id="attachment_372564" aria-describedby="caption-attachment-372564" style="width: 100%" class="wp-caption aligncenter">
 <img decoding="async" class="wp-image-372564 size-full" src="https://cryptoslate.com/wp-content/uploads/2023/11/OO-1.png" alt="BTC Open Interest: (Source: Coinglass)" width="1278" height="439" srcset="https://cryptoslate.com/wp-content/uploads/2023/11/OO-1.png 1278w, https://cryptoslate.com/wp-content/uploads/2023/11/OO-1-300x103.png 300w, https://cryptoslate.com/wp-content/uploads/2023/11/OO-1-1024x352.png 1024w, https://cryptoslate.com/wp-content/uploads/2023/11/OO-1-768x264.png 768w" sizes="(max-width: 1278px) 100vw, 1278px">
 <figcaption id="caption-attachment-372564" class="wp-caption-text">
  BTC Open Interest: (Source: Coinglass)
 </figcaption>
</figure> 
<p>The post <a href="https://cryptoslate.com/insights/bitcoins-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</a> appeared first on <a href="https://cryptoslate.com">CryptoSlate</a>.</p>

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

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