The night session of November 9 delivered an unpleasant surprise to traders: the market crashed sharply right after midnight, triggering a wave of forced position closures totaling more than $1 billion. At the same time, regulatory pressure in Europe is forcing the largest exchange to wind down operations in France, and infrastructure risks around the tBTC bridge remain not fully resolved.
Market cap leaders under pressure
Bitcoin began the day with a decline. As of 07:35 (Moscow time), BTC is trading at $74,877 (about ₽6,150,292 per token). The 24-hour low is $73,692, the high is $76,097.
The second-largest cryptocurrency by market cap, Ethereum, also opened the day in the red: at the time of preparing this review, the coin is trading at $2,141 (approximately ₽175,859).
In the top 10, the best result over the past 24 hours was recorded by TRON (-0.71%), and over the week (+1.34%) also by TRON. The largest losses over 24 hours were posted by XRP (-4.37%), and over the week by Hyperliquid (-15.94%).
In the top 100, the best result over the past 24 hours (+9.74%) and the week (+43.31%) was shown by Pieverse. The sharpest price decline over the last 24 hours was posted by Pi (-6.64%). The largest losses over the week were recorded by OFFICIAL TRUMP (-33.23%).
Liquidations exceeded $1 billion
Over the past 24 hours, positions of 150,808 traders were liquidated for a total of $1.02 billion. The main blow fell on long positions — $915.98 million versus $101.39 million in shorts, as the market crashed sharply right after midnight. The largest single liquidation order was recorded on the Binance exchange for the ETH-USDT pair at $48.16 million.
Crypto companies on the stock market
Among publicly traded companies linked to cryptocurrencies, the best results were shown by shares of IREN (+20.02%), Hut 8 (+14.58%) and Riot Platforms (+13.21%). GameStop (+3.93%), Robinhood (+3.21%) and SoFi Technologies (+1.06%) also gained in price. The sharpest declines were in shares of Circle (-2.30%), Coinbase (-1.51%) and BitMine Immersion (-1.26%).
The Fear and Greed Index rose to 29 points, remaining in the fear zone. A day earlier the reading was 28 points, a week ago — 37 points. A month ago the index stood at 64 points, in the greed zone.
Key morning events
Binance is closing all user accounts in France on December 31. Clients received letters notifying them of the company's decision. To avoid costs, funds must be withdrawn before November 29: after that date, a custody fee of 0.025% of the balance per month will be charged, but not less than 10 USDC. If funds are still not withdrawn by the end of the year, the exchange may convert or transfer them. The reason is the MiCA regulation: Binance failed to obtain a European license by the July 1 deadline and has since been gradually restricting services for users in the EU.
The tBTC bridge of the Threshold network has partially resumed operations after a nine-day pause. The token represents bitcoin on the Ethereum network, and the bridge allows funds to be transferred between the two blockchains. Operations were halted on October 30 so that node operators could patch a critical vulnerability in the Linux kernel that allowed servers to be compromised. Old requests are now being processed, and new deposits and withdrawals will resume once enough nodes return to the network. Meanwhile, the Aave protocol is still keeping its tBTC reserve of about $120 million frozen: new tokens cannot be deposited or borrowed against, but funds can be withdrawn and loans repaid. All bitcoins are in place, and no traces of a hack have been found.
In Amsterdam, protesters broke into a Microsoft data center construction site and clashed with police. According to Dutch authorities, between 150 and 200 people were detained for illegal entry into the territory. Participants in the action wanted to stop the construction. Microsoft said it respects people's right to express their opinions peacefully but does not support illegal actions. The protest took place amid growing discontent with data centers, which consume large amounts of electricity and water. In the US, tighter rules for such facilities are expected after the midterm elections: many victorious Democrats promised to restrict their construction.
Cryptalist analysis: The overnight crash, with predominantly long liquidations of $916 million, points to the market being overloaded with borrowed capital and highly sensitive to liquidity triggers. The Fear and Greed Index at 29 reflects caution among participants, while the combination of regulatory pressure on Binance in the EU and the incomplete recovery of tBTC infrastructure creates a backdrop of elevated volatility in the short term.