Major cryptocurrencies were broadly lower as fears of a further decline in U.S. technology stocks weighed on the digital-asset market. CoinDesk reported on November 9 that only five of the top 100 cryptocurrencies by market capitalization gained more than 1% over the past 24 hours: ARB, RNDR, PEPE, QNT and GT. Bitcoin, Ether, XRP and Solana all fell. Concern over a deeper correction in tech shares added to the market’s weakness.
Nvidia, a bellwether for artificial-intelligence stocks, fell more than 4% in premarket trading that day. The company was reportedly conducting an internal review related to a controversy involving Chief Executive Officer Jensen Huang. Position unwinding continued in the crypto derivatives market. Futures trading volume over the past 24 hours surged more than 200% to $180 billion, while open interest fell about 3% to $127 billion.
Liquidations over the same period increased to about $1.1 billion. Bitcoin fell 2.2%, while its open interest slipped just 0.2%. Liquidations totaled about $305 million. Funding rates remained positive, though they were lower than last week. Ether dropped 5.9%, and its open interest fell 6.7%. Liquidations reached about $498 million, topping Bitcoin’s total. Funding rates also turned negative from positive.
Market volatility also picked up. Bitcoin’s one-week implied volatility jumped to 43% from about 33% last Thursday, while Ether’s rose to about 60% from 46%. In the Bitcoin options market, trading in $70,000 to $72,000 put options increased, showing stronger demand for protection against further declines. Ether closed below its 200-day moving average on Sunday for the first time since August 18 and later fell to the $2,100 level that day.
XRP also dropped more than 7% over the past 24 hours.
