In the past 12 hours, over $1.28bn has been liquidated in the crypto market, with the majority occurring on altcoins.
BTC ($125.48 million liquidated) and ETH ($189.30 million liquidated) represent a smaller share of the overall liquidation volume, showing high speculative activity in lower-cap assets.
The majority of liquidations were long positions, reflecting a sharp market downturn.
MicroStrategy acquires more Bitcoin, now holding 423,650 Bitcoins, valued at over $42bn at current prices.
Microsoft's shareholders will decide on Dec 10 whether to invest in Bitcoin. Currently, Polymarket assigns low odds to a positive outcome for Bitcoin, largely due to the Microsoft Board of Directors’ recommendation to vote against the proposal.
Google announces its new quantum computing chip, Willow, saying it solved a standard computation in 5 mins that would take the best supercomputer today over 10,000,000,000,000,000,000,000,000 years to solve, causing the crypto market to raise concerns over Bitcoin's current security systems. This potentially was the cause for price declines in the crypto market.
The Royal Government of Bhutan transferred 402 BTC ($39.56 million) to QCP Capital. It has been actively selling its Bitcoin reserves in the past couple of months: in October, 929 BTC, valued at $66.16 million, were sent to Binance.
Bhutan still holds 11,398 BTC ($1.12bn), making it the 4th-largest government BTC holder globally. The reserves originate from Bhutan’s hydro-powered Bitcoin mining operations, which they started in 2019.
