Bitcoin briefly fell to $62,000 over the weekend! Nearly $1.9 billion in crypto contracts were liquidated as shipping risks in the Middle East continued to escalate, putting global markets to a new test at the start of the week.
01 | Bitcoin falls sharply over the weekend
BTC briefly fell to around $62,112, its lowest level in several months. Expectations of high interest rates, institutional outflows, and leveraged liquidations were key sources of pressure.
02 | Ethereum and SOL under pressure at the same time
According to market data from that afternoon, ETH was around $1,792 and SOL around $70.33, down approximately 5.9% and 7.0%, respectively, over 24 hours.
03 | Crypto contract liquidations approach $1.9 billion
According to CoinGlass data, about $1.9 billion in crypto contracts were liquidated over the 24-hour period from Saturday to Sunday, with leveraged long positions accounting for much of the losses.
04｜Saudi Arabia Intercepts Missiles and Drones
The Saudi-led coalition announced that it intercepted missiles heading toward Riyadh and drones targeting eastern oil-producing regions, as security tensions in the Middle East continued.
05｜Gulf Stock Markets Fall Broadly
Saudi Arabia’s main index fell 0.7%, while Qatar’s index dropped 1.8%. Risks to shipping through the Strait of Hormuz weighed on investor sentiment.
06｜UN Calls for Fertilizer Shipments to Resume
UN officials warned that disruptions to shipping through the Strait of Hormuz have affected global fertilizer supplies and could further intensify pressure on food prices.
07｜Arrangements Announced for Shenzhen APEC Summit
On November 17–18, 12 leaders of APEC economies and more than 2,000 business and political representatives will attend the APEC CEO Summit in Shenzhen.
08｜Three Commercial Ships Attacked in the Black Sea
Romania disclosed that three commercial ships were attacked by drones near the Black Sea. No casualties were reported. Global shipping security risks remain in focus.
09｜Türkiye Plans to Advance Capital Market Reforms
Türkiye’s finance minister said he will meet with MSCI and international investors in December to discuss market reforms, regulation, and the investment environment.
10｜Shell’s Egyptian Gas Field Begins Production
Shell announced that production has begun at the Mina West gas field, which is expected to have a capacity of up to 160 million cubic feet per day, adding another source of natural gas supply for Egypt.
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Market Overview
₿ Crypto: BTC, ETH, and SOL were broadly under pressure, while the derivatives market saw concentrated liquidations.
🛢️ Energy: Middle East security risks remain high, and international oil prices await repricing when markets reopen for the new week.
📉 Gulf Stock Markets: Saudi Arabia’s and Qatar’s main indexes closed lower.
🇺🇸 U.S. Stocks: Markets were closed on Sunday, with no new regular-session closing data available.
🥇 Gold: Major futures markets were closed. Watch for shifts in safe-haven flows and the U.S. dollar next week.
🌏 Global Trade: The Shenzhen APEC meeting is coming up, putting Asian trade and technology cooperation in focus for the week ahead.
Key Takeaway Today:
The most notable development this weekend was the simultaneous emergence of concentrated deleveraging in cryptocurrencies and shipping risks in the Middle East.
However, a decline in crypto markets does not mean U.S. stocks will necessarily fall in tandem next week; nor does rising oil supply risk mean futures will inevitably surge when markets open.
The key focus in the new week is whether funds continue to retreat from risk assets and whether key support levels attract actual buying.