Crypto liquidations had ramped up following the market crash. Even with the recovery had come more liquidations as short calls had also taken a hit. However, with the recovery moving over the last week, the market has begun to regain some semblance of balance and so the liquidations have begun to settle. Crypto Market Liquidations Relaxes Although liquidations cannot entirely stop, the liquidations have begun to subside. It had fallen from over $1 billion in liquidations at the height of the market crash and has slowly but surely returned to normal levels. This is obvious in liquidations for the past 24 hours which continue to trend at around $150 million liquidated. Mostly, it has skewed towards long traders given that the market had recorded a dramatic dip in the early hours of Monday morning. Related Reading | Market Wallows In Extreme Fear As Bitcoin Struggles To Hold $20,000 As expected, bitcoin and Ethereum take the lead for the digital asset with the most liquidations in this time period. Bitcoin alone has recorded more than $43 million in liquidations while Ethereum liquidations have come out to more than 24K ETH liquidated, amounting to more than $29 million in liquidations in the past 24 hours. Total market cap below $1 trillion | Crypto Total Market Cap on TradingView.com More than 74,000 traders have been liquidated in this time though, of which 69.73% were long trades. Okex and Binance exchanges have seen the highest liquidations. However, the largest single liquidation for the last day came from the Bitmex exchange on the XBTUSD with the trade coming out to $2.48 million. Market Takes A Nosedive Just as feared, the crypto market has lost most of the gains that it made last week. The swift decline in price had come following the return of faith in the market, indicating that the recent recovery had been a bull trap. Related Reading | Bitcoin May Not Reclaim All-Time High For Another Two Years, Binance CEO In this decline, Bitcoin had fallen sharply from above $21,000 where it had trended for the better part of the week and had fallen back to the $20,000 territory once more. The dip resulted in more than $500 lost from bitcoin’s value in a matter of minutes. As expected, this has triggered liquidations across various exchanges which brings the total value to $156 million liquidated. Bitcoin liquidations are ramping up on the one-hour chart with $28 million recorded over the same time period, coming out to 1,360 BTC liquidated. Featured image from Business Today, chart from TradingView.com Follow Best Owie on Twitter for market insights, updates, and the occasional funny tweet…
Liquidations have rocked the space as the price of Bitcoin has fluctuated between red and green in the last week. Since the price had been crashing for the major parts of last week, the liquidations have been heavily skewed towards long traders. This trend has now changed as short traders’ liquidations have ramped up in the past week owing to recovery above $20,000. Short Liquidations Ramp Up Coming out of the weekend, the price of bitcoin has been doing much better than it was during the weekdays. This has now turned the tide of liquidations towards the short traders. These sorts of positions had ramped up as the price of the digital asset had declined, causing some to believe that it was going to continue. However, the price of the cryptocurrency seems to have found its footing above $17,000 and had made a bounce-off from there. Related Reading | Bitcoin Bounces Back Before Hitting 2017 Peak, Is The Bottom In? As of the early hours of Monday, the price of bitcoin is resting in the mid-$20,000s. At the same time, liquidation volumes remain large in the market. The past 24 hours have seen more than $250 million liquidated in the market. At the same time, about 80,000 traders have lost their positions, the majority of whom have been short traders at 63.56%. Liquidations pass $260 million | Source: Coinglass About $100 million worth of bitcoin has been liquidated in the same time period, coming out to 4,800 BTC. While Ethereum liquidations have also ramped up with $82.47 million in liquidations in the same time period. Altcoins such as SOL, DOGE, and GMT are also feeling the heat, returning large volumes to liquidations. OKEX crypto exchange has seen the most liquidations with $96.25 million in the last 24 hours, with Binance in second place with $76.08 million. Bitcoin Price Stays In The Green Bitcoin had closed the last week in the red after finally ending its nine-week red streak the prior week. This close had come with a lot of negative implications, pushing the price of the digital asset to yearly lows. However, this storm has begun to pass with the recovery in price. Related Reading | Mike McGlone Says $20,000 Is The New $5,000 For Bitcoin, But Is He Right? The weekend had seen a ramp-up in buying since the price of the cryptocurrency had dropped to the $17,000 level. This provided a much-needed bounce point as support had begun to form. What would follow was a $3,000 gain over the next two days that brought the value of the digital asset close to $21,000 once more. BTC trending in the mid-$20,000s | Source: BTCUSD on TradingView.com But even as the bulls have struggled to take a hold of the market, their efforts have been met with much opposition. Significantly at the $21,000 where there is now the most resistance. A break above this point will likely see the digital asset touch $25,000 before the end of the week. Hence the opposition. On the other side is the first support level for the digital asset which has now formed at $20,150. However, with the selling sentiment still so strong among investors, it is doubtful that bitcoin will be able to hold for very long at such prices. Featured image from Channels Television, chart from TradingView.com Follow Best Owie on Twitter for market insights, updates, and the occasional funny tweet…
Most cryptocurrencies in the market are suffering massive losses just from the downtrend of the last two days alone. It has not spared any digital assets regardless of whether they are big or small, as both leading cryptocurrencies in the market, as well as small cap altcoins, are feeling the heat. However, there are some […]
In the last few weeks, these whales took advantage of the dip in prices to accumulate more assets.
The ETH liquidations reached $157 million after the Merge upgrade test, following the Beacon Chain block reorganization which led ETH to drop over 7% as we reported earlier in our Ethereum news. With the bears circling crypto and traditional markets, ETH faced the brunt of it. Ethereum is trading hands at $1,770 down by 3.4% […]
Ethereum drops to lowest level against Bitcoin since October 2021 and the value relative to that of BTC is dropping sharply so let’s read more today in our latest Ethereum news. The altcoins are bleeding out as most of the market took a leg down in the past day and this caused bitcoin’s dominance to […]
The effects of the long liquidations that rocked bitcoin after the digital asset had fallen to $25,000 continue to be felt even now. Bitcoin which has since managed to recover above $30,000 once more remains a prime liquidation target in the market. Even now, a week after the crash that had seen it record its largest liquidation event in six, long traders are still being rekt in the markets. Bitcoin Liquidations Touch $61 Million Bitcoin long liquidations may have slowed down but they are far from over. In the last 24 hours, the market has seen more than 61 traders liquidated which has come out to more than $257 million liquidations in the last 24 hours. Naturally, bitcoin liquidations make up a large portion of this and long traders have been the worse hit in the market. Related Reading | Exchange Inflows Rock Bitcoin, Ethereum As Market Struggles To Recover Bitcoin liquidations touched above $61 million on Friday after a particularly brutal day of trading on Thursday. The majority of these had taken place in the mid-afternoon to early evening of Thursday that saw traders liquidate more than $30 million. This had been a result of bitcoin falling below the $30,000 level, a level which it will ultimately retake in the early hours of Friday. Indicators had turned bullish for the digital asset after this recovery. Even though long traders had seen the most losses for the 24-hour period, it was beginning to turn in their favor as short traders started taking more of the heat with time. BTC recovers above $30,000 | Source: BTCUSD on TradingView.com Crypto Market Still Red Liquidations across other cryptocurrencies such as Ethereum had also been significant in this same 24-hour period, although not to the same extent as bitcoin. In total, there have been $29 million in Ethereum liquidations over the last 24 hours and $7.16 million on the 12-hour chart. Related Reading | More Stress For El Salvador As Bitcoin Dips To $29,000 The broader crypto market liquidations touched as high as $258 million as of the time of this writing. Data from Coinglass shows that 73.55% of this figure has been made up of long liquidations. 40.28% of these liquidations have come from crypto exchange Binance, where long liquidations were of a similar percentage. On Okex, 81.54% has been from long liquidations and has made up the majority across various exchanges as well. Other digital assets that have seen large liquidations including GMT, SOL, and APE, are all being driven by the recent downtrend. Bitcoin has recovered above $30,000, ETH is back above $2,000, and this is facilitating a change. The most recent liquidations on the 4-hour chart have been made up of shorts as sentiment begins to turn positive among investors. Featured image from The Indian Express, chart from TradingView.com Follow Best Owie on Twitter for market insights, updates, and the occasional funny tweet…
Yield Guild Games is a big name in the blockchain gaming and gaming guild industry vertical. Its subDAO Yield Guild Games Southeast Asia (YGG SEA) has secured $15 million in funding through two private rounds. It is another example of how strong the momentum of play-to-earn gaming is in that part of the world. The […]
The story of MicroStrategy CEO Michael Saylor buying Bitcoins aggressively has continued to make headlines over the last two years. However, according to one allegation, Mr. Saylor may be dumping his thousands of Bitcoins behind your back. MicroStrategy, a Bitcoin-accumulating business intelligence software company, is known to have 129,218 Bitcoin in its possession. This is […]
This is huge! Kraken now supports Lightning Network deposits and withdrawals. The suddenly popular second Layer protocol keeps growing and gaining importance. “Finally, traders have an instant and inexpensive way to move bitcoin on and off the platform,” Kraken said in their official announcement. The Lightning Network is much more than that, though. What will happen once Kraken’s extensive clientele tries out Lightning transactions? Will the phenomenal experience change the way they see bitcoin? The second layer solution can perform millions of operations per second and all transactions cost pennies and offer final settlement. In using it, there are also privacy gains. The huge innovation, though, is the cash-like experience. The Kraken integration comes with a Lightning node of their own. To implement it, the company used LND by Lightning Labs. The reason is that “they have the largest user base and we have a lot of people on the network that have lots of experience with LND. So it has proven to be easy to use and very reliable as well.” That’s according to Kraken’s bitcoin product manager, Pierre Rochard, who also said to Bitcoin Magazine: “Adoption is going to come from people who have fiat in their bank account, and they need to get it into Bitcoin. Kraken is providing an excellent venue for them to do that, and then they can top up their mobile Lightning wallet and use it as a medium of exchange. That’s clearly the next step in terms of Bitcoin’s evolution.” Designed with this and the cash-like experience in mind, Kraken limits Lightning deposits and withdrawals to 0.1 BTC. BTC price chart for 04/02/2022 on Binance | Source: BTC/USD on TradingView.com Kraken Announced Lightning Network Integration In 2020 Even though this looks like it magically happened, the integration had been in the works for a while. In 2020, Kraken stated its intentions: “In 2021, we are committed to hiring a team to focus specifically on the Lightning Network, as part of our continuing effort to deliver the best possible experience for traders and investors. We expect to allow clients to withdraw and deposit Bitcoin on Lightning in the first half of 2021, which will allow clients to move their Bitcoin instantly and with the lowest fees.” It took a while, but it’s finally here. Market-wise, will this move the needle in favor of bitcoin? Will the world even notice? According to this list, Kraken became the 23rd exchange to support the Lightning Network. Among the giant ones already on board are Bitfinex, OKEx, OKcoin, BitMex, and Bitstamp. Among the up-and-coming ones, BullBitcoin, Buda, CoinCorner, Kollider, and Boltz. This also means, that you're able to instantly move the lightning payment you received to @krakenfx to exchange it for fiat, basically reducing the currency exchange risk to zero.This completely changes the dynamic for fiat brick and mortar stores.https://t.co/bpNzKC7ZDL — zero fee routing ⚡ (@zerofeerouting) March 31, 2022 And, since we’re on lists, in their announcement Kraken provided Lightning wallet recommendations: “For example, BTCPay Server enables Lightning payments for merchants, greatly improving the bitcoin checkout flow. For consumers, Breez, Phoenix and Muun bring Lightning to mobile with a modern user experience.” As to the importance of the move for markets and business, a pseudonymous Lightning node operator that goes by “zero fee routing” puts everything in perspective. “This also means, that you’re able to instantly move the lightning payment you received to Kraken to exchange it for fiat, basically reducing the currency exchange risk to zero. This completely changes the dynamic for fiat brick and mortar stores.” Attacking The ESG FUD Head On The increase in Lightning Network adoption also brings a great opportunity with it. The community could clean up the disgusting ESG-based narrative enemies of bitcoin have been planting in mainstream media. Regarding this, in the already quoted interview Kraken’s Pierre Rochard said: “With Lightning, you can send a payment off-chain that is much more energy efficient, not only because you’re not adding the miner fees, and thus the amount of electricity consumption by miners, but also because that payment only has to be stored and shared by the two parties in that channel.” Do Greenpeace and Ripple not know that most bitcoin transactions are going to be off-chain in a few years? Do they not know that the Lightning Network alone will take bitcoin out of the conversation its enemies have been carefully manufacturing? Kraken certainly knows. And took action. Speaking about Kraken, its CEO Jess Powell has been present on the news lately. He recommended buying bitcoin below $40K. During the Canadian crisis, he hinted that bitcoiners should take their funds out of centralized exchanges. And he refused to voluntarily ban Russian users, providing a convincing rationale to justify Kraken’s actions. And now, his company integrated the Lightning Network. Featured Image by Ferhat Deniz Fors on Unsplash | Charts by TradingView
In the past 2021, we were impressed by many memorable spots, the boiling of meme coins, the emergence of NFT, and the popularization of Metaverse. Behind the flourish of everything, one thing is limited addressed – public blockchains have mostly evolved to their ecological expanding stage. In fact, we’ve seen DOT initiate the parallel auction, SOL’s technical innovation, LUNA’s independence, and many more. Among the public chain projects, one historically temperate-developing project drew unprecedented attention from the public – aelf. With the start of its mainnet token swap in September, aelf has upgraded and rebranded to a new version from tech to marketing. Internally, as the completion of the Trail of Bits audit, aelf mainnet has upgraded to its v1.1.1 equipped with the more decentralized and more secured blockchain mechanism. Externally, the team has launched re-designed its website, collaborated with exchanges for many marketing campaigns, holding the Top of OASIS hackathon, and moany. And most significantly, aelf has completed its first stage node election with 17 reputable nodes invited to its mainnet. The elected nodes have subsequently started to contribute to aelf ecology with their own network. The node election was initiated on November 18th, 2021, and concluded on time, with a long-running duration of xxx. The 17 qualified nodes include the world’s leading trading platforms represented by HuobiPool, OKEx Pool; as well as industrial-leading digital asset management and investment company in the blockchain/crypto field- FBG; the user communities consisted of blockchain enthusiasts and experienced developers-CoinHuntingCommunity, aelfie, ChainExplorers; quality GameFI team-marbleGameFI; and Defi team-CoinMultiDex; also the dedicated Web3 companies – bountyblok, Web3_LLP, RockX; and 5 aelf Genesis nodes on aelf mainnet installed since the launch of aelf mainnet on December 2020. These trusted nodes have acquired fat knowledge of the blockchain industry and are contributing to the visibility of aelf. To sum up, these expert nodes with their extensive knowledge reservation of blockchain industry will bring aelf more possibilities and benefits in prospect. aelf emphasizes the great opportunity to work with dedicated nodes and benefit from the professional and dedicated support, the worthy nodes enable aelf to further reliably secure the network. On one hand, this node election is a showcase of capable blockchain pioneers. On the other hand, aelf embraces the powerful node partners with generous rewards. Once elected, production nodes on aelf mainnet could receive the income with the APY at more than 95.6%. The elected node producers store a copy of blockchain and are responsible for keeping the system secure. The prosperous future of aelf is provable from all the perspectives and criteria. Currently, the underlying framework is mature now for more quality projects and nodes. aelf is also expecting the involvement and engagement of more aelf users. In the end, another exciting news, the aelf’s inaugural Top of OASIS hackathon is officially opened, the ample prizes are in the pool await for you, The submission of the hackathon is due on Feb. 9th, 2022. aelf is looking forward to seeing your project in the final review. BPs will join as judges. Later this year, they will also function as the decision-makers in the aelf sidechain auctions and many more. aelf is the most advanced and secure blockchain cloud infrastructure with segregate, unlimitedly scalable cloud computing networks, leading the decentralized future. aelf has been going strong since being introduced into the crypto world in the second half of 2017.
Solana Venture and Jump Capital led an $8 million Series A investment round for Slope Finance. As Slope Wallet prepares for a significant push to better popularise DeFi and NFT on the Solana ecosystem, this round brings together some of the industry’s most well-known investors. Sequoia China, Genesis Trading, CMS, Spark Digital, Spartan Group, Fenbushi […]
GYM Network is about to launch a groundbreaking product in the DeFi world: an affiliate system powered by the BNB Chain smart contract, as well as a pool sharing scheme. As part of its ambition to change the field of DeFi, GYM Network announced today that an affiliate system for its first product, GYMNET Vault, […]
The SSV Network recieved $10 million from DAO partners to scale ETH 2.0 staking infrastructure as we are reading further in our latest Ethereum news. The open-source and decentralized protocol SSV Network recieved $10 million in funding from the DAO partners to improve the decentralized staking infrastructure for ETH 2.0 before the MErge. SSV Network […]
The cryptocurrency market is still red, but it seems to be holding steady for now. In the last 24 hours alone, we’ve seen Bitcoin top $45,000 and then drop back down below $44,000. With the price of Bitcoin continuing to climb, it is no surprise that its market cap has reclaimed $2 trillion. Cryptocurrencies are beginning to recover after a month-long decline, with some coins seeing significant gains over the past day. The most valuable cryptocurrency by market cap, Bitcoin breached $45,000 for the first time in over 30 days as it gained 5.2%. Related Reading | Crypto Market Cap Reclaimed $2T: Bitcoin Reached 30-Day High Above $45K The cryptocurrency industry breathed a sigh o relief this week following severe sell-offs from January’s tumultuous trading sessions that saw many coins hit historic lows not seen since last year’s bull market crash. On Monday alone, there were five separate crashes across various communities leading up until Tuesday morning, when things finally started recovering. Bitcoin Could Not Sustain At $45K Level Honestly, the price could not sustain at these levels and has since retraced below $44,000. Still, the coin is up 2.7% in 24 hours with average volatility that left some $305 million worth liquidated positions during this period – the largest single order took place on OKEx, which valued BTC/USDT position 3.6 million dollars. It is no surprise that most liquidations are of short positions, and they happen on OKEx and Binance especially. However, there’s also some activity at Bybit too. Despite the recent upturn in Bitcoin prices, short positions continue to dominate. The aggregated funding rate remained negative, generally seen as a bullish sign. It can lead investors who expect their investments to liquidate these crypto-assets for even greater returns profitably. Crypto Market Cap Regained $2 Trillion Bulls in the crypto space have once again proved their might as they reclaim a key milestone of $2 trillion for total market capitalization. This comes on top of recent gains with Bitcoin and some altcoins too. Today, the top 10 cryptocurrencies are doing well, with AVAX seeing a 6% increase in value over the last 24 hours. Shiba Inu (SHIB) continues to be one of our favorite coins that’s up 17%. MATIC has also seen an 8% rise since yesterday, but other leading altcoins aren’t following suit again. The day saw a shakeup in the crypto market, with Solana and Poldadot losing about 3%. Ethereum lasted more or less flat throughout, which is also true for Binance coin (BNB). The biggest winner was KDA, which experienced 20% growth, while QNT saw an 8 percent decline in value over time. Related Reading | Top Crypto Gainers And Losers Today The market is becoming more balanced as Bitcoin’s dominance increases. Bitcoin Correlation With The U.S Stock Market Bitcoin has been experiencing increased volatility since the beginning of 2022. As a result, many are concerned about its correlation with stock markets, and it is expected that if this trend continues, then Bitcoin’s price could go even higher in SP500 index races. However, the stability within America’s benchmark indices may just push our digital assets further upwards. The US Federal Reserve has been a significant factor in crypto price movements over this year, with many people expecting them to tighten monetary policy again. The upcoming budget release on Thursday may provide insight into whether or not that occurs. So we’ll be waiting for updates on interest rates hikes and what they mean going forward. Featured image from Pixabay, chart from Tradingview.com