As a seasoned investor and tech enthusiast who has witnessed the rise and fall of various market cycles, I find the current crypto landscape intriguing yet challenging. The recent liquidations, while disappointing for many, are a stark reminder of the volatile nature of this space. However, it’s important to remember that every downturn is an opportunity to learn and grow stronger.
According to data from the cryptocurrency derivatives analysis platform CoinGlass, there was a significant increase of approximately 43% in the total number of crypto liquidations over the past 24 hours, amounting to around $534 million. This figure includes $181 million worth of short positions and $352 million from long positions.
According to CoinGlass data, XRP had the highest liquidation amount at approximately $69.12 million during the 24-hour period, with a volatility of 15.3% and a market cap of $155.85 billion. Bitcoin followed closely behind with $60.75 million in liquidations, a 0.6% volatility, and a market cap of $1.88 trillion. Other assets with notable liquidation amounts include Ether ($57.94 million), Dogecoin ($32.13 million), Hedera ($17.41 million), and Solana ($14.48 million). Each asset’s 24-hour volume is also provided in the table.
Among exchanges, Binance led with a significant amount of $222 million, representing about 63% in long positions. Coming in second was OKX with approximately $134 million, and Bybit followed closely behind with around $124 million.
Crypto Liquidations Likely Caused by Sideways Market Swing
The recent liquidations are interesting because, although the market has increased over time, mainly since the Trump win, prices have recorded sideways movement more recently. Current data from CoinMarketCap shows the market is at 3.46 trillion. Interestingly, investors have spent more than $1.2 trillion buying crypto over the past month.
Over the past week, Bitcoin fell short of reaching the $100,000 milestone, causing a letdown among many investors and the crypto market at large. As a result, substantial sell-offs took place, culminating in over $491 million worth of losses within the 24-hour period ending on November 25th.
Over the last week, Bitcoin has surged past $95,400, marking a 2.6% increase. Ethereum (ETH) and Dogecoin (DOGE) have seen larger gains with ETH climbing by 8.29% and DOGE by 8.9%. Among the top ten cryptocurrencies by market capitalization, Ripple (XRP) has shown the most impressive growth, rising more than 95%.
Possibility of US Bitcoin Sale Lingers despite Market Action
In contrast to the widespread optimism in the cryptocurrency market, indications point towards the U.S. government potentially offloading its Bitcoin holdings. As per data from Lookonchain, the U.S. government has executed numerous significant transactions to Coinbase, involving Bitcoin that originated from the liquidation of Silk Road.
Various responses have been shared, with some individuals speculating that Biden’s administration might intend to impede the incoming Trump administration, which was anticipated to be Bitcoin-friendly. On the other hand, others are optimistic that this plan is merely aimed at protecting the Bitcoin reserves.
Yet a few others are warning against a potential sale of Bitcoin. According to United States Space Force major Jason Lowery, it would be “a huge strategic mistake”. Lowery believes that the government should not sell any of its Bitcoin, regardless of price.
According to Lowery, author of “Softwar: A Novel Theory on Power Projection and the National Strategic Significance of Bitcoin”, it’s clear that the government lacks understanding of their own assets. Continuing his thought, Lowery stated…
Keep this post handy as they will likely argue for a fresh edition of EO 6102, claiming it’s necessary to recover Bitcoins they previously sold, not fully understanding its real importance.
In 1933, Former President Franklin D. Roosevelt issued Executive Order EO 6102, prohibiting the act of stockpiling or saving gold coins, bars, and certificates.
As a researcher, I’ve come across an interesting perspective shared by Brian Armstrong, the CEO and co-founder of Coinbase. In his viewpoint, he suggests that the government should refrain from selling Bitcoin.
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2024-12-03 15:45