The volatility caused nearly $700 million in liquidations on crypto-tracked futures, impacting both longs and shorts (or bets on higher and lower prices, respectively), with $380 million in bearish traders and $290 million in bullish bets evaporated. Such cumulative losses are the highest since early April, when BTC briefly crossed its previous peak at over $73,000. Original
It’s a sign that bullish long positions are likely getting crowded, and a slight price pullback could see over leveraged bulls capitulate, closing their longs and inadvertently exacerbating downside pressures in the market. Leverage washouts have been a common phenomenon in previous bull markets, often leading to a sudden double-digit percentage price drops. Source
Bitcoin’s 11% rally to $89,500 on Nov. 11 has pushed United States spot Bitcoin exchange-traded funds (ETFs), MicroStrategy Inc (MSTR) and Coinbase Global Inc (COIN) to a record $38 billion in combined daily trading volume. The record day far surpassed the previous high of around $25 million set in March amid Bitcoin (BTC) breaking through a long-held price peak, according to Bloomberg Intelligence data cited by Bloomberg ETF analyst Eric Balchunas. “Lifetime records being set all over the place,” Balchunas said. He noted that BlackRock’s iShares Bitcoin Trust ETF (IBIT)…
MicroStrategy, the publicly traded company holding the largest amount of bitcoin, 252,200 BTC, rallied 11% to more than $300 a share. Copycat Semler Scientific surged 25% and is approaching a high for the year. Crypto exchange CoinBase added almost 17%. Source
By the numbers: Tether’s USDT and Circle’s USDC stablecoins have produced $93 million and $28 million in revenue, respectively, in the last seven days, according to DefiLlama data, while the Ethereum, Tron and Solana networks saw $19 million, $11 million and $9.6 million. Solana-based protocols and trading bots, meanwhile, are right behind. Trading bot platform Photon and memecoin powerhouse pump.fun have both generated over $6 million in the last seven days, exceeding Ethereum-based decentralized finance, or DeFi, heavyweights such as Maker, Lido or Aave in terms of revenue. Source
The chief executive of digital asset insights firm CryptoQuant says stablecoins are witnessing increased adoption via use-case expansion. CryptoQuant’s Ki Young Ju tells his 368,500 followers on the social media platform X that the total market cap of stablecoins is exploding for reasons other than digital asset trading on exchanges. The on-chain analyst’s data shows that only about one in five stablecoins are being used to buy and sell crypto. “In September 2021, exchange stablecoin reserves exceeded $30 billion. From this point, I considered the stablecoin market to be sufficiently…
The PolitiFi space has caught investors’ attention in the past few weeks. All of this momentum comes before next Tuesday’s presidential election, which will greatly impact the crypto market. In this bullish environment, FreeDum Fighters (DUM) has been on analysts’ radars – securing over $380,000 in presale funding. PolitiFi Tokens Explode to $240M Daily Volume […] Source CryptoX Portal
Liu Zhou, 39, said to be from China and Canada, will be sentenced early next year in federal court for “the wash trading of client cryptocurrencies across multiple cryptocurrency exchanges,” according to the DOJ. Wash trading refers to the artificial driving up of asset prices by suggesting a fake level of transaction interest. Source
The Fortune article, which debuted about a week after suspicions of a different kind of manipulation on Polymarket, cited research done by two blockchain analytics firms. One, Chaos Labs, “concluded that around one-third of trading volume — and overall users — on the presidential market alone was likely wash trading, along with across all markets.” The other, Inca Digital, “found that a ‘significant portion of the volume’ on the market could be attributed to potential wash trading,” the magazine said. Source
Este artículo también está disponible en español. As Bitcoin (BTC), the largest cryptocurrency by market capitalization, inches closer to its all-time high of $73,700 reached in March, the US spot Bitcoin ETF market has re-emerged as a key driver of the cryptocurrency’s recent price surge. On Tuesday, total trading volume for spot Bitcoin ETFs surpassed $3 billion, coinciding with Bitcoin’s price briefly above the pivotal $73,000 mark for the first time in over 7 months. Bitcoin ETF Market Set To Surpass 1 Million BTC Holdings Soon Notably, crypto investor BigRig…