Heavy Liquidations Wipe Out $534 Million From Crypto Markets Overnight
According to data from the crypto derivatives analysis platform CoinGlass, total crypto liquidations in the market surged by 43% over the past 24 hours, reaching $534 million. This total includes $181 million in short positions and $352 million in long positions.
XRP led liquidations with $69.12 million, followed by Bitcoin at $60.75 million. Other notable assets included Ether ($57.94 million), Dogecoin ($32.13 million), Hedera ($17.41 million), and Solana ($14.48 million).
Among exchanges, Binance topped the list with $222 million in liquidations, 63% of which were long positions. OKX ranked second with $134 million, while Bybit secured third place at $124 million.
The recent wave of liquidations stands out, as the market has grown steadily over time, particularly since Trump’s win, yet prices have shown more sideways movement lately. Current CoinMarketCap data places the market at $3.46 trillion, with investors spending over $1.2 trillion on crypto in the past month.
Last week, Bitcoin fell short of breaking the $100,000 mark, a major disappointment for investors and the broader crypto market. This failure triggered significant liquidations, with losses exceeding $491 million in the 24 hours leading up to Monday, November 25.
Currently, Bitcoin is trading above $94,500, gaining 2.6% over the past week. Ethereum saw a more significant rise of 8.29%, while Dogecoin followed closely with an 8.9% increase. Among the top ten assets by market capitalization, XRP stood out with an impressive 95% surge over the past week. Meanwhile, Cardano climbed 36.64% to $1.28, and Avalanche jumped 29% to $51.7.
Despite the overall bullish sentiment in the crypto market, the U.S. government appears to be preparing to offload some of its Bitcoin holdings. Data from Lookonchain reveals that multiple transfers, totaling billions, have been made to Coinbase, including Bitcoin seized during the Silk Road liquidation.
The move has sparked varied reactions. Some speculate that the Biden administration might be attempting to hinder the incoming Trump administration, which is anticipated to favor Bitcoin. Others remain optimistic, hoping the transfers are merely a precaution to secure the assets.
However, some voices caution against selling the Bitcoin. U.S. Space Force Major Jason Lowery has called such a move “a huge strategic mistake,” asserting that the government should retain its Bitcoin, regardless of market conditions.
