Tag: Hours

$1.5 Billion Liquidations in 24 Hours as Bitcoin Price Recovers

by CryptoPotato

The past 24 hours have seen almost $1.5 billion in liquidated positions. This is the total for both long and short trades, as Bitcoin’s price went on a rollercoaster.

$1.5 Billion Liquidated

Cryptocurrency trading has a certain allure to it. After all, in the past 24 hours, we saw Bitcoin’s price go from $40,000 to $36,000 and back above $41,000. The same is true for many other cryptocurrencies.

This rampant volatility creates opportunities for serious gains in a short amount of time. However, what a lot of people fail to realize is that it is much more dangerous.  As highlighted by the most recent data, almost $1.5 billion positions were liquidated. That is to say, the trade didn’t go their way and they lost their margin. The majority of it, as of the time of this writing, comes from long positions, which is a direct result of Bitcoin’s volatility and crash in last night’s trading session.

The total amount of liquidated longs sits at $953 million, whereas the liquidated short positions currently sit at $516 million. This happened in less than a day.

liquidated_positions
Exchange Liquidations. Source: Bybt

As evidenced in the chart above, the majority of the liquidations came from Binance, which is to be expected – it’s the largest exchange by volume.

Following are Bybit, Huobi, OKEx, and BitMEX.

$20 Million Single Liquidation Order

In the past hour, we saw about $60 million of liquidations. What’s interesting about this is that an overwhelming amount of it came from a single order.

A trader has lost $20.2 million on BitMEX. This is the largest single liquidation order and it involved ETH trading. This only goes to highlight the dangers of leveraged trading.

It’s important to remember that this is a zero-sum game. In simplest terms, this means that in order for some to win, others have to lose.

Nevertheless, the situation continues to be particularly exciting. The total trading volume in the past 24 hours is around $200 billion and Bitcoin’s Dominance surpassed 70%.

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Bulls vs. Bears: Over $1.1 Billion Shorts and Longs Liquidated in the Past 24 Hours

by CryptoPotato

The past 24 hours on the cryptocurrency market have been particularly intense. This time around, the action doesn’t seem to come from Bitcoin, which has been taking a breather.

Altcoins, on the other hand, are going parabolic. As CryptoPotato reported, they added almost $40 billion to the total market cap. Despite this increase, both long and short liquidations are off the charts.

Over $1.1 Billion Liquidated in a Day

As it’s oftentimes the case, when Bitcoin stops its advance, alternative cryptocurrencies take advantage and start to pop. This is what has been happening over the past couple of days. The primary cryptocurrency declined in value, which allowed room for others to step in.

The total trading volume in the past 24 hours alone surged to just shy of $400 billion. In the same period of time, more than $1.1 billion worth of short and long positions were liquidated. This translates to almost 120,000 traders on the major exchanges.

The largest single liquidation order over the past hour took place on Huobi and had a face value of the whopping $12.92 million. Over the same period of time, about $31 million worth of long and short positions were liquidated.

exchange_liquidation_data
Exchange Liquidation Data. Source: Bybt

As seen in the above chart, the majority of positions were long, accounting for a total of $685 million. Leading the way is Binance, which doesn’t really come as a surprise. Next in line are Huobi, Bybit, and OKEx.

A Zero-Sum Game

Trading is a zero-sum game. This means that for one to win, another has to lose. It’s a paramount principle that needs to be kept under close consideration when stepping into a market as volatile as this one.

This is especially true for newcomers. Data from Google Trends reveals that the interest in Bitcoin has increased substantially over the past month.

google_trends
“Bitcoin” Searches. Source: Google Trends

It’s obvious that the current levels are nowhere near their peak from back in 2017, but the massive volatility can cause serious capital loss unless risk management and proper principles are in place.

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Crypto Asset Built on Ethereum Rallies 6,548% in Just 24 Hours – Here’s Why

by Dailyhodl

A relatively new crypto asset built on Ethereum soared more than 6,548% within a day after the entity behind the project dropped a bombshell on the industry.

Grap.Finance (GRAP) is a fork of the YAM protocol, which is a decentralized protocol that uses rebasing strategies to achieve price stability. Its supply is designed to expand and contract based on market conditions.

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GRAP’s value plumetted to an all-time low of $0.009 on December 11th.

It then skyrocketed to a high of $0.718 on December 29th from a low of $0.0108 on December 28th, representing growth of 66x in less than 24 hours.

Source: CoinGecko

GRAP’s ascent comes after the project publicly admitted that it was the white hat hacker that successfully attacked peer-to-peer coverage market for decentralized finance (DeFi) Cover Protocol (COVER).

The hack exploited a bug on the project’s shield mining contract, Blacksmith, and allowed the attacker to mint 40 quintillion COVER and decimate the protocol’s supply.

Although GRAP returned the funds, Cover says it plans to take a snapshot of the network prior to the attack, launch a new crypto asset, and distribute the coins to token holders.

“Hello everyone, we are exploring providing a NEW COVER token through a snapshot before the minting exploit was abused. The 4,350 ETH that has been returned by the attacker will also be handled through a snapshot to the LP token holders. We are still investigating. Do NOT buy COVER.”

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Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.

Featured Image: Shutterstock/IgorZh

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The Binance platform currency BNB rose more than 14% in the past 24 hours, and the price rushed to 39.80 US dollars, breaking the record high in June 2019. At present, the total market value of BNB has exceeded US$5.6 billion, ranking firmly among the top ten in market value.

by Wu Blockchain
The Binance platform currency BNB rose more than 14% in the past 24 hours, and the price rushed to 39.80 US dollars, breaking the record high in June 2019. At present, the total market value of BNB has exceeded US$5.6 billion, ranking firmly among the top ten in market value. https://t.co/SCWOvxtscY

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Off to Wash DC for a lunch Meeting! Should be free 1:30 to 3pm in case someone wants to swing by for a drink but not sure where yet :) – PS: Forgot to set 5am alarm but waking up every few hours at night to check Bitcoin price is a life hack! 😂 – PPS: 😂 Social distancing 👇

by Tone Vays
Off to Wash DC for a lunch Meeting! Should be free 1:30 to 3pm in case someone wants to swing by for a drink but not sure where yet 🙂
–
PS: Forgot to set 5am alarm but waking up every few hours at night to check #Bitcoin price is a life hack! 😂
–
PPS: 😂 Social distancing 👇 https://t.co/BQpsDqqgLO

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12,006 $BTC flowed out from Coinbase a few hours ago. As I said, it went to custody-looked-like wallets. It seems that Coinbase makes a new cold wallet for each customer after the OTC deal for institutions. I’m very bullish on $BTC.

by Ki Young Ju 주기영
12,006 $BTC flowed out from Coinbase a few hours ago.

As I said, it went to custody-looked-like wallets. It seems that Coinbase makes a new cold wallet for each customer after the OTC deal for institutions.

I’m very bullish on $BTC.

https://t.co/MrM1IgzB3B https://t.co/whmG287Pus

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XRP price falls 24% in 24 hours as exchanges begin delisting

by Cointelegraph

XRP price fell 41% on Binance over the past three days as news of the lawsuit by the United States Securities and Exchange Commission against Ripple became apparent. As a result, several small exchanges have already halted XRP trading.

So far, three small exchanges, namely OSL, Beaxy and CrossTower have either temporarily stopped trading or removed XRP.

Daily XRP price chart (Coinbase). Source: TradingView.com

More exchanges may delist XRP

According to prominent lawyers in the cryptocurrency industry, exchanges that listed XRP are at risk if the token is deemed a security.

Hailey Lennon, a partner at Anderson Kill, said:

“You know who is at risk if XRP is considered a security? EVERY EXCHANGE THAT LISTS XRP.”

The SEC alleges Ripple of paying money to exchanges to permit the “buying and selling of XRP” on their platforms.

The official lawsuit filed by the SEC said that Ripple entered into agreements with at least 10 digital asset trading platforms. The lawsuit reads:

“In 2017 and 2018, Ripple also entered into agreements with at least ten digital asset trading platforms — none of which were registered with the SEC in any capacity, and at least two of which have principal places of business in the United States — providing for listing and trading incentives with respect to XRP. Ripple paid these platforms a fee, typically in XRP, to permit the buying and selling of XRP on their systems and sometimes incentives for achieving volume metrics.”

If XRP is officially deemed a security, Lennon noted that the 10 exchanges cited by the lawsuit are likely to see the biggest risk.

Brad Garlinghouse, the CEO of Ripple, said he would “aggressively fight” and “prove our case” with co-founder Chris Larsen.

Garlinghouse emphasized that he has the option to individually settle with the SEC, but has decided not to take that route. Hence, the final court decision in the U.S. is needed to officially conclude whether XRP is or is not a security.

Some exchanges will likely halt trading in the foreseeable future until the formal court decision gets released. OSL, an over-the-counter and cryptocurrency exchange in Asia, said:

“In light of the U.S. Securities and Exchange Commission’s enforcement action against Ripple Labs Inc. and two of its executives, we have suspended all $XRP payment in and trading services on the OSL platform, effective immediately and until further notice.”

XRP price at risk

From a technical standpoint, traders say that XRP is in a “do or die” situation where it would have to bounce strongly at the current level at around $0.35 or face more downside.

Below $0.35, the chances of a bigger drop to early 2020 levels increase. Though a relief rally should also not be ruled out.

Alex Saunders, a cryptocurrency trader, said XRP remains risky for traders until the regulatory conflict with the SEC is resolved. He wrote:

“With a plethora of coins offering enormous upside. It’s ludicrous to emotionally attach yourself to $XRP now they are being sued by the SEC. Exchanges will be delisting & financial services industry won’t dare touch it until resolved. Good investors admit things changed & move on.”

The uncertainty around XRP has also been reflected by a spike in social media activity surrounding the cryptocurrency. At the same time, the sentiment around XRP has dropped to its second-lowest recorded level in history, according to data from TheTie.