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$19 Billion in Bitcoin Short Liquidations Are Ready If This Happens

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4 months ago

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The Bitcoin price has continued with its rally moving all the way closer to $66,000 on Tuesday, resulting in more than $200 million in liquidations across the broader crypto market. However, if the BTC price continues to surge further to its all-time high levels, it could lead to massive short liquidations of leverage positions.

Bitcoin Short Liquidations to Cross $19 Billion?

As per data from Coinglass, more than $65.2 million in Bitcoin derivatives positions have been liquidated across the market in the last 24 hours. Of these, $34.8 million are in BTC short liquidations and $28.15 million in BTC long liquidations. A majority of these liquidations have happened on crypto exchanges OKX and Binance.

As per the BTC heatmap, if the Bitcoin price approaches $72,400 in the coming days, nearly $19 billion of BTC short liquidations are likely to happen.

Amid the strong Bitcoin price rally recently, market analysts believe that the BTC downtrend is over and investors could be eyeing a major uptrend going ahead. Popular crypto analyst Rekt Capital noted that with the BTC price crossing $65,000, it has entered a new cluster zone.

“The moment Bitcoin breaks $65,000 (blue) is the moment Bitcoin will form a new red cluster of price action,” Rekt Capital stated. As a result, BTC can now continue its rally to the top of the cluster region of $65,000-$71,500, thereby setting up the stage for the next rally.

Also Read: BlackRock Bitcoin ETF IBIT Crosses Record $18.5 Billion AUM In Just Six Months

Don’t Overestimate Mt. Gox FUD

With crypto exchange Mt. Gox transferring 13K BTC on Tuesday, it stirred a major market reaction with investors expecting another selling pressure similar to the German government sell-off. However, Cryptoquant CEO Ki Young Ju downplayed all fears surrounding the potential impact of Mt. Gox asset liquidations on the Bitcoin market.

“MtGox FUD is overestimated,” Ki Young Ju remarked. Since 2023, approximately $224 billion worth of Bitcoin has been sold, yet the cryptocurrency’s price has surged by 350%. Ki Young Ju noted that even if the $3 billion from Mt. Gox were to be sold on Kraken, it would represent just 1% of the realized cap increase in this bull cycle, a level of liquidity the market can manage.

Also Read: Bitcoin ETF Inflows Drive Total AUM to Record High Over $16 Billion

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Bhushan is a FinTech enthusiast and holds a good flair in understanding financial markets. His interest in economics and finance draw his attention towards the new emerging Blockchain Technology and Cryptocurrency markets. He is continuously in a learning process and keeps himself motivated by sharing his acquired knowledge. In free time he reads thriller fictions novels and sometimes explore his culinary skills.

The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.





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Ripple Provided The Blueprint To Defeat Gary Gensler

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1 hour ago

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November 23, 2024

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Stuart Alderoty, the Chief Legal Officer of Ripple Labs Inc has spotlighted the firm’s role in fighting the crypto crackdown initiated by Gary Gensler as Chairman of the US Securities and Exchange Commission (SEC). With a legal battle spanning approximately four years, Alderoty send appreciation to the key stakeholders in the regulatory fight

In his post on X, Stuart Alderoty noted that though victory has a thousand fathers, some personalities played major roles. He spotlighted the company’s CEO, Brad Garlinghouse, as a leader who provided the courage the team needed to go on.

He also hinted at the role many in the firm’s legal department played as key in paving the way for the success achieved thus far. To the Ripple CLO, most of the core contributors in-house are nameless and do not seek “Twitter spotlight.”

Ultimately, he believes that Ripple provided the blueprint to “defeat Gary Gensler’s inexplicable war on crypto.” He reiterated that the team kept the door open long enough for the crypto industry to survive the regulatory crackdowns.

Ultimately, he mentioned the role played by the XRP Army. Alderoty thanks the community for their faith and support in the project overall.

The Gary Gensler Defeat in Context

There are a number of interpretations to the defeat implied by the Ripple CLO. Beyond the undisputed verdict that XRP is not in itself a security, Gary Gensler’s resignation date is now set at January 20, 2025.

This resignation came following the Kamala Harris defeat by Donald Trump in the just-concluded US Presidential election.

As many industry leaders noted, the crypto voters played a role in determining the outcome of the election. Many supported Donald Trump drawing on his promises to end the war on crypto.

Thus far, the signs of change are visible with his appointments. He picked Tether advocate Howard Lutnick as Commerce Sec, Scott Bessent as Treasury Secretary with Gary Gensler’s replacement yet to be unveiled.

While the next steps in the XRP lawsuit appeal are well defined, it remains to be seen if the next US SEC Chairman will revoke the appeal in the Ripple Lawsuit. In all, the community has counted a win with Trump in charge.

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Godfrey Benjamin

Benjamin Godfrey is a blockchain enthusiast and journalists who relish writing about the real life applications of blockchain technology and innovations to drive general acceptance and worldwide integration of the emerging technology. His desires to educate people about cryptocurrencies inspires his contributions to renowned blockchain based media and sites. Benjamin Godfrey is a lover of sports and agriculture.

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Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.





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Will Polkadot Price Continue To Rally Following 100% Surge?

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4 hours ago

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November 23, 2024

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Polkadot Price Breaks $8 Resistance: Is a Rally to $10 Next?

Amid the current crypto rally, Polkadot price surged 111% over the past 30 days, marking an impressive recovery. This includes a 40% daily jump, bringing DOT back above $8. The market has experienced heightened trading activity and stronger bullish pressure, driving the recent upward momentum. At the time of writing, the $8 mark, which was a resistance level, is now a support zone.

On the monthly chart, Polkadot price is moving toward a key horizontal resistance level near $10, which also represents a critical psychological barrier. Historically, the $10 zone has acted as both support and resistance during various market cycles. Therefore,  a successful breach could pave the way for a rally toward the $12.60 level.

Polkadot (DOT)Polkadot (DOT)
Source: X

Moreover, top technical indicators reveal a bullish outlook. The Relative Strength Index (RSI) has entered the overbought zone on the daily chart, reflecting increased buying pressure. This suggests that the market is favoring continued upward movement. However, traders remain cautious of a potential correction, as overbought conditions often precede short-term retracements.

Source: TradingView

Additionally, Polkadot (DOT) MACD indicator shows a strong bullish crossover, with the MACD line moving significantly above the signal line, indicating heightened bullish momentum. The rising histogram bars further confirm increasing buying pressure, suggesting that the uptrend could continue. 

Will Price Reclaim the $10 Level?

Despite this rally, a bearish reversal could lead to a retest of the $6.57 support level, with stronger downward pressure driving the Polkadot price back to its critical floor of $5. More so, analyst Rekt Capital emphasized the importance of closing the month above $8.61 to sustain the crypto rally.

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Ronny Mugendi

Ronny Mugendi is a seasoned crypto journalist with four years of professional experience, having contributed significantly to various media outlets on cryptocurrency trends and technologies. With over 4000 published articles across various media outlets, he aims to inform, educate and introduce more people to the Blockchain and DeFi world. Outside of his journalism career, Ronny enjoys the thrill of bike riding, exploring new trails and landscapes.

Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.





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SHIB Lead Shytoshi Kusama Hints At TREAT Token Launch

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10 hours ago

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November 23, 2024

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Shiba Inu lead Shytoshi Kusama has announced the launch of the TREAT token, a major addition to the SHIB ecosystem. Originally envisioned by SHIB’s creator, Ryoshi, Treat is designed to replace BONE as ShibSwap’s reward token and provide liquidity for SHIB, the ecosystem’s stablecoin.

Beyond these functions, TREAT aims to enhance governance and trust within the Shiba Inu ecosystem. This development reflects the community’s commitment to advancing decentralized finance (DeFi) capabilities and strengthening SHIB’s position in the crypto space.

TREAT Token to Strengthen Ecosystem with Kusama’s Vision

Shytoshi Kusama, the developer driving the Shiba Inu ecosystem, hinted at the anticipated launch of the TREAT token, exciting the SHIB community. The announcement marked Treat as a transformative addition to the ecosystem, with Kusama emphasizing its role in advancing Shiba Inu’s mission to improve trust, governance, and utility in decentralized finance (DeFi), on November 23.

In response to a recent reported incident where live streamer Jack Doherty scammed his followers with a fraudulent meme coin, Kusama highlighted the importance of accountability. He revealed that Shiba Inu’s ecosystem would incorporate “Karma and Reputation” systems, with TREAT powering these mechanisms. These systems aim to foster a trustworthy environment by rewarding positive contributions and discouraging scams, potentially solving trust issues in the crypto space.

While the token has yet to launch, the community eagerly awaits its arrival. Once live, Treat is expected to replace BONE as ShibSwap’s reward token. It will also provide liquidity for SHI and support governance within the Shiba Inu ecosystem.

Shiba Inu Rallies Amid Soaring Market Optimism

Analysts predict that Shiba Inu (SHIB) could double in price, following a growth pattern like Dogecoin. With increasing interest in meme coins, SHIB is gaining traction and could mirror Dogecoin’s success. Besides, it also comes as SHIB burn rate noted a major spike today, sparking market optimism.

Currently, SHIB price trades at $0.0000273, up by 10% in the last 24 hours. The coin has surged 55% over the past week, showing strong market momentum. Its 24-hour low and high are $0.00002437 and $0.00002794, respectively. SHIB maintains a market cap of $16 billion, with a 24-hour trading volume of $3.36 billion, demonstrating robust investor confidence.

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Coingape Staff

CoinGape comprises an experienced team of native content writers and editors working round the clock to cover news globally and present news as a fact rather than an opinion. CoinGape writers and reporters contributed to this article.

Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.





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