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Tron Founder Justin Sun Bursts Rumors of Leverage Trading Liquidations

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5 months ago

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The 18% drop in the broader crypto market over the past 24 hours has sent major shockwaves leading to huge liquidations in the leveraged positions. With the Ethereum price tanking over 20%, several rumors started floating that Tron founder Justin Sun got rekt with more than $152 million in liquidations of the leveraged positions. However, the Tron founder denied these developments clearing the air on the liquidation process.

Justin Sun Clears Air on Liquidations

The recent sell-off in the crypto market in the Asian trading hours on Monday has led to more than $1 billion in total crypto market liquidations. Most of the traders with leveraged long positions got Rekt with rumors suggesting that Justin Sun was one of them.

The Tron founder, however, has dismissed the rumors stating that he and his team rarely engage in any leverage trading strategies. As per Justin Sun, leverage trades bring no benefit to the crypto market.

Instead, the Tron founder said that he and his team focus more on activities that support the crypto industry and entrepreneurs. He added that the Tron team remains focused on activities such as working on blockchain projects, staking, running nodes, or assisting project teams in providing liquidity.

Also Read: Crypto Prices Today August 5: BTC Tanks 10%, ETH Crashes 20%, & Altcoins In Bearish State

Liquidations On the Rise

There’s a strong volatility in the crypto market as the Bitcoin price tanked further all the way to $50,000. However, it has recovered at press time to $52,800 levels. The daily trading volumes have shot up by 161% to a staggering $71.8 billion.

Bitcoin critic Peter Schiff believes that the situation can worsen once the US market trading begins on Monday. The US futures are already down heavily as of now. Schiff predicts a strong liquidation coming in the Bitcoin ETF market, expecting a 30% gap down.

Amid fears of a US recession and hard landing, there are talks about the hard landing in the US economy. However, some reports also suggest that the Fed could intervene even before September to announce a 50 bps rate cut.

Also Read: Jump Trading Dumping Ethereum, Which Crypto Is Next?

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Bhushan Akolkar

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.

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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BTC Hits $99K, BGB Jumps 26%, MOVE Surges 15%

Published

2 hours ago

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December 26, 2024

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Crypto prices today are showcasing a bullish trend as Bitcoin (BTC) touched $99,000, recovering from a low of $92,000. Major altcoins are also exhibiting positive momentum. Bitget Exchange token (BGB) emerged as the top gainer in the last 24 hours, with an 18% surge. Over the past week, BGB has risen by 48%, outperforming other major altcoins, which showed bearish trends during the same period.

Movement (MOVE) became the second top gainer, with a 15% price increase. The global cryptocurrency market cap rose by approximately 1%, reaching $3.43 trillion, while overall trading volume dropped 11%, settling at $117 billion. The decline in volume is attributed to the ongoing Christmas holiday season globally.

Market activity is expected to rise next week as the United States prepares for Donald Trump’s presidential oath ceremony in three weeks. The Fear and Greed Index currently stands at 63, indicating that greed persists in the market. Here’s an overview of the leading cryptocurrencies by market capitalization and price movements.

Crypto Prices Today: BTC Climbs Higher, XRP, ETH, and SOL Show Positive Momentum

Crypto prices today reflect a strong bullish momentum, with Bitcoin (BTC) maintaining its position near $99,000. Ethereum (ETH) and XRP showed steady gains, while Solana (SOL) rebounded after recent losses. These developments highlight renewed investor confidence in major cryptocurrencies.

Bitcoin Price Today

Bitcoin (BTC) price was trading at $99,123, reflecting approximately a 1% increase in the last 24 hours. Its 24-hour low and high were $97,681 and $99,974, respectively. BTC’s market cap stood at $1.96 trillion, with trading volume dropping to just $35 billion due to reduced holiday activity. Bitcoin’s market dominance rose to 57.04%, up from the previous day. Moreover, Russia has been leveraging Bitcoin and other digital currencies for foreign trade to mitigate the impact of Western sanctions.

Ethereum Price Today

Ethereum (ETH) price was trading at $3,462, marking approximately a 0.5% increase in the last 24 hours. Its 24-hour low and high were $3,442 and $3,545, respectively. ETH’s market cap reached $417 billion, with a trading volume of $18 billion. Additionally, The Sonic Chain has expanded its reach by introducing a new bridge to connect with the Ethereum ecosystem, further bolstering its milestones and ties with Fantom (FTM).

XRP Price Today

XRP price was trading at $2.274, with a 24-hour low of $2.265 and a high of $2.329. Its market cap stood at $130 billion, while the trading volume was relatively low at $4 billion. Crypto analysts are predicting that XRP could potentially reach an all-time high of $3.775 in the near term.

Solana Price Today

Solana (SOL) price was trading at $198, with a 24-hour low of $195 and a high of $201. Its market cap stood at $94 billion, with a trading volume of $2.5 billion. Crypto prices today show a strong outlook for SOL, as a top expert recently predicted its price could reach $330, driven by soaring anticipation towards Solana’s potential ETF approval and other positive market developments.

Meme Crypto Prices Today

Meme crypto prices today are showing a bearish momentum, with top meme coins experiencing a decline. Dogecoin (DOGE) was down by 1%, trading at $0.33. Similarly, Shiba Inu (SHIB) saw a 3% drop, trading at $0.00002256. Despite the overall decline, there are signs of hope within the meme coin community.

In the last 24 hours, Shiba Inu’s burn rate surged by nearly 100%, sparking optimism among its supporters. This increase in burn rate is part of recent advancements within the Shiba Inu community, which have fueled speculation of a potential rally in the near future.

Other top meme coins like BONK, PEPE, and WIF also experienced declines, ranging from 4% to 6% in the last 24 hours. These coins are also facing the broader market pressure, but the recent Shiba Inu developments have added some excitement to the meme coin space.

Top Crypto Gainer Prices Today

Bitget Token

BGB price is making history today, with the coin up by 26% in the last 24 hours, currently trading at $6.291. Its 24-hour low and high are $4.87 and $6.30, respectively. Crypto prices today reflect the remarkable surge of BGB, which has seen a market cap of $8.8 billion and a trading volume of $800 million.

This coin has experienced impressive growth, rising by 300% in the last month and 500% in the past quarter. The extraordinary performance of BGB is drawing significant attention, and its rise continues to fuel optimism in the crypto space.

Movement

Movement (MOVE) price was up by 15% in the last 24 hours, trading at $1.156. Its 24-hour low and high were $0.99 and $1.21, respectively. With a market cap of $2.61 billion, MOVE continues to show positive momentum in the crypto market.

GateToken

GT price was up by 10%, trading at $15.32. Its 24-hour low and high were $13.85 and $15.42, respectively. With a market cap of $1.36 billion, GateToken is ranked among the top 100 coins by market cap, reflecting its strong performance in the crypto market.

Top Crypto Loser Prices Today

Hyperliquid

HYPE price was trading at $26.30, showing an 11% drop in the last 24 hours. Its 24-hour low and high were $25.64 and $30.46, respectively. Despite the recent decline, crypto prices today reflect a market cap of $7.17 billion, maintaining its significant presence in the market.

Helium

Helium (HNT) price was down by 9%, trading at $7. Its 24-hour low and high were $6.90 and $7.64, respectively. With a market cap of just $1.23 billion, HNT is facing a challenging period in the market.

Fartcoin

FARTCOIN price was down by 7% in the last 24 hours, with its 24-hour low and high at $1.112 and $1.288, respectively. Despite the recent decline, it was the top gainer yesterday, surging by 70%.

Besides, the crypto market has continued to hold upside momentum in the last few hours with positive signs of further upside in Bitcoin (BTC), Ethereum (ETH), and major altcoins. Traders are expecting a rally after Christmas from the year’s end crypto options expiry.

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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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AVAX Price Eyes Rally As Avalanche Founder Draws Parallel To Bitcoin

Published

5 hours ago

on

December 26, 2024

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The speculations over a potential AVAX price rally soared as Avalanche founder Emin Gun Sirer drew parallels to Bitcoin’s capped 21 million supply. Highlighting AVAX’s maximum supply of 715.74 million and its deflationary mechanism of burning transaction fees, Sirer contrasts it with Ethereum’s uncapped supply. This scarcity-driven approach positions it as a strong contender among digital assets, sparking investor confidence and raising hopes for a potential price surge in the near future.

AVAX Price Gains Attention As Founder Highlights Bitcoin-Like Supply Cap

On December 25, AVA Labs CEO and founder Emin Gun Sirer posted on X, emphasizing a critical aspect of Avalanche – its capped supply, which he likened to Bitcoin’s 21 million fixed limit. Unlike Ethereum, which has no maximum supply and currently has over 120 million coins in circulation, the Avalanche token has a total cap of 715.74 million coins. This scarcity, combined with Avalanche’s mechanism of burning all transaction fees, has sparked discussions about its potential impact on AVAX price growth over time.

Sirer explained that Bitcoin’s capped supply has been a cornerstone of its value, attracting long-term investors and fostering confidence in its deflationary nature. By adopting a similar model, Avalanche aims to position itself as a scarce digital asset with strong value-accrual dynamics. This deflationary mechanism could drive interest in capped-supply tokens.

Also, the comparison with Bitcoin positions Avalanche token as a unique player in the crypto market, offering scarcity alongside a robust ecosystem. These features could make it appealing to investors looking for long-term value, which in turn could boost the Avalanche price ahead. This is especially true in a market dominated by inflationary assets like Ethereum.

What’s Next For Avalanche?

The latest Avalanche price chart showed that the crypto declined 2% to $40.973. Its 24-hour low and high are are $40.08 and $41.84. The token market cap is $16.5 billion with $453 million of trading volume. Despite the recent decline, its market cap and rank suggest resilience and ongoing investor interest.

The expert said that the current price action indicates a bullish momentum ahead for the crypto. Highlighting $34.71 as a key support zone, the expert has shared a strong forecast for the crypto ahead. According to Rose, the AVAX price could target the brief $64.04 or $79.77 mark ahead.

AVAX Price AvalancheAVAX Price Avalanche
Source: Rose Premium Signals, X

Besides, Avalanche recently launched the Avalanche9000 upgrade. This aims to improve scalability and make launching subnets cheaper. The upgrade could increase network activity, boosting AVAX price in the future.

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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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Sonic Chain Launches Ethereum Bridge, FTM Price Reacts

Published

8 hours ago

on

December 25, 2024

By


Newly launched Fantom spinoff Sonic Chain has finally released its Ethereum bridge dubbed the amid its sustained expansion drive. Announced on its X page, the protocol said the new gateway can help user bridge assets like USDC, EURC, WETH, and FTM from Ethereum to Sonic. The protocol also noted that this asset bridging can be done securely.

The Sonic Chain Bridge Features

This new bridge comes following the mainnet launch of the protocol on December 18. As part of the update, Sonic Labs said the new gateway has passed audits from three major security firms. These include Open Zeppelin, Quantstamp and Certora Inc. Despite the safety of the bridge, it has confirmed ongoing working plans with ImmuneFi for a bug bounty program.

Notably, it has designated a total of $2 million for the bounties, an offering it will split between the Gateway and Sonic Chain. Now, holders of FTM on the Ethereum network can now upgrade to S through the Gateway. For users’ safety, the protocol released the contract addresses of USDC, EURC, and WETH on Sonic.

Launched earlier in January, the Sonic Chain crossed the 1 million block milestone as reported by Coingape. This proves the fast rate of adoption of the new chain amid confirmation over 1,600 Transactions Per Second (TPS).

The Fantom Price Outlook

As a spinoff from the Fantom network, the successes of the Sonic Chain still bears a crucial impact on FTM price. Notably, the latest updates have not helped boost the price of the the coin considerable oveer the past week.

At the time of writing, FTM was changing hands for $0.9720, down by 0.79% in 24 hours. The coin has moved from a high of $1.0228 to a low of $0.9650 before settling at the current mark. With a 7-day loss of 21% and a mild 3% uptick in the past 30 days, there is growing expectation that dual movement of funds on the Gateway can help drive more liquidity to boost its price.

Overall, Sonic Chain developers plan to launch new set of Decentralized Applications (DApps) to drive the protocol’s adoption into the mainstream.

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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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