Coinspeaker CoinGlass Data: $534 Million Wiped Off Crypto Market in Heavy Liquidations Over 24 Hours
Data from crypto derivatives analysis platform CoinGlass show that the total number of crypto liquidations in the market jumped by a heavy 43% to $534 million in the past 24 hours. This comprised short positions worth $181 million and long positions worth $352 million.
CoinGlass data showed that the asset with the largest amount of liquidations was XRP XRP $2.79 24h volatility: 20.5% Market cap: $158.48 B Vol. 24h: $46.20 B , with $69.12 million, while Bitcoin BTC $95 029 24h volatility: 0.1% Market cap: $1.88 T Vol. 24h: $88.06 B was second, with $60.75 million. Others include Ether ETH $3 614 24h volatility: 0.7% Market cap: $435.09 B Vol. 24h: $41.26 B with $57.94 million, Dogecoin DOGE $0.42 24h volatility: 2.3% Market cap: $61.42 B Vol. 24h: $10.09 B at $32.13 million, Hedera HBAR $0.37 24h volatility: 53.6% Market cap: $13.94 B Vol. 24h: $8.27 B at $17.41 million, and Solana SOL $225.8 24h volatility: 0.5% Market cap: $107.18 B Vol. 24h: $8.24 B at $14.48 million.
For exchanges, Binance was the largest, with $222 million – 63% in long positions. While OKX was second with $134 million, Bybit came third with $124 million.
Crypto Liquidations Likely Caused by Sideways Market Swing
The recent liquidations are interesting because, although the market has increased over time, mainly since the Trump win, prices have recorded sideways movement more recently. Current data from CoinMarketCap shows the market is at 3.46 trillion. Interestingly, investors have spent more than $1.2 trillion buying crypto over the past month.
Last week, BTC failed to break the $100,000 mark, disappointing several investors and the cryptocurrency market in general. Unfortunately, this led to heavy liquidations, with more than $491 million lost in the 24 hours that ended on Monday, November 25.
Bitcoin is trading above $95,400 after gaining about 2.6% over the last 7 days. ETH has recorded a larger gain, climbing 8.29%, while DOGE has had similar figures, at 8.9%. Of the ten largest assets by market capitalization, XRP has been the most impressive over the last week, increasing by more than 95%. Cardano ADA $1.27 24h volatility: 18.7% Market cap: $45.56 B Vol. 24h: $6.87 B gained 36.64% to $1.28, while Avalanche AVAX $51.64 24h volatility: 11.7% Market cap: $21.12 B Vol. 24h: $2.53 B gained 29% to 51.7%.
Possibility of US Bitcoin Sale Lingers despite Market Action
Despite the recent general bullishness in the crypto market, the US government has made moves that suggest it intends to sell off its Bitcoin. According to data from Lookonchain, the US government made multiple transfers worth billions to Coinbase, comprising Bitcoin from the Silk Road liquidation.
Reactions have poured in, with some suggesting Biden’s administration may be trying to frustrate the incoming Trump government expected to be pro-Bitcoin. Others hope that the plan is simply to safeguard the stash.
Yet a few others are warning against a potential sale of Bitcoin. According to United States Space Force major Jason Lowery, it would be “a huge strategic mistake”. Lowery believes that the government should not sell any of its Bitcoin, regardless of price.
Lowery, who also authored “Softwar: A Novel Theory on Power Projection and the National Strategic Significance of Bitcoin”, said it is obvious the government has no idea what it owns. Lowery continued:
“Remember this post when they inevitably try to justify a new version of EO 6102 to reclaim the Bitcoin they sold off due to their ignorance about the true significance of this technology.”
Former President Franklin D. Roosevelt signed Executive Order EO 6102 in 1933, which forbade hoarding gold coins, bullion, and certificates.
Interestingly, Coinbase CEO and co-founder Brian Armstrong agrees with Lowery. Armstrong has said the government “should never sell Bitcoin”.
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CoinGlass Data: $534 Million Wiped Off Crypto Market in Heavy Liquidations Over 24 Hours
