The cryptocurrency market experienced a significant crash recently, resulting in a 5% drop in the global market cap to $1.05 trillion within the last 24 hours. Over 170,000 traders were liquidated, amounting to a total liquidation value of $350 million. The largest individual liquidation occurred on the OKX exchange, involving an ETH-USD-SWAP valued at $2.18 million.

Bitcoin, the leading cryptocurrency, witnessed a 5% decline, reaching a 24-hour low of $25,500. Currently, Bitcoin trades near $25,600, and there is a high likelihood of it dropping below the $25,000 level.

Ethereum, the second-largest cryptocurrency, experienced a 4% decline, with its 24-hour low and high at $1,765 and $1,854, respectively. Presently, ETH trades below $1,750, and selling pressure persists, accompanied by increasing trading volumes.

Altcoins like Filecoin, Polygon, Cardano, Solana, Chiliz, Sandbox, Decentraland, and Axie Infinity, among others, plummeted by more than 20%. Shiba Inu (SHIB) led the crypto market crash by falling 30% in the last 24 hours. However, some investors took advantage of the price dip and engaged in buying.

The crypto market crash can be attributed to several factors. One significant factor is the substantial liquidations associated with cryptocurrencies mentioned in lawsuits filed by the US Securities and Exchange Commission (SEC) against Coinbase and Binance. Furthermore, the liquidation surge was triggered by Binance.US ceasing USD fiat support and Robinhood delisting Solana (SOL), Cardano (ADA), and Polygon (MATIC).

The SEC identified several cryptocurrencies as securities in the Binance lawsuit, including BNB, BUSD, SOL, ADA, MATIC, FIL, ATOM, SAND, MANA, ALGO, AXS, and COTI. In the Coinbase lawsuit, the SEC listed SOL, ADA, MATIC, FIL, SAND, AXS, CHZ, FLOW, ICP, NEAR, VGX, DASH, and NEXO as securities.

According to Coinglass, approximately $300 million in long positions and $25 million in short positions were liquidated within the last 24 hours. The majority of these liquidations occurred on Binance, OKX, and Bybit, involving cryptocurrencies such as BTC, ETH, ADA, SOL, DOGE, LTC, FIL, and MATIC.

Grayscale Investments also made a request to the SEC, seeking the withdrawal of the Trust's Registration Statement on Form 10 for the Grayscale Filecoin Trust. The SEC continues to consider Filecoin (FIL) as a security, while Grayscale maintains its belief that FIL is not a security.

Market makers, including Jump Crypto and Cumberland, withdrew liquidity from altcoins, leading to a significant sell-off on Binance and Coinbase. Binance.US partners have shown reluctance to collaborate with the exchange, further contributing to the market downturn.

Additionally, there was a transfer of over 4 trillion Shiba Inu (SHIB) tokens, worth millions, from Shiba Staking to the Binance cryptocurrency exchange. This event triggered a sell-off in SHIB and BONE prices.

“Our fund has made the strategic decision to liquidate our crypto holdings and return the capital to our esteemed LPs. We believe this move will provide enhanced stability and opportunities.”

Scimitar Capital, the hedge fund rumored to be responsible for a massive $2 billion altcoin liquidation, announced their strategic decision to liquidate crypto holdings and return the capital to their investors, citing enhanced stability and opportunities as the motive behind the move.

#bearish #dump #SEC #altseason #Binance

$BTC $ETH $BNB

Finding a potential 100x altcoin is a speculative endeavor and comes with a high level of risk. While there's no guaranteed method, you can follow these steps to identify and research altcoins with potential for substantial growth. Remember, thorough research and due diligence are essential:

Education and Research: Learn about blockchain technology, cryptocurrencies, and how different projects work. Familiarize yourself with factors that contribute to an altcoin's success, such as use case, adoption, team, and market trends.

Explore New Projects: Look for new and emerging projects that solve real-world problems or address gaps in the market. Platforms like CoinGecko, CoinMarketCap, and Crypto Twitter can help you discover upcoming altcoins.

Innovative Technology: Focus on altcoins with unique and innovative technology that sets them apart from existing projects. A strong technical foundation can indicate potential for growth.

Use Case and Adoption: Research altcoins with practical use cases and the potential for widespread adoption. Projects that solve tangible issues or enhance existing industries tend to attract more attention.

Team Credibility: Investigate the team behind the altcoin. A strong, experienced, and transparent team with a history of successful projects can increase the likelihood of a project's success.

Community Engagement: A vibrant and active community can contribute to an altcoin's growth. Engage in online forums, social media, and discussions to gauge community sentiment.

Partnerships and Collaborations: Partnerships with established companies or other blockchain projects can enhance an altcoin's credibility and potential for growth.

Market Trends and Sentiment: Stay informed about current market trends and sentiments. Positive news and increasing interest can impact an altcoin's price and adoption.

Early Stage Investing: Consider getting in early during an altcoin's initial phases, such as pre-sales or public sales. This carries higher risk but may offer greater rewards if the project succeeds.

Risk Management: Only invest what you can afford to lose. Diversify your portfolio and avoid putting all your funds into a single altcoin.

Whitepaper Analysis: Read the project's whitepaper to understand its goals, technology, and roadmap. Look for a clear and well-defined vision.

Technical Analysis: Study price charts and technical indicators to identify potential entry and exit points. Technical analysis can help you make more informed trading decisions.

Regulatory Considerations: Be aware of the regulatory environment in your jurisdiction. Projects that comply with regulations may have a better chance of long-term success.

#GOATMoments #altseason #altcoins.