Crypto Liquidations Top $500 Million After a Volatile Weekend

Crypto Liquidations Top $500 Million After a Volatile Weekend

Crypto liquidations surpassed $500 million in the last 24 hours as Bitcoin failed to sustain its rise above $100,000. Bitcoin accounted for $70.4 million of these liquidations, followed by Ethereum and Dogecoin at $43.4 million and $35.3 million, respectively. After almost reaching a six-figure price tag earlier this week, Bitcoin settled at $96,256, marking a 1.4% decrease in the past day.

The market saw long liquidations of roughly $380 million, while short liquidations made up $120 million. Bitcoin's price surge followed the 2024 US presidential election, where Donald Trump's victory boosted confidence. Despite this setback, Bitcoin managed $48.9 billion in trading volume, maintaining a market cap of over $1.9 trillion.

Now, in the early hours of Monday, Bitcoin is back above $98,100, and the rest of the crypto market appears to be following suit. There will likely be a lot of liquidations for short sellers as a result of this, since some may have been misled into thinking the bull market was over and have gone full bear early.

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Decentralized Science (DeSci) Grows Amid Market Skepticism

Decentralized science protocols are in the nascent stages but are seen as having huge potential, similar to how DeFi protocols started out in 2019. Mechanism Capital’s Andrew Kang highlights interesting DeSci projects such as BIO Protocol, Pump Science, and GLP1, each focused on innovative approaches to medicine and health. Kang disclosed Mechanism Capital's recent investment in BIO Protocol.

DeSci aims to advance scientific research using blockchain technology, emphasizing transparency and community participation. The sector has a market cap of $1.2 billion, led by OriginTrail (TRAC) and Rifampicin (RIF). The movement emerged post-COVID-19, looking to address issues in science like biased peer reviews and making data accessible to everyone.

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Cantor Fitzgerald Acquires 5% of Tether With $600M Stake

Cantor Fitzgerald secured a 5% ownership stake in stablecoin issuer Tether, valued at around $600 million. The move has made Cantor a key ally to Tether in defending against proposed regulations for offshore stablecoins. Howard Lutnick, Cantor's CEO and Trump's nominee for Commerce Secretary, could further strengthen Tether’s standing amid regulatory scrutiny.

Lutnick's involvement raises expectations of influence over future crypto regulations, which Tether views as beneficial. Meanwhile, Tether reported $7.7 billion in profits through the first nine months of 2024, capitalizing on increased Treasury yields. Tether remains under regulatory pressure due to ongoing investigations into its potential use in illicit activities and possible sanctions.

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Polymarket Blocks French Users Amid Regulatory Probe

Polymarket, the top prediction market platform, has blocked users in France following an investigation by the country's gaming authority. The French regulator is probing the platform after a French bettor, "Théo," won nearly $80 million by betting on Trump's presidential victory. Polymarket described the action as proactive, awaiting more discussions with French stakeholders.

While users in France can still access Polymarket in a "view-only" mode, new trades have been paused. The National Gaming Authority of France is assessing the platform's compliance with local laws due to heightened interest and scrutiny during the US election. Théo, who faced allegations of market manipulation, insisted that his bets were based purely on available polling data.

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Data of the Day

Non-fungible tokens (NFTs) recorded a weekly sales volume of $158 million as of November 24, despite a 12.7% drop from the prior week. Ethereum led the volume with $49 million in sales, while Solana saw the highest number of NFT buyers, with a 57.99% increase from last week. Bitcoin ranked second in sales volume, generating $43 million, down 29% from the previous week.

November is shaping up to surpass October's total NFT volume, which stood at $356 million, a strong recovery from a months-long decline. Solana also saw a noticeable boost in buyer activity, highlighting contrasting trends among leading NFT blockchains.

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More Breaking News

• Allianz, Germany's biggest insurer, buys 24% of MicroStrategy's $2.6 billion convertible notes, showing increasing institutional interest in Bitcoin.
• The UK Labour government plans to introduce a unified cryptocurrency regulatory framework in early 2025, focusing on stablecoins and staking.
• Wrapped Bitcoin experienced a flash crash to $5,200 on Binance due to an electronic error, quickly rebounding to normal levels.
• HTX launches Convert, a zero-fee crypto conversion tool for easy and straightforward trading between cryptocurrencies.
• FIFA and Mythical Games team up to launch FIFA Rivals, a free-to-play soccer crypto game for iOS and Android in summer 2025.
• Donald Trump is expected to appoint ex-Bakkt CEO Kelly Loeffler as Agriculture Secretary, as his social media company is in talks to acquire Bakkt.
• Texas aims to boost Bitcoin adoption with a proposed gold-backed digital currency, which could serve as a gateway for skeptical investors.

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