Author: Coindesk
The volatility caused nearly $700 million in liquidations on crypto-tracked futures, impacting both longs and shorts (or bets on higher and lower prices, respectively), with $380 million in bearish traders and $290 million in bullish bets evaporated. Such cumulative losses are the highest since early April, when BTC briefly crossed its previous peak at over $73,000. Read the full article here
Republicans will control 53 seats for at least the next two years, having flipped Pennsylvania, Ohio, Montana and West Virginia last week. The crypto-focused super political action committee, Fairshake, was heavily involved in the Ohio race in particular, supporting Republican Bernie Moreno to the tune of $40 million. Read the full article here
Musk has discussed creating a “Department of Government Efficiency,” abbreviated as D.O.G.E, to make government spending more efficient. That has fueled expectation among traders that there could be more chatter of “DOGE” in mainstream media and retail trading circles, fueling attention and interest in dogecoin, as a CoinDesk analysis first noted in mid-October. Read the full article here
It’s a sign that bullish long positions are likely getting crowded, and a slight price pullback could see over leveraged bulls capitulate, closing their longs and inadvertently exacerbating downside pressures in the market. Leverage washouts have been a common phenomenon in previous bull markets, often leading to a sudden double-digit percentage price drops. Read the full article here
Lens, which was founded in 2022 by the creators of decentralized finance (DeFi) giant Aave, released its version 3 on Monday, having already empowered some 550,000 users by granting them complete ownership of their social identity, the data they create, the connections they make and the audiences they communicate with. Read the full article here
MicroStrategy (MSTR), the Nasdaq-listed software company with the largest corporate bitcoin treasury, melted up 25%, closing the day at a new all-time high price of $340, overcoming its 24-year old record from the dotcom bubble era. The company announced on Monday that it acquired 27,200 BTC, bringing its total holdings to 279,420 bitcoin, worth about $24.5 billion at current price. Read the full article here
Trabucco, who was part of Sam Bankman-Fried’s inner circle and became Caroline Ellison’s right hand at Alameda Research, the trading firm co-founded by Bankman-Fried, left the company in August 2022, just months before both Alameda and FTX filed for bankruptcy in December of that year. Read the full article here
Nansen, which allows users to see what’s happening in blockchain networks in real time, aims to pave the way for more efficient decision-making in Bitcoin layer 2s empowered by the insights its data and analytics provide, according to an emailed announcement on Monday. Read the full article here
Memecoins are volatile by nature can often swing in price dramatically due to varying amounts of liquidity. Two percent market depth on Binance for ACT is currently just $93,000 to the downside and $214,000 to the upside, which means that a market sell order of just $100,000 would move the price to the downside by more than 2%, according to CoinMarketCap. Read the full article here
The largest cryptocurrency by market capitalization continues to hit all-time highs, which shows a strong uptrend. In the past week alone, bitcoin has added almost $20,000 from its Nov. 6 low of $66,700. It was trading recently at $84,255, having climbed as high as $84,989, according to CoinDesk Indices data. The CoinDesk 20 Index (CD20), a measure of the broader crypto market, has climbed 29% since the election. Read the full article here