Massive Liquidations Deepen Crypto Market Decline This Week

The crypto market dropped 3.17% in the past 24 hours, bringing its total capitalization down to $3.66 trillion. This continued the week’s downward momentum, extending losses to 7.19%. Market analysts attribute the decline to heavy leverage unwinding, broader macro risk aversion, and mounting sector-specific pressures.

Cryptocurrency Market Extends Decline Amid Heavy Liquidations and Risk-Off Sentiment

Leveraged positions worth an unbelievable $1.5 billion were sold out in the last 1 day, and a larger percentage of these involve long positions. The acute sell-off aggravated the market volatility and drove the prices of the leading cryptocurrencies.

The relationship between crypto and Nasdaq dropped to -0.55, which showed a growing dispersion in risk-off trading of the equities, leading to a shift in investor sentiment to conservatism.

To make matters worse, a well-known trader referred to as the Trump Insider amplified bearish bets by adding a total of $22 million, and the overall shortage on Bitcoin was almost 99.6 million.

The market was burdened with sector-wide issues. BNB Chain memecoins fell as much as 60% to 95% and new limitations on the mining grid connection in British Columbia further extinguished the mood.

Bitcoin slipped to around $107,000 after the broader market sell-off, signaling a short-term cool-off. Ethereum traded near $3,800 following a 5% dip, while altcoins such as Solana and XRP faced continued bearish momentum.

Today in the Cryptocurrency sector: Coinbase Revives UpOnly Podcast, Evernorth Plans $1B Public Listing, Dorsey Sparks Bitcoin Debate

Coinbase Spends $25M to Bring Back UpOnly Podcast.

In the crypto market today , Coinbase took a big media move and spent $25 million to revive the popular UpOnly podcast. The popularity of the podcast came in the 2021 bull market, with interviews with elite members of the digital asset arena. It was initially supported by the exchange that has since gone under FTX.

The NFT associated with UpOnly was purchased by the Coinbase CEO, Brian Armstrong ; hence, it became one of the most expensive NFTs ever to be bought. The acquisition is the fifth most expensive NFT of all time. Armstrong mentioned that the goal is to reintroduce the podcast with a new season and vision, and appeal to an increasing number of people interested in the Cryptocurrency market.

The UpOnly NFT is now synonymous with the resurrected podcast and the goals of Coinbase to shape the crypto culture with the help of digital content.

Evernorth, Backed by Ripple, Eyes $1 Billion SPAC Merger

Evernorth Holdings is a blockchain-related company related to Ripple Labs, and it is on the way to the IPO. The firm announced it is going to merge with Armada Acquisition Corp. II, which is a Nasdaq-traded special purpose acquisition company (SPAC). The move is expected to increase capital of more than one billion dollars.

One of the major investors is SBI Holdings of Japan, which invested 200 million. Additional investors are Ripple, Pantera Capital, Kraken, and GSR. The capital will facilitate the vision of Evernorth to build one of the largest XRP treasuries in the world through open-market buyouts.

The merged entity will also be listed on Nasdaq under the ticker symbol of XRPN after the deal is closed. Asheesh Birla, the CEO, said that the company is dedicated to moving forward with the use of XRP and providing institutional exposure to crypto asset strategies.

Jack Dorsey Challenges Crypto Labels with Bold BTC Claim

Jack Dorsey, Twitter founder and a prominent Bitcoin advocate, brought up new controversy in the Cryptocurrency industry this week. Posting on X , Dorsey just wrote, Bitcoin is not crypto, which provoked a wave of powerful reactions among thousands in the community.

The criticisms focused on Satoshi Nakamoto's posting in 2010 that Bitcoin is a cryptocurrency. Nonetheless, according to Dorsey, the original Bitcoin white paper, which characterizes it as a peer-to-peer electronic cash system, does not mention the word crypto.

Dorsey highlighted the fact that Bitcoin is based on monetary technology, unlike other crypto projects. This assertion highlights a continuing rift between Bitcoin extremists and the Cryptocurrency sector at large, who are demanding more delineation amid a rapidly changing arena.