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$33 Million In Dogecoin Shorts Liquidated As Price Shoots

Dogecoin witnessed a significant growth trend in 2021. This remarkable feat connects to the influence of Tesla’s CEO and billionaire, Elon Musk. The billionaire has remained a prominent proponent for Dogecoin, and his position could either increase or decrease its price movement.

Most crypto assets took to the south during the recent bearish trend in the crypto market. This brought considerable losses in value for most of them. In addition, Dogecoin, the largest and leading meme cryptocurrency, also recorded a downward movement.

But the recent positive progress in the crypto market is pushing the assets north. For Dogecoin, the asset has finally broken its strong resistance at $0.135 as the price jumped by more than 110%. The new price surge from DOGE is linked to Elon Musk Twitter deal of almost $44 billion.

Dogecoin Records Largest Liquidated Positions In Short Calls

Data on the overall crypto liquidations in the market sat at $261 million over the past 24 hours. The record indicated that about 110.99k traders are affected in their force liquidation saga. Following Dogecoin’s recent price jump, the token got the most considerable value of liquated coin positions.

Details showed that over $61 million were liquidated from Dogecoin over the past 24 hours. But more than 54% of the value, representing about $33.11 million, of the liquidations were in short positions.

This implies that most traders were anticipating more declines in the value of DOGE. Binance and Okex crypto exchanges reported Dogecoin short calls of about $7 million in liquidation, respectively.

According to Whale Alert, over $18 million worth of DOGE has been multiple transfers from whale wallets to several crypto exchanges over the past 24 hours. The tracker’s noted highest transaction record involved a transfer of about 100 million DOGE to Binance.

Soaring Trading Volume For Dogecoin

The price of DOGE surged by more than 25% over the past day. This new price jump is connected to recent Musk’s deal with Twitter. Also, Twitter announced its advancement into the NFT market.

The 24-hour trading volume of DOGE has jumped strongly by 207% to $14.5 billion. This new uptrend has pushed Dogecoin to overtake Cardano (ADA) in cryptocurrency ranking.

The leading meme coin is now among the top 10 crypto assets, with a market cap of about $17 billion. At the time of writing, the price of DOGE is hovering at $0.1403.

$33 Million In Dogecoin Shorts Liquidated As Price Shoots

Dogecoin continues to surge l DOGEUSDT on Tradingview.com

Other meme coins have received great strength from DOGE’s price recovery to initiate their rally. From widespread expectations, Shiba Inu could toll the trend after Dogecoin in the coming weeks. Over the past seven days, SHIB increased by 27%.

featured Image From Pixabay, Charts From Tradingview

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Bitcoin Struggles Below $20K While Daily Volatility Rises

The past two weeks took a different turn for almost all crypto assets, especially Bitcoin. Though the crypto market prices saw some positive moves to the north in July, most tokens could not sustain their growth afterward. In addition, there have been other losses in the crypto market recently, which has thrown the entire market off balance.

A record of over $50 billion left the broader market as the cumulative market cap fell below the $1 trillion level. It seemed like the bears were not yet through with the downward pull. But trading over the last two days brought a little hope to the market.

Several cryptocurrencies were seen reclaiming some of their lost values. Bitcoin surged above the $19,500 mark, dipping as it gathered over $1,000 again.

Other cryptocurrencies followed the trend as well. The actual positive progress in the crypto market had the market cap hitting and surpassing its coveted $1 trillion mark again.

Another Downward Trend For Bitcoin

Just when it seems like the bulls are rising strongly, a negative twist has once again erupted in the market. The report on the market prices indicates that volatility has been increasing over the past 24 hours.

BTC price appears to be hovering below the $20,000 region as the token experience a slight shed-off over the past 24 hours. But the cumulative cryptocurrency market capitalization is still stalling over the $1 trillion mark.

Bitcoin hovers below 20k on the chart l Source: BTCUSDT on TradingView.com

BTC is battling to claim the $20,000 mark as sellers and buyers are dragging supremacy. So far, Bitcoin’s strong forces are holding down the price at the level despite the increasing volatility in the market.

Altcoins Are Not Left Out

The altcoins are not left out in the 24 hours of downtrend prices. For example, Ethereum plummeted by 0.3% and is currently trading above the $1,500 region during the press. Other significant altcoins are also in the red due to the negative price swing of the crypto market.

SOL dropped but then gained; DOT lost by 0.69%, DOGE is also trading sideways, SHIB lost, but it has recovered, , AVAX dipped by 0.37%. There is also a reverse of the market sentiment as the level has moved back to ‘extreme fear.

The sudden rise in price volatility has total spiked liquidations over the past 24 hours. The value is currently about $250 million. A record of the most considerable single liquidation involved a BTC-USDT swap valued at $2 million and occurred on the OKEx crypto exchange.

Featured image from Pixabay, chart from TradingView.com

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Light Speed: Kraken, Another Giant Exchange Integrates The Lightning Network

This is huge! Kraken now supports Lightning Network deposits and withdrawals. The suddenly popular second Layer protocol keeps growing and gaining importance. “Finally, traders have an instant and inexpensive way to move bitcoin on and off the platform,” Kraken said in their official announcement. The Lightning Network is much more than that, though. 

What will happen once Kraken’s extensive clientele tries out Lightning transactions? Will the phenomenal experience change the way they see bitcoin? The second layer solution can perform millions of operations per second and all transactions cost pennies and offer final settlement. In using it, there are also privacy gains. The huge innovation, though, is the cash-like experience. 

The Kraken integration comes with a Lightning node of their own. To implement it, the company used LND by Lightning Labs. The reason is that “they have the largest user base and we have a lot of people on the network that have lots of experience with LND. So it has proven to be easy to use and very reliable as well.” That’s according to Kraken’s bitcoin product manager, Pierre Rochard, who also said to Bitcoin Magazine: 

“Adoption is going to come from people who have fiat in their bank account, and they need to get it into Bitcoin. Kraken is providing an excellent venue for them to do that, and then they can top up their mobile Lightning wallet and use it as a medium of exchange. That’s clearly the next step in terms of Bitcoin’s evolution.”

Designed with this and the cash-like experience in mind, Kraken limits Lightning deposits and withdrawals to 0.1 BTC.

BTC price chart for 04/02/2022 on Binance | Source: BTC/USD on TradingView.com
Kraken Announced Lightning Network Integration In 2020

Even though this looks like it magically happened, the integration had been in the works for a while. In 2020, Kraken stated its intentions:

“In 2021, we are committed to hiring a team to focus specifically on the Lightning Network, as part of our continuing effort to deliver the best possible experience for traders and investors.

We expect to allow clients to withdraw and deposit Bitcoin on Lightning in the first half of 2021, which will allow clients to move their Bitcoin instantly and with the lowest fees.” 

It took a while, but it’s finally here. Market-wise, will this move the needle in favor of bitcoin? Will the world even notice? According to this list, Kraken became the 23rd exchange to support the Lightning Network. Among the giant ones already on board are Bitfinex, OKEx, OKcoin, BitMex, and Bitstamp. Among the up-and-coming ones, BullBitcoin, Buda, CoinCorner, Kollider, and Boltz.

This also means, that you're able to instantly move the lightning payment you received to @krakenfx to exchange it for fiat, basically reducing the currency exchange risk to zero.This completely changes the dynamic for fiat brick and mortar stores.https://t.co/bpNzKC7ZDL

— zero fee routing ⚡ (@zerofeerouting) March 31, 2022

And, since we’re on lists, in their announcement Kraken provided Lightning wallet recommendations: 

“For example, BTCPay Server enables Lightning payments for merchants, greatly improving the bitcoin checkout flow. For consumers, Breez, Phoenix and Muun bring Lightning to mobile with a modern user experience.”

As to the importance of the move for markets and business, a pseudonymous Lightning node operator that goes by “zero fee routing” puts everything in perspective. “This also means, that you’re able to instantly move the lightning payment you received to Kraken to exchange it for fiat, basically reducing the currency exchange risk to zero. This completely changes the dynamic for fiat brick and mortar stores.”

Attacking The ESG FUD Head On

The increase in Lightning Network adoption also brings a great opportunity with it. The community could clean up the disgusting ESG-based narrative enemies of bitcoin have been planting in mainstream media. Regarding this, in the already quoted interview Kraken’s Pierre Rochard said: 

“With Lightning, you can send a payment off-chain that is much more energy efficient, not only because you’re not adding the miner fees, and thus the amount of electricity consumption by miners, but also because that payment only has to be stored and shared by the two parties in that channel.”

Do Greenpeace and Ripple not know that most bitcoin transactions are going to be off-chain in a few years? Do they not know that the Lightning Network alone will take bitcoin out of the conversation its enemies have been carefully manufacturing? Kraken certainly knows. And took action. 

Speaking about Kraken, its CEO Jess Powell has been present on the news lately. He recommended buying bitcoin below $40K. During the Canadian crisis, he hinted that bitcoiners should take their funds out of centralized exchanges. And he refused to voluntarily ban Russian users, providing a convincing rationale to justify Kraken’s actions.

And now, his company integrated the Lightning Network.

Featured Image by Ferhat Deniz Fors on Unsplash | Charts by TradingView

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China Ban Aftermath: Why The Crypto Downtrend Could End On New Year’s Eve

Is the China ban to blame for the recent Bitcoin sell-offs that brought down the whole crypto market? That is the prevalent theory. As the main exchanges close their operations in mainland China, the citizens have been fearfully selling their assets. They don’t know if they’re going to be able to transact or even sell their cryptocurrencies in the future, so they’re going back to the Yuan. And we have charts from Arcane Research and a carrot to prove that. 

Related Reading | Is This The Reason China Banned Bitcoin Mining? Carvalho’s Mind Blowing Theory

Let’s stop wasting time and go to the hard data.

How’s The China Ban Treating Huobi?

The headline, provided by this carrot, is the following. “Asia’s largest exchange, Huobi, has stopped related trading in China. Bitcoin has been flowing from Asia to the US and Europe for some time.” To elaborate on that, we bring out good friends at Arcane Research’s The Weekly Update. “The final impact of the Chinese bitcoin ban from September is unfolding. After gradually removing Chinese mainland users, Huobi’s share of the global open interest has fallen to 2%, down from its Feb 15th, 2020 peak of 20%.”

And they have the charts to prove it:

BTC Futures Open Interest, OKEx and Huobi | Source: The Weekly Update

And even more data and crucial dates:

“Huobi has accelerated its retirement of Chinese mainland customers. On Sept 24th, Huobi ceased registrations for new mainland Chinese customers. On Dec 15th, Huobi ceased spot trading for Chinese citizens. Additionally, from Dec 15th to Dec 31st, Chinese mainland customers are only able to sell digital assets.”

So, the crypto downtrend could end on New Year’s Eve because it’s the last day that Huobi’s “Chinese mainland customers” will be able to sell. This might sound like an exaggeration, but look at this bloody red chart:

The sell-pressure from China is real. Asia’s largest exchange, Huobi, has closed OTC and exchange transactions. Many people have been forced to sell their #bitcoin because they are worried they won’t be able to trade in the future. Huobi's net position change red past months: pic.twitter.com/gKInTQpE7k

— Root 🥕 (@therationalroot) December 18, 2021

“The sell-pressure from China is real,” and it isn’t only coming from Huobi.

How’s The China Ban Treating OKEx?

The other Chinese giant’s situation is more complex. What’s going on in there? How are they handling the China ban? Rumors are flying. According to the carrot, “The ok exchange has not yet issued an announcement on the clearing.” The Weekly Update has a little more information, but it’s still convoluted. 

“The public statements from OKEx are far more ambiguous than those of Huobi. The exchange has publicly stated that the exchange website will be inaccessible for mainland Chinese traders. Further, the exchange has stated that it will not set up offices and teams in mainland China while maintaining the policy of “exiting the Chinese mainland market.” In OKEx’s subreddit, the OKEx helpdesk shared a screenshot from its P2P market, currently allowing traders to trade using the Chinese Yuan.”

Related Reading | China Banned Bitcoin Mining. What Happens To Small Hydropower Stations Now?

As the first graph shows, OKEx open interest share is also in sharp decline. “In April 2020, OKEx accounted for 30% of the open interest in the futures market, in stark contrast to today’s 8% market share.” The signal is clear, even if the situation is not.

BTC price chart for 12/22/2021 on Coinbase | Source: BTC/USD on TradingView.com
What About Binance?

Sadly, we don’t have as much data about them. The carrot claims that “Binance will be partially cleared at the end of the year.” It also informs us that “Binance’s net position change recently red (likely because of China),” and gives us two very informative charts. In them, the sell-pressure that the China ban generated is obvious. While Binance is red, the US and Europe-centric Kraken is very much in the green.

If we compare this to Kraken, which is mostly active in US and Europe, we can see that they are clearly Buying The Dip. ✊ pic.twitter.com/qvBWknDKoX

— Root 🥕 (@therationalroot) December 18, 2021

So, is the crypto downtrend going to end on New Year’s Eve? The data speaks for itself. Let’s cross our fingers, nevertheless.

Featured Image: Myriams on Pixabay | Charts by TradingView

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FTX Token Marks A New High Due To Crypto Exchange’s NFT Launch

Following the launching of an NTF marketplace by FTX crypto exchange, the price of FTT hit a new all-time high. FTT is the native token of the FTX crypto trading platform.

As FTX crypto exchange launches its NFT marketplace for us residents, the native token FTT on Tuesday hits $83. This is a new all-time high for the utility token; FTT gives the holders unique advantages like reduced trading fees. It also allows them access to staking opportunities so they can earn percentage rewards.

Related Reading | New To Bitcoin? Learn To Trade Crypto With The NewsBTC Trading Course

According to CoinGecko data, although the token by press time dropped to $75.12, it has gained 12.2% in the past day. FTT has also reached a high of 69% within the week.

The FTX token is in bullish momentum and aims to recover previous losses | Source: BTCUSD on TradingView.com

The high price made the token market cap increase to $8.44 billion, making FTT the 26th biggest digital asset. This development happened amidst the FXT launch of its marketplace for NFTs (non-fungible tokens).

NFTs are crypto assets you can attach to internet files to prove ownership for artworks, music, concert tickets, and videos.

FTX Launches NFT Platform in the United States

Yesterday, the NFT marketplace of FXT kick-started operation with a wave movement. To correct this, FTX US has raised the minting fee of the new NFT to $500 briefly, then to $10.

Sam Bankman-Fried, before the incident introduced his Test NFT, it was sold initially for $10 on the FTX US. Sam is the CEO and founder of the company, and his Test NFT sold for barely $270,000.

The CEO had expected the NFT marketplace on FXT.com to be ready for launching in a few weeks. However, the NFT marketplace on the website FXT.com is the main platform of the exchange.

The NFT marketplace on FXT.com is similar to the marketplace on FXT.US will be cross-chained natively. In addition, it will support both Solana and Ethereum blockchains.

According to records, FTX is just among the crypto exchanges that explore the non-fungible tokens this year.

In June, the popular crypto exchange Binance had launched an NFT marketplace with a project known as “100 Creators”. Binance NFT platform features exclusive NFTs designed by global leading artists, events, and buy premium.

Related Reading | Panama To Recognize Bitcoin As Payment Alternative, Issues New Regulations

Earlier this month, another renowned exchange OKEx also trailed the path of introducing its version of the NFT platform.

The platform will be for buying, selling, and even minting NFT across the exchange ecosystem. OKEx is the world’s second-biggest crypto exchange in terms of volume, and each of its NTF is unique and unchangeable.

Featured image from Pixabay, chart from TradingView.com