Maybelle Montano

The most popular digital currency in the world, Bitcoin (BTC), has seen significant price volatility in recent days. The coin has had difficulty maintaining its value above the psychological $100,000 mark. In the past 24 hours, this has led to a total of $527 million in cryptocurrency liquidations.

Long positions suffer the most. The entire amount of Bitcoin liquidated was $161.96 million, according to CoinGlass data. Interestingly, during the same period, traders with long positions recorded greater liquidations ($92.12 million) than traders with short positions ($68.84 million). According to this data, traders who placed long bets on Bitcoin had greater liquidations since the cryptocurrency was unable to stay stable over $100,000.

Other altcoins have been impacted by the price and liquidity of Bitcoin. Other significant assets that helped reach the $527 million total liquidation include Solana (SOL), Dogecoin (DOGE), XRP, and Ethereum (ETH). With long position traders losing $57.47 million and short traders losing $51.76 million, Ethereum's total liquidation was $109.23.
The $29.22 million in XRP's liquidation was made up of $12.52 million in short positions and $16.70 million in long position traders. With $15.34 million vs $11.36 million, DOGE maintained the trend of long position traders seeing more liquidations than short position traders, totaling $26.70 million. With the liquidation of $13.01 million from short-position traders and $10.85 million from long-position traders, Solana reported a liquidation imbalance. This results in a $23.87 million liquidation total.

Bitcoin anticipates a comeback, but there will be additional turbulence.

As of this writing, the price of Bitcoin is rising on the cryptocurrency market, trading at $98,835.08, after a 24-hour increase of 4.01%. However, tempered sentiment is evident as Bitcoin's trading volume has decreased by 21.4% to $79.92 billion. In a recent statement to the cryptocurrency community, Real Vision CEO Raoul Pal advised investors to prepare for additional price declines before the market reaches a new high. Although he warned investors not to panic, he suggested that Bitcoin might drop as much as $70,000.

#MarketRebound #AITokensBounce #AltcoinRevolution2028

Ben Zhou, the CEO of Bybit, has hinted that the current liquidation event in the cryptocurrency market might be much bigger than is generally believed.
The largest liquidation event in cryptocurrency history occurred on Monday, February 3, with over $2 billion in digital liquidations in a single day, according to CoinGlass data.

The COVID disaster and the FTX collapse, two of the most major liquidation incidents ever documented, were surpassed by the estimated $2.2 billion in liquidations, according to several analysts.
However, Zhou stated that because to API limitations, the figures might be underreported. The co-founder of Bybit claims that the cryptocurrency exchange restricts the amount of data that is sent to aggregators such as CoinGlass. Zhou stated via X that other platforms probably have a comparable capped structure.
According to Zhou, liquidations on Bybit alone caused losses of $2.1 billion, or more than 85% of the total amounts that were reported. Regretfully, the actual total liquidation now is far more than $2 billion. By my judgment, it should be at least $8 billion to $10 billion,” Zhou said.

Members of the crypto community discussed the veracity of the stated numbers after Zhou's remarks. Some hypothesized that earlier liquidation incidents, such the FTX collapse and the COVID crash, might have also gone unreported.
Zhou promised that Bybit would start making all liquidation data publicly available in the future. In the midst of a large leverage flush, he declared, "We believe in transparency."
#MarketPullback #cryptowipeout #BitcoinReserveWave

Cryptocurrency traders who were betting on increasing pricing just lost everything. As Ethereum plummeted 20% in a day and Bitcoin dropped to $91K, the market saw over $2.2B in liquidations.

When a significant crypto fall was caused by hysteria over Trump's recently announced tariffs on Canada, Mexico, and China, traders who had placed large bets on prices rising had their positions brutally liquidated. The mayhem resulted in the worst single-day liquidation event ever documented, surpassing even the collapse of FTX and Terra (LUNA).

Futures traders took the brunt of this storm, according to CoinGlass, with $345 million in short positions liquidated as of February 3 compared to $1.87 billion in long holdings.

Ethereum (eth-17.12%) Ethereum
With $600 million in ETH liquidations, Ethereum suffered the most, while Bitcoin (btc -4.08%) suffered the least.
With $400 million, Bitcoin came next.

The price declines were equally severe: Bitcoin fell to $91,200 before rising back to $93,600, still losing 6.5% in a single day, while Ethereum plummeted to $2,500, down 20% in a single day.

The panic was exacerbated by the even more severe impact on altcoins, with the majority of the top 100 experiencing 15% to 30% drops in a single day.

Due to the system's extreme leverage, liquidations quickly intensified the slide once prices began to drop. The market was unable to quickly withstand the selling pressure since it was already brittle due to previous volatility.

An analyst has referred to this as the greatest altcoin drop since the COVID-19 pandemic and cautioned against attempting to "revenge trade" using leverage, highlighting the need for patience rather than impulsive wagers at this time.

The harm is done for now. Whether this was a brief shakeout or the beginning of something more significant will be revealed over the course of the coming days.

#bearishmomentum #marketcrash

In an insider transaction, the interim CEO of Argo Blockchain purchases 75,000 shares.

In an insider deal, Jim MacCallum, the company's acting CEO, purchased almost 70,000 shares of Argo Blockchain. In a regulatory filing, Argo Blockchain said that Jim MacCallum, its temporary CEO, bought 75,000 of the company's shares between January 29 and January 30 in the form of American Depositary Receipts, which are shares that are traded in the United States and represent equity of foreign companies. According to the report, the shares were purchased at Nasdaq values between $0.4550 and $0.4700 each.

MacCallum purchased the shares for around $34,625 in total, with an average price of $0.4617 per ADR. The disclosure of the insider acquisition was mandated by requirements for individuals carrying out managerial duties. Argo's shares on the London Stock Exchange surged 2.27% to 4.5 GBX following the news.

The deal was made a few days after Argo Blockchain revealed that Thomas Chippas, its CEO, would be leaving on February 28. While the business searches for a permanent candidate to take over as CEO, Jim MacCallum, who is now the CFO, has already stepped in as temporary CEO.

Chippas, who arrived in November 2023, boosted Argo's finances by bolstering the balance sheet and paying down a Galaxy loan early, as crypto.news previously reported. Argo is still having difficulties, as seen by its $6.3 million net loss in Q3 2024 and its 28% year-over-year decline in revenue to $7.5 million.

Argo raised $5.3 million by subscribing to shares in December 2024. With the money, mining equipment from the Helios operation in Texas will be sold or relocated. Additionally, it will help keep things running in Quebec. A five-month low of 39 Bitcoin was mined in December, the same amount as in November, which led the business to claim flat production earlier.
#Argo #insider

Elon Musk's father, Errol Musk, is now entering the cryptocurrency space after former President Donald Trump and First Lady Melania Trump did so with their respective memecoins, TRUMP and MELANIA.

According to Fortune Crypto, Errol Musk stated on January 31 that he hopes to generate $150 million to $200 million using his memecoin, MUSKIT, in order to finance the Musk Institute, a new for-profit think institution.
Musk On December 12, 2023, it debuted its memecoin in collaboration with tech expert Nathan Browne.

With a market valuation of about $53.6 million, the Musk It token (MUSKIT) is currently trading at $0.0497, up 355%. With an all-time high of $0.0728 on January 31 and an all-time low of $0.0089 on January 21, the cryptocurrency has seen tremendous fluctuation.

In the last day, MUSKIT has outperformed popular memecoins like Dogecoin and Shiba Inu, which have increased by 1% and 3%, respectively.

"I'm the head of the family," Errol Musk said, highlighting his fundamental role in the household. I've been "Musking It" for years, so it actually began with me in our family.
He made it clear that the Musk Institute and its cryptocurrency project are not associated with either of his sons, Elon or Kimbal Musk.

The Musk Institute intends to bring together scientists to investigate a range of engineering endeavors, including as the creation of flying automobiles. However, there are still few specifics regarding the institute's debut schedule and the structure of the "Musk It" coin.

Launching personal memecoins has becoming more popular among celebrities.

For example, soon after its issuance, the market value of Trump's official coin rose to over $6.6 billion. Comparably, Melania Trump's MELANIA coin reached a peak of about $13, surged 1000%, and then plummeted to $2.60.

Despite these reservations, Musk and Nathan Browne maintain that their idea is not a "pump and dump" strategy.

"I think people are missing the point if they are depending on Elon to support or contribute," Browne continued.
#Muskit #MUSKITcoin #ElonMusk