Blockchain
Crypto Liquidations Hit Over $200M In 1 Hour- What’s Going On?
As asset prices plunge, the market has faced massive crypto liquidations in the last 24 hours. On-chain data show over $200 million in leveraged crypto positions have now been liquidated in the last hour.
This brings the total figure in the last 24 hours to $885 million sparking diverse reactions from bulls and bears in the market. Data from CoinGlass shows today’s sharp decline as the highest derivative exit this month.
Across social media spaces, traders went into panic mode with the sell-off wiping out gains recorded this month. The crypto chart is currently in the red zone although some users see buying opportunities trending the catchphrase “buy the dip.” The liquidations occurred as bulls projected highs for the market leader Bitcoin (BTC) on the back of inflows and the upcoming halving event.
What’s Going On?
The sudden trend reversal is due to macroeconomic factors and geopolitical tensions in the Middle East. In the last hour, news broke of a possible Iran attack on Northern Israel further increasing tensions in the region.
This impact on the crypto market causing liquidations was triggered in traditional assets although assets like gold surged. Despite the trend, crypto bulls say the period after the liquidation could trigger more buys in the market. Pro-crypto commentator @ZachDWest noted that crypto liquidations are temporary due to high volatility.
“Volatility is temporary and shouldn’t shake you out, Years from now, the value of #Bitcoin sats will just slowly tick upwards day by day. Ensuring every sat you save, will be worth more as you age. Exponential. Predictable. Perfection. Bitcoin is the truest stablecoin. Zoom out.”
Assets Prices Spark Crypto Liquidations
The wider cryptocurrency market is down 7% in the last 24 hours following massive outflows on digital assets. Bitcoin has plunged 5.21% today wiping out weekly gains recorded in the market. Altcoins also saw significant outflows with some assets hitting 17% in losses.
Ethereum (ETH), Solana (SOL), and Ripple (XRP) posted 8.65%, 14.49%, and 12.4% losses respectively in the last 24 hours. Cardano (ADA) and Avalanche (AVAX) are both down 17% recording huge lows in the market.
Also Read: Will El Salvador Change Its Bitcoin Laws For IMF’s $1.4B Loan?
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
Sui Foundation has recently made an important partnership agreement with Franklin Templeton Digital Assets, which will help develop DeFi solutions on the Sui platform. This will give the Sui ecosystem developers support and additional guidance in enhancing blockchain solutions and products.
Franklin Templeton Joins Sui Foundation to Support Blockchain Projects
A recent blog post reveals that Franklin Templeton Digital Assets will partner with the Sui Foundation to support developers deploying and working on Sui. The partnership will increase the use of decentralized finance (DeFi) in the execution of various projects and the deployment of enhanced blockchain technologies.
Franklin Templeton brings years of experience in blockchain-based technology, including node validation and investment strategies. Its dedicated research team focuses on tokenomics and leverages data science for informed decisions. Key projects highlighted by the partnership include Deepbook, Karrier One, and Ika, which showcase the scalability and security of the blockchain.
Sui Blockchain Records Impressive DeFi Growth Metrics
The blockchain has demonstrated remarkable performance in the DeFi sector since its mainnet launch in May 2023. It recorded a 675% growth in total value locked (TVL) and a 956% increase in DeFi transaction volume. These metrics underscore the platform’s efficiency, enabled by its massive parallelization technology, low transaction latency, and consistently low gas fees.
Projects like Deepbook and Karrier One benefit from Sui’s advanced infrastructure, driving developer interest and ecosystem expansion. The partnership with Franklin Templeton will boost this growth trajectory further.
Can Price Soar to $18 After 740% Rally?
Additionally, the blockchain’s native token, SUI, has seen a 740% price increase in just four months, outperforming other Layer-1 blockchains like Solana. The token is currently trading at $3.51, with analysts predicting that the SUI price could reach $18 during this bull cycle, provided it breaks key resistance levels at $3.93. Market analysts note that the price rally was driven by the blockchain’s innovative capabilities and growing DeFi adoption.
Recently, the Sui Network faced a two-hour outage that temporarily halted block production. Validators encountered technical challenges, prompting the Sui team to deploy a fix swiftly. While the network resumed normal operations, the incident raised concerns among the community.
Ronny Mugendi
Ronny Mugendi is a seasoned crypto journalist with four years of professional experience, having contributed significantly to various media outlets on cryptocurrency trends and technologies. With over 4000 published articles across various media outlets, he aims to inform, educate and introduce more people to the Blockchain and DeFi world. Outside of his journalism career, Ronny enjoys the thrill of bike riding, exploring new trails and landscapes.
Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
- Bangkok will host the Open AGI Summit on November 13 alongside DevCon 2024.
- The summit focuses on ethical AI development through decentralized governance models.
- Prominent speakers include Pramod Viswanath and Sandeep Nailwal from leading firms.
Bangkok is set to be the epicenter of innovation as it hosts the Open AGI Summit on November 13, 2024, in conjunction with DevCon, a major blockchain developer conference.
These unique events aim to explore the intersection of Artificial General Intelligence (AGI) and decentralized technologies, fostering dialogue about the ethical implications of AI in a rapidly evolving digital landscape.
Supported by flagship partners including Google Cloud, Sentient, Polygon Labs, and SCB 10X|SCBX, the Open AGI Summit promises to engage both AI and blockchain communities.
All eyes on the Open AGI Summit
As the world advances toward AGI, concerns about centralized control and potential societal risks are becoming increasingly prominent. The Open AGI Summit seeks to address these anxieties by examining how decentralized, blockchain-based governance models can lead to safer and more transparent AI development.
By emphasizing collaboration and ethical dimensions, the summit aspires to ensure that AGI serves as a tool for universal benefit and prosperity.
The summit will feature prominent voices from the fields of AI, blockchain, and web3, including Pramod Viswanath, a professor of engineering at Princeton University, and Sandeep Nailwal, co-founder of Polygon.
Nailwal highlights the critical decision society faces: to allow a handful of corporations to dominate AI technology or to embrace a future where AI is open, transparent, and accessible to all. He asserts that blockchain technology can ensure the equitable distribution of AI benefits, guided by collective values.
Discussions at the summit will cover essential topics, including advancements in AI safety research, decentralized governance structures, and ethical considerations in AI development.
Attendees can expect a deep dive into the innovative synergy between AI and blockchain, emphasizing emerging applications that could redefine industries.
Ultimately, the Open AGI Summit aims to bridge the gap between academia, industry, and the decentralized AI community, fostering collaboration towards responsible AGI development.
This convergence is essential for ensuring that AI technologies are built with a commitment to ethical principles and societal benefit, marking a significant step toward a safe and beneficial future for AGI.
- Bangkok will host the Open AGI Summit on November 13 alongside DevCon 2024.
- The summit focuses on ethical AI development through decentralized governance models.
- Prominent speakers include Pramod Viswanath and Sandeep Nailwal from leading firms.
Bangkok is set to be the epicenter of innovation as it hosts the Open AGI Summit on November 13, 2024, in conjunction with DevCon, a major blockchain developer conference.
These unique events aim to explore the intersection of Artificial General Intelligence (AGI) and decentralized technologies, fostering dialogue about the ethical implications of AI in a rapidly evolving digital landscape.
Supported by flagship partners including Google Cloud, Sentient, Polygon Labs, and SCB 10X|SCBX, the Open AGI Summit promises to engage both AI and blockchain communities.
All eyes on the Open AGI Summit
As the world advances toward AGI, concerns about centralized control and potential societal risks are becoming increasingly prominent. The Open AGI Summit seeks to address these anxieties by examining how decentralized, blockchain-based governance models can lead to safer and more transparent AI development.
By emphasizing collaboration and ethical dimensions, the summit aspires to ensure that AGI serves as a tool for universal benefit and prosperity.
The summit will feature prominent voices from the fields of AI, blockchain, and web3, including Pramod Viswanath, a professor of engineering at Princeton University, and Sandeep Nailwal, co-founder of Polygon.
Nailwal highlights the critical decision society faces: to allow a handful of corporations to dominate AI technology or to embrace a future where AI is open, transparent, and accessible to all. He asserts that blockchain technology can ensure the equitable distribution of AI benefits, guided by collective values.
Discussions at the summit will cover essential topics, including advancements in AI safety research, decentralized governance structures, and ethical considerations in AI development.
Attendees can expect a deep dive into the innovative synergy between AI and blockchain, emphasizing emerging applications that could redefine industries.
Ultimately, the Open AGI Summit aims to bridge the gap between academia, industry, and the decentralized AI community, fostering collaboration towards responsible AGI development.
This convergence is essential for ensuring that AI technologies are built with a commitment to ethical principles and societal benefit, marking a significant step toward a safe and beneficial future for AGI.
Winklevoss Urges Scrutiny of FTX and SBF Political Donations
Bitcoin Price Is Decoupling From Gold Again — What’s Happening?
Why a New Solana All-Time High May Be Near
Dogecoin Fractal Points To A Potential Breakout, Can It Reach A New ATH?
WIF Shakes Off Setbacks As Bullish Resurgence Targets More Gains
BTC Continues To Soar, Ripple’s XRP Bullish
2.52 Million Altcoins Are Ruining Crypto’s Future
Animoca Brands Valuation Tanks 75% In Two Years, Here’s Why
Crypto exchange BingX hacked for $43 million
Are The Big Players Losing Interest?
Hong Kong’s Securities Association Tips Authorities On Crypto Self-Regulation
Coinbase cbBTC Set to go Live on Solana
2.52 Million Altcoins Are Ruining Crypto’s Future
Animoca Brands Valuation Tanks 75% In Two Years, Here’s Why
Crypto exchange BingX hacked for $43 million
Are The Big Players Losing Interest?
Hong Kong’s Securities Association Tips Authorities On Crypto Self-Regulation
Coinbase cbBTC Set to go Live on Solana
-
Altcoin7 hours ago
BTC Continues To Soar, Ripple’s XRP Bullish
-
Altcoin23 hours agoSHIB Lead Shytoshi Kusama Hints At TREAT Token Launch
-
Market22 hours agoSEC Secures Record $8.2 Billion in 2024 Financial Remedies
-
Altcoin22 hours agoDogecoin Price Forms Extremely Rare And Bullish High Tight Flag Pattern, What To Expect Next
-
Altcoin21 hours agoCrypto Trader Records $2.5M Profit With This Token, Here’s All
-
Market20 hours agoWhy the Altcoin Season May Be Underway
-
Altcoin16 hours agoXRP Price To $28: Wave Analysis Reveals When It Will Reach Double-Digits
-
Market15 hours agoXRP To Hit $40 In 3 Months But On This Condition – Analyst
✓ Share: