The Bitcoin market experienced a sudden and widespread selloff, with the value of the global crypto market falling by 1%, currently sitting at $1.65 trillion. The leading cryptocurrency, Bitcoin, dropped 2 percent from $43,400 to $42,500 within hours, creating a domino effect on other major altcoins such as ETH, SOL, BNB, and XRP.
High funding rates continue
Despite expectations of a traditional year-end Santa rally, the crypto market is struggling with rising funding rates, causing concern among investors. Derivatives exchange data platform Coinglass said, “Funding Rates are going crazy. “We expect big fluctuations,” he said, emphasizing the relevant trend.
In response to rising funding rates, traders quickly abandoned their long positions, triggering a broader sell-off in the market. In just one hour, $40 million worth of long positions were liquidated, contributing to a total liquidation of $170 million in the last 24 hours. In particular, both long and short positions were affected; Over $90 million in long positions and over $79 million in short positions were liquidated.
Precautions from Mt.Gox
Meanwhile, as the cryptocurrency market struggles with volatility, long-dormant Bitcoin exchange Mt. Gox’s creditors have reportedly begun receiving fiat refunds almost a decade after the exchange closed. Posts on the Reddit r/mtgoxinsolvency page show that users have started receiving refunds in Japanese Yen via PayPal.
Haber, Mt. It follows an email from Nobuaki Kobayashi, the trustee overseeing Gox’s estate, sent on Nov. 21 informing creditors about the start of repayments. While the repayment process is expected to continue until 2024, the exact timeline for individual repayments has not yet been determined.
The crypto market is affected by both market dynamics and Mt. The recent turbulence, influenced by external events such as Gox creditors receiving refunds, underscores the inherent volatility of the cryptocurrency space. Investors are closely monitoring upcoming events, including Friday’s annual options delivery, as they navigate current market conditions and position themselves for potential shifts in the environment.
To be informed about the latest developments, follow us Twitter’in, Facebookin and InstagramFollow on . Telegram And YouTube Join our channel.