A sharp rise in crypto liquidations is sending a louder message of how some 
traders are using more leverage in recent months. Related Reading: Bitcoin 
Trail Ends: $29M Seized After European Authorities Shut Down Cryptomixer 
Average daily wipeouts have jumped from roughly $28 million in long bets and 
$15 million in shorts during the last cycle to about $68 million long and $45 
million short in the current cycle, according to a new Glassnode and Fasanara 
report. That shift has made single sell-offs much more violent. Early Black 
Friday Shock Reports have disclosed that Oct. 10 was the clearest sign of the 
change. On that day, more than $640 million per hour in long positions were 
liquidated as Bitcoin plunged from $121,000 to $102,000. Open interest fell 
about 22% in less than 12 hours, sliding from close to $50 billion to $39 
billion. Traders felt the move fast. Positions were closed out on a scale 
Glassnode called one of the sharpest deleveraging events in Bitcoin’s history. 
Futures Activity Hits Records Futures markets have swelled. Open interest 
climbed to a record $68 billion and daily futures turnover topped $69 billion 
in mid-October. Perpetual contracts now account for more than 90% of that 
activity, which concentrates risk in instruments that reset continuously. 
Average daily futures wipeouts rising to $68 million long and $45 million 
short shows the costs when big swings occur. Spot Trading Doubles Based on 
reports, spot trading has also become more active. Bitcoin’s spot volume has 
climbed into an $8 billion to $22 billion daily range, roughly double what was 
seen in the prior cycle. During the Oct. 10 crash, hourly spot volume spiked 
to $7.3 billion, with many traders stepping in to buy the dip rather than run 
for the exits. That flow has helped shift where price discovery happens. 
Capital Flows And Market Share Monthly inflows into Bitcoin have varied from 
$40 billion to $190 billion, pushing realized market capitalization to a 
record $1.1 trillion. Roughly $730 billion has flowed into the network since 
the November 2022 low — more than all previous cycles combined. As a result, 
Bitcoin’s share of overall crypto market cap rose from 38% in late 2022 to 58% 
today, based on the report’s figures. Related Reading: $93K And Climbing: 
Analysts Say Bitcoin’s Push To $100K Has Begun Bitcoin As Settlement Rail 
Meanwhile, there&#8217;s another striking stat: over the past 90 days the Bitcoin 
network processed nearly $7 trillion in transfers. That throughput exceeded 
what major card networks handled in the same window. This has been cited as a 
reason some participants view Bitcoin not just as a store of value, but as an 
increasingly important settlement rail. Bitcoin Price Action At the time of 
writing, Bitcoin was trading at $93,165, up 6.5% and nearly 7% in the daily 
and weekly timeframes. Featured image from Unsplash, chart from TradingView

Risk Runs Hot: Massive Crypto Liquidation Wave Slams Traders Overnight

IREN closed trading on Wednesday up nearly 7%, slightly recovering from a 
major drop on Tuesday after sharing plans for its latest capital raising 
effort.

IREN stock rebounds following $3.6B debt and equity fundraising move

Gold&#8217;s appeal as a safe-haven asset strengthens amid economic uncertainty and 
anticipated Fed rate cuts, potentially driving long-term demand.
The post Gold rises on expectations of Fed rate cut appeared first on Crypto 
Briefing.

Gold rises on expectations of Fed rate cut

Bitcoin price started a fresh increase above $92,000. BTC is now testing the 
key barrier at $94,000 and might attempt an upside break. Bitcoin started a 
fresh increase above the $92,000 zone. The price is trading above $91,500 and 
the 100 hourly Simple moving average. There is a bullish trend line forming 
with support at $92,000 on the hourly chart of the BTC/USD pair (data feed 
from Kraken). The pair might continue to move up if it settles above the 
$94,000 zone. Bitcoin Price Extends Gains Bitcoin price managed to stay above 
the $88,000 zone and started a fresh increase. BTC gained strength for a move 
above the $88,800 and $92,000 levels. There was a clear move above the $92,500 
resistance. A high was formed at $94,050 and the price is now testing an 
important barrier. It is still above the 23.6% Fib retracement level of the 
upward move from the $83,870 swing low to the $94,050 high. Bitcoin is now 
trading above $92,500 and the 100 hourly Simple moving average. Besides, there 
is a bullish trend line forming with support at $92,000 on the hourly chart of 
the BTC/USD pair. If the bulls remain in action, the price could attempt 
another increase. Immediate resistance is near the $94,000 level. The first 
key resistance is near the $94,200 level. The next resistance could be 
$95,000. A close above the $95,000 resistance might send the price further 
higher. In the stated case, the price could rise and test the $95,850 
resistance. Any more gains might send the price toward the $96,500 level. The 
next barrier for the bulls could be $97,200 and $98,000. Downside Correction 
In BTC? If Bitcoin fails to rise above the $94,000 resistance zone, it could 
start another decline. Immediate support is near the $92,000 level and the 
trend line. The first major support is near the $91,200 level. The next 
support is now near the $88,850 zone or the 50% Fib retracement level of the 
upward move from the $83,870 swing low to the $94,050 high. Any more losses 
might send the price toward the $87,500 support in the near term. The main 
support sits at $86,500, below which BTC might accelerate lower in the near 
term. Technical indicators: Hourly MACD – The MACD is now gaining pace in the 
bullish zone. Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is 
now above the 50 level. Major Support Levels – $92,000, followed by $91,200. 
Major Resistance Levels – $94,000 and $95,000.

Bitcoin Strengthens Again as Market Positions for Another Wave of Gains

Escalating demand for an XRP ETF is sharpening focus on 21shares as it awaits 
key SEC action that could set the stage for another major entrant in the fast- 
moving regulated crypto market. XRP ETF Fever Builds With 21shares Teasing SEC 
Verdict Ahead Growing anticipation around an XRP exchange-traded fund (ETF) 
has intensified as 21shares US, […]

Cryptocurrency price in ILS