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It was a brutal and historic bloodbath, a sudden and violent purge that resulted in what one analyst has called “the largest single-day wipeout in crypto history.”
A promising “Uptober” rally was brought to a catastrophic halt on Friday as a geopolitical bombshell from the White House sent a shockwave of fear through the global markets, triggering a cascade of liquidations that erased nearly $20 billion from the digital asset space in a single day.
The carnage was swift and merciless. Over a harrowing seven-hour period, Bitcoin plunged from the relative safety of $121,000 to a grim low of $109,000.
The pain was felt across the market, with Ethereum dipping to $3,686 and Solana touching just above $173.
But the real story was in the leveraged positions that were being systematically annihilated.
The volatile session triggered a “flash crash of liquidations,” wiping out almost 7 billion across all markets within a single hour, with a staggering 5.5 billion of that coming from bullish long positions, Sean Dawson, head of research at Dervie, told Decrypt.
By the time the dust settled, the majority of the day’s nearly 20 billion in liquidations—a colossal 16.7 billion—had come from longs, according to CoinGlass data.
This was not a crypto-specific crisis; it was a contagion of fear sparked by the highest office in the United States.
The sell-off across both crypto and traditional markets followed President Trump’s stunning announcement that he was canceling a planned meeting with Chinese President Xi Jinping and had ordered a “massive increase” in tariffs on Chinese imports.
The threat, which Trump himself acknowledged could be “potentially painful” for Americans, immediately sent risk assets into a tailspin.
The tech-heavy Nasdaq dipped 3.6 percent, the S&P 500 fell 2.7 percent, and the Dow dropped 1.9 percent, a clear sign that the market was taking the president’s words as a declaration of a new and more aggressive phase in the trade war.
But just as quickly as the storm descended, a fragile calm began to return.
By the weekend, China appeared to soften its stance, and a market that had been gripped by panic began to recalibrate, with analysts suggesting the brutal rout may have been a brief, if violent, geopolitical overreaction.
Now, a powerful rebound is underway. “What we’re seeing is a textbook relief rally,” Dean Serroni, CEO of crypto investment manager Merkle Tree Capital, told Decrypt.
The recovery has been as swift as the crash was brutal. Bitcoin has surged 5% on the day to retake the $115,100 level.
Ethereum is leading the charge with an impressive 10.5% jump to $4,138, while major altcoins like Solana, BNB, and Dogecoin are soaring with double-digit gains.
Serroni explained the powerful bounce as “pure short-covering and mean reversion after the market overreacted to Trump’s tariff bombshell.”
He pointed to the “thin” selling pressure and the dramatic reset in open interest across derivatives markets, a sign that the carnage was primarily a technical event, a violent purge of “overleveraged derivatives traders” rather than a fundamental shift in the market’s long-term outlook.
His final verdict was a succinct and powerful summary of a wild and historic week: “This rout was a geopolitical knee-jerk, not a structural break.”
The cryptocurrency market witnessed a significant shift in momentum on February 23rd, as Uniswap native token, UNI, skyrocketed by an impressive 71%. This surge marks the token’s highest price point since March 2022, sending shockwaves through the crypto landscape and reigniting interest in the decentralized finance (DeFi) sector.
Source: Coingecko
The primary catalyst behind this astronomical rise appears to be a pivotal proposal unveiled by the Uniswap Foundation. This proposition advocates for the implementation of a novel fee-sharing mechanism, fundamentally altering the token’s utility and incentivizing long-term participation within the Uniswap ecosystem.
Under the proposed system, UNI holders who stake their tokens will be rewarded with a portion of the fees generated by the Uniswap protocol. This not only grants them a direct financial incentive but also empowers them to choose delegates who vote on governance proposals, shaping the future direction of Uniswap.
This revolutionary approach resonates with a broader trend of resurgent interest in DeFi. According to on-chain data provider Santiment, assets associated with decentralized lending, borrowing, and cryptocurrency exchange, like $COMP, $SUSHI, and $AAVE, have all experienced notable value increases, mirroring UNI’s upward trajectory.
Further bolstering this trend, trading volumes across these protocols have also seen explosive growth. For instance, the COMP price jumped alongside a staggering 400% increase in trading volume, reaching over $175 million.
Similarly, SushiSwap (SUSHI) witnessed a 27% price surge coupled with a 153% increase in trading volume. This shift in investor focus is further underscored by a corresponding decline in the value of AI-related coins, indicating a potential capital rotation within the market.
UNI currently trading at $12.16 on the daily chart: TradingView.com
Adding fuel to the fire is the impending arrival of the highly anticipated Uniswap v4 upgrade, slated for release in Q3 2024. This transformative update promises to enhance the protocol’s efficiency and customizability, catering to the evolving needs of the DeFi space.
While the direct impact of v4 on the current price surge remains debatable, its potential to revolutionize the Uniswap experience undoubtedly contributes to the overall bullish sentiment surrounding UNI.
The Uniswap fee-sharing proposal and upcoming v4 upgrade have not only revitalized the UNI token but also cast a spotlight on the broader DeFi landscape. Analysts predict that other DeFi protocols like Blur and Lido Finance could witness similar surges in the wake of Uniswap’s bold move.
This potential domino effect underscores the growing importance of DeFi within the cryptocurrency ecosystem, attracting investors seeking innovative financial solutions beyond traditional centralized systems.
Featured image from Adobe Stock, chart from TradingView
Disclaimer: The article is provided for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.
Bitcoin ETFs continue to be the driving force behind all the trading activity that’s taking place in and around BTC. On Tuesday, February 20, Bloomberg Intelligence’s senior ETF strategist Eric Balchunas stated that the nine Bitcoin ETFs have registered the biggest single-day trading volume ever since the launch.
In his post on the X platform, Bloomberg ETF strategist Eric Balchunas said that the combined trading volume reached approximately $2 billion, fueled by notable contributions from $HODL, $BTCW, and $BITB, all of which shattered their previous volume records.
Balchunas underscores the magnitude of this achievement by providing context: the $2 billion trading volume places The Nine ETFs in the realm of the top 10 among ETFs and the top 20 among individual stocks in terms of trading activity.
VanEck’s spot Bitcoin ETF has seen an impressive surge, with its trading volume surpassing $300 million, a significant leap compared to its previous best trading day. Data from Yahoo Finance indicates that the ETF achieved its highest daily trading volume of $25.5 million on its launch day, January 11th.
On the other hand, Bitcoin maverick and MicroStrategy chief Michael Saylor emphasized his commitment to holding onto MicroStrategy’s Bitcoin in the near future. He pointed out the substantial influx of capital from traditional systems into digital platforms through Bitcoin ETFs, highlighting Bitcoin’s increasing value compared to assets like gold, real estate, and the S&P Index.
Apart from Michael Saylor, other market analysts also believe that Wall Street is trying to corner the Bitcoin market.
Blackrock is starting to take creation orders before the 5pm deadline. BTC demand is rock solid. This is not a drill. Wall Street is literally trying to corner the Bitcoin market. If you are short Bitcoin or not holding enough, your window of opportunity is closing. Don’t F it up
— Mike Alfred (@mikealfred) February 20, 2024
CryptoQuant CEO Ki Young Ju, reported that earlier this week on Monday, February 19, the Bitcoin whale accumulation addresses received a net inflow of 25,300 BTC in just one day, marking a record-breaking surge. Accumulation addresses are typically those with specific criteria, including no outgoing transactions, a balance exceeding 10 BTC, exclusion of certain address types, and recent activity within the past 7 years.
Amid all these developments surrounding Bitcoin ETFs, the Bitcoin price remains steady at around $52,000 keeping investors waiting for the next move. Any directional move outside the range of $51,700 and $52,515 would give a clear indication of where is the BTC price heading.
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.
After a dull start to the month of February, the inflows in spot Bitcoin ETFs have skyrocketed once again! On Tuesday, February 13, the collective inflows at all of the nine spot Bitcoin ETFs shot up to a staggering $631 million. This was probably the largest single-day inflow since the launch of Bitcoin ETFs last month.
As per data from Farside investors, BlackRock’s iShares Bitcoin ETF (IBIT) alone registered a staggering inflow of $493 million on Tuesday. BlackRock has been leading all its competitors by a wide margin! Fidelity recorded the second-best inflows on Tuesday at $163 million.
On the other hand, the GBTC outflows have also slowed down and have remained under $100 million over the past three days this week. So far, the net inflows into Bitcoin ETFs stand at $3.7 billion. Asset management giant BlackRock has witnessed $4.6 billion in net inflows while GBTC has seen $6.5 billion in net outflows.
On Monday, February 12, spot Bitcoin ETFs acquired approximately 10 times more Bitcoin than what miners generated. Initial data indicates that spot Bitcoin ETFs received at least $493.4 million, equivalent to about 10,280 BTC. Meanwhile, Bitcoin miners produced around 1,059 BTC valued at roughly $51 million on the same day, representing only 10% of the amount accumulated by spot ETFs.
Bitcoin call options set to expire at the end of February are focusing on strike prices surpassing the $50,000 level. This is despite the cryptocurrency dipping below this mark on Tuesday following the release of fresh U.S. inflation data.
Deribit data reveals a significant accumulation of open Bitcoin call options at strike prices of $60,000, $65,000, and $75,000 as the end-of-month expiry on February 23 approaches.
Jag Kooner, Head of Derivatives at Bitfinex, noted that as the market attempts to surpass the crucial $50,000 psychological threshold, numerous bullish traders with long-term perspectives are acquiring inexpensive call options set at strike prices significantly above the current Bitcoin levels.
The clustering of Bitcoin call options at the $60,000 strike price and beyond indicates a notable portion of market participants harboring a distinct interest or anticipation of Bitcoin’s price surpassing this level before the upcoming end-of-month expiration date.
He further added that the market remains heavily biased towards the longs. “The current overall open interest spread is biased towards calls at a 0.47 put-call ratio. The overall market put-call ratio in the past 24 hours is 0.60. A ratio of 0.59 based on options expiring on February 23 extend the current trend,” he said.
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.
An impressive financial performance for Q4 and fiscal year 2023 pacifies investors’ concerns about the past revenue and income reports at Salesforce.
American software company Salesforce (NYSE: CRM) recorded its best single-day surge since 2020 after it released its Q4 2023 earnings report that crushed predictions. In addition to exceeding expectations, the company also issued a strong forecast for the current quarter and fiscal year 2024. Against predictions of $1.36 per share on adjusted earnings, the software company reported $1.68 per share, 23% more than analysts’ consensus polled by Refinitiv. Also, revenue reached $8.38 billion in fiscal Q4, exceeding the expected $7.99 billion.
According to a press release that detailed the fiscal Q4 performance, which ended on January 31, Salesforce’s revenue grew 18% YoY to $31.4 billion. The company ended its fiscal year 2023 with an operating cash flow of $7.1 billion, representing a 19% growth YoY. Salesforce said the operating cash is the highest cash flow in its history and also “one of the highest cash flows of any enterprise software company our size.”
The President and Chief Financial Officer at Salesforce, Amy Weaver, spoke about the earnings report that led to the biggest single-day surge since August 2020. She stated:
“Our relentless focus on execution and proactive management of the current environment allowed us to close out a strong quarter and set us up for a transformational fiscal year 24. It’s a New Day at Salesforce and as we look ahead, I am excited for the opportunity in front of us as we continue to drive profitable growth.”
An impressive financial performance for Q4 and fiscal year 2023 pacifies investors’ concerns about the past revenue and income reports at Salesforce. More interestingly, the company executes a 27% adjusted operating margin for the fiscal year 2024. In other words, the cloud-based company’s profitability improvement is two years ahead of schedule.
A recent announcement from Salesforce on the elimination of the board’s committee in charge of mergers and associations triggered commendation from investment management company Elliot Investment Management. Notably, the management firm recently disclosed a stake in Salesforce last month. The software company’s CEO Marc Benioff has been dealing with pressure from activists to boost margins amid slower revenue growth. Shortly after Salesforce released the results that led to its most significant single-day surge in about three years, Elliott Investment Management released a statement. It wrote:
“Salesforce’s set of announcements today represents progress towards regaining investor trust. The steps are consistent with our recommendations, and we believe they will help restore value at Salesforce.”
Goldman Sachs (NYSE: GS) analyst Kash Rangan expressed his satisfaction with the fiscal Q4 report Salesforce published. The analysts increased his 12-month price target for the second time in a week. The latest average price target is $213.03. Meanwhile, Salesforce currently sells at $186.30 in after-hours trading.
After recording its highest single-day surge since 2020, Salesforce stock is trading down 0.14% in extended hours. The company has been consistently amassing gains since the beginning of the year, growing more than 40.73%.
Ibukun is a crypto/finance writer interested in passing relevant information, using non-complex words to reach all kinds of audience.
Apart from writing, she likes to see movies, cook, and explore restaurants in the city of Lagos, where she resides.
Ethereum is back on another winning streak as it breaks above $1,900. This follows a weekend that was mostly characterized by low momentum but would eventually turn for the better. In the wake of this, there have been a lot of short liquidations in the market due to the recovery. However, the liquidations in Ethereum hit a new three-year high when thousands of short positions were liquidated on the Bitfinex cryptocurrency exchange.
The Bitfinex crypto exchange is one of the largest exchanges in the world and is highly favored by both amateur and professional traders. This is why liquidation volumes are oftentimes pronounced on the platform. However, Monday’s liquidations would pose a new record for the market given that Ethereum liquidations alone had surged past $600 million.
Related Reading | Bitcoin Dominates Derivatives Market To End May On A High Note
This pushed the digital asset into the largest daily liquidations in three years. In total, there were more than $690 million in Ethereum shorts liquidated across various exchanges. Shorts made up 99.5% of these liquidations that were recorded over a four-hour period. However, the majority had come from the Bitfinex crypto exchange. It came out to almost $670 million liquidated on the exchange as ETH had barreled past the $1,900 level.
Other cryptocurrencies such as Bitcoin had taken a hit in the same timeframe but none close to the degree to which Ethereum traders had been liquidated. It shows that sentiment is turning towards the positive it comes to the long-term for the digital asset.
Ethereum has been on a recovery trend alongside Bitcoin. This has shot the digital asset above its 20-day moving average. Making its way above $1,900 remains an important point for ETH which has recently been struggling with the $1,700 level. It also marks the only green close in recent weeks for the digital asset as it had been closely trailing the price of Bitcoin.
ETH price breaks above $1,900 | Source: ETHUSD on TradingView.com
Liquidations in Ethereum have eased up, however. The four-hour period where the Bitfinex short liquidations had rocked the market had quickly passed, paving way for more reasonable liquidation volumes. Presently, liquidations across the crypto market sit at less than $130 million for the last 24 hours.
Related Reading | Institutional Investors Turn To Competitors As Ethereum Tumbles
Ethereum has since gone back to trailing behind Bitcoin when it comes to liquidations. The pioneer digital asset has seen traders lose $44.4 million in the past one day at the time of this writing while ETH traders have recorded $32 million in losses. A total of 48,219 traders have been liquidated and Bitfinex still maintains the largest single liquidation with a total of $2.06 million from a single trade.
Featured image from CNBC, chart from TradingView.com
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