Several large-cap cryptocurrencies’ futures contracts witnessed millions of dollars in liquidations when the cryptocurrency fell.
Cryptocurrency markets slumped 3.5 percent over the last 24 hours, as bitcoin briefly broke support near the $45,000 level during Friday’s early Asian hours.
Cardano’s ADA and Avalanche’s AVAX both fell 5% in the last 24 hours, while Polkadot’s DOT, Shiba Inu’s SHIB, and Dogecoin’s DOGE all fell more than 7%. Solana’s SOL continues to outperform, maintaining flat on Friday following a strong performance on Thursday; BNB Chain’s BNB also outperformed moderately, losing 3%.
Over $400 million in crypto-tracked futures have been liquidated in the last 24 hours. Liquidations refer to an exchange forcibly liquidating a trader’s leveraged crypto trading position as a result of the trader’s initial margin being lost in part or entirely.
Bitcoin futures losses topped $120 million, followed by ether futures losses of $63 million. However, Friday’s wild trading action resulted in some less popular futures showing losses greater than those of other prominent cryptos.
Futures on Zilliqa’s ZIL tokens lost $13 million, while Stepn’s GMT tokens lost more than $11 million. ZIL was the leading gainer over the last week, jumping 315 percent from March 26 to as much as $0.23 on Friday, up from $0.04 last week.
ZIL previously experienced comparable prices in May 2021. Price trends indicate that ZIL may experience volatility between $0.19 and $0.22, but some support appears to present at the $0.16 level.
ZIL growth occurred ahead of the debut of Metapolis, a metaverse-as-a-Service (MaaS) platform that is planned to launch on Saturday in Miami with a VIP event. It would enable users to create their own virtual universes, a growing trend in the broader industry.
Meanwhile, the three-week-old GMT gained 52% in the last 24 hours to reach a high of $3.11. GMT is STEPN’s governance token, and through its app, users can access in-game services like as minting virtual footwear, upgrading “gems,” and voting in governance elections.
Built on Solana, STEPN bills itself as one of the first Web 3.0 lifestyle applications, having amassed a market valuation of over $1.5 billion just weeks after launch.
Elsewhere, BAYC’s native ApeCoin (APE) tokens fell 8.3 percent following reports of an exploit on the company’s own Discord channel. Members of the community were contacted via a malicious tool about a new non-fungible token (NFT) mint collection. However, the link was fraudulent, as clicking it would have granted exploiters access to a user’s private keys and emptied their wallets, security researchers discovered. As mentioned, several NFT projects encountered identical fraudulent messages.
Disclaimer: These are the writer’s opinions and should not be considered investment advice. Readers should do their own research.
