Liquidations Wipe Out $2.7 billion in OI, IMX Breakout Strengthens its Technical Picture
On Sunday evening, the perps market experienced a low liquidity liquidation cascade, eliminating about $2.7 billion in open interest (source: CoinGlass) across all coins. We interpret this as a healthy purge of some overleveraged traders, and any immediate market weakness should be viewed as an opportunity to buy on dips. BTC found support at last week’s low and has since recovered about half of last night’s dip. Today, our focus will be on which assets rebound the strongest from last night’s drawdown. Currently, BTC is trading at around $41.5k, and ETH is just under $2200, while most altcoins have retraced 5-10% from last week’s highs. Notably, OP 1.42% continues to perform well, up 5% on the day, reaching its highest level since April. Other assets showing resilience include TIA, IMX, and INJ, all up over 5% in the past 24 hours. Outside of crypto, it’s a significant week for macro developments, with the November CPI data due on Tuesday and the Fed’s final interest rate decision of the year on Wednesday. Markets are eagerly anticipating the Fed’s updated economic projections, with four rate cuts already priced into the futures market for next year. The DXY is moving higher today, back above 104, as interest rates climb ahead of tomorrow’s CPI announcement. Despite this, major equity indices are up for the day.
Reports you may have missed
Crypto Receives a Boost from Strong Jobs Print, WULF Sells Hash Rate to Expand AI Capabilities
CRYPTO MARKET UPDATE The crypto market is moving higher today, lifted by stronger-than-expected jobs numbers. The BLS reported 254k jobs added last month, far exceeding the market estimate of 140k, while August's figures were revised up from 142k to 159k. The unemployment rate also dropped to 4.1% from 4.2%. In response, rates rallied, the DXY spiked, and the futures market largely priced out the possibility of a 50 bps rate...
MARKET UPDATE Crypto is broadly lower today as geopolitical conflict continues to weigh on risk assets, with BTC -0.67% falling to $60k and ETH -2.33% approaching the low $2,300s. Aptos (APT -2.34% ) is one of the few gainers in the top 100 tokens as they have strengthened their presence in Japan via an acquisition of HashPalette, a Japanese NFT service provider and developer of Palette Chain. AAVE -3.75% is also showing slight gains following...
CRYPTO MARKET UPDATE Crypto prices have rebounded slightly following yesterday's sharp selloff, with BTC -0.67% climbing back above $61,000 and SOL -0.87% moving above $145, while ETH -2.33% is lagging, trading around $2,400. Among today's outperformers is SUI -1.61% , which appears resilient despite a $115 million token unlock yesterday. Oil is partially retracing its early rally, gold is lower on the day, and yields are moving higher, suggesting at least a temporary reversal of...
MARKET UPDATE Markets are selling off in the first day of Q4, fueled by geopolitical fears as tensions rise in the mid-east. The SPY -0.92% and QQQ -0.76% have dropped 1.14% and 1.92%, respectively, while the VIX has surged over 17%. XAU and DXY are gaining as investors move towards safe-havens. Crypto assets have also sold off, with BTC -0.67% briefly dropping below $62k and ETH -2.33% below $2.5k. Among altcoins, SUI -1.61% is showing...
Articles Read 1/2
Enjoyed the read? Subscribe now for unlimited access!
Get invaluable analysis of the market and stocks. Cancel at any time.
Already have an account? Sign In 3c345c-fe34fa-bef383-66dd2d-2d0b56
Already have an account? Sign In 3c345c-fe34fa-bef383-66dd2d-2d0b56