In the recent crypto market rally, short sellers have experienced significant losses due to liquidations worth hundreds of millions of dollars.
Ripple Labs’ automated open-market sales of XRP are not securities
The surge was sparked by a favorable ruling for crypto traders, which saw XRP being deemed not a security in an automated open-market sales case involving Ripple Labs.
According to market intelligence firm Coinglass, prominent crypto exchange platforms saw $218 million worth of digital assets being liquidated in the past 24 hours.
The recent ruling caused a surge in XRP’s value, leading it to reach a peak of $0.82 from its initial price of $0.47, reflecting a 74% increase. However, the digital asset has since decreased in value and is currently trading at $0.78 as of now.
Coinglass reports that Binance, the world’s largest crypto exchange in terms of volume, witnessed $77.7 million worth of short contracts being liquidated.
Additionally, OKX and Bybit, both significant crypto exchange platforms, incurred $59.8 million and $30.6 million worth of short liquidations, respectively.
Several virtual assets experienced significant price increases within the past day, leading to liquidations. Solana (SOL), a smart contract platform, surged by 18%. Arbitrum (ARB) and Optimism (OP), two layer-2 scaling solutions, also recorded respective increases of 11% and 13%.
Other notable double-digit gains include Cardano (ADA) and Avalanche (AVAX), both of which are Ethereum (ETH) rivals.
Cardano saw a 16.5% increase, while Avalanche recorded a 15% surge. Additionally, Stellar (XLM), a payments platform, saw a 31% increase.
ApeCoin (APE), the digital asset associated with the Bored Ape Yacht Club non-fungible token (NFT) collection, also recorded an 18% rise.
People are waking up to digital assets
According to a prominent cryptocurrency analyst, people are beginning to recognize the significance of crypto assets.
Michaël van de Poppe, a crypto trader, shared with his 660,100 Twitter followers that Europe is set to introduce a Bitcoin (BTC) exchange-traded fund (ETF) in the upcoming weeks, which indicates a shift in the world’s opinion towards cryptocurrencies.
“Bitcoin ETF in Europe set to launch this month.
Not only the US is ramping up, but also, finally, we’ll be getting one in Europe.
More and more we’re waking up with Crypto.”
