Crypto market starts 2024 with $225M in liquidations

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The cryptocurrency market started 2024 by witnessing over 99,000 traders liquidated, resulting in around $225 million in losses.

Coinglass data reveals bullish traders faced the brunt, losing $135.70 million, while bearish ones lost $87.81 million.

Tellor Tributes’ TRB token accounted for 32 percent ($73.14 million) of the liquidations. Its value fell sharply from $600 to $187.

Bitcoin and Ethereum traders lost $22.96 million each, despite Bitcoin’s marginal 0.51 percent increase to $42,758. Market optimism for potential approval of spot exchange-traded funds (ETFs) by the U.S. Securities and Exchange Commission (SEC) starting on January 2 and 3 contrasts this subdued performance.

Several investment firms, such as BlackRock Asset Management, VanEck, Valkyrie Investments, Bitwise Investment Advisers, Invesco Ltd., Fidelity and WisdomTree Investments, submitted new documents to regulators. Additionally, a partnership between Ark Investments and 21Shares also filed similar documentation.

At the time of writing, Ethereum dropped 0.36 percent to $2,306. Other large-cap cryptos like Solana, ORDI and XRP incurred losses of $7.98 million, $7.58 million and $1.1 million, respectively.

Binance users suffered nearly 50 percent of the total losses ($94.76 million), while OKX, ByBit and HTX users lost $76.6 million, close to $50 million collectively.

1inch, Filecoin, Klaytn surges as top gainers

Crypto price tracker CoinMarketCap notes 1inch Network (1inch), Filecoin (FIL) and Klaytn (KLAY) as top gainers, showing double-digit increases in the last 24 hours.

During this period, 1INCH has surged by 22.3 percent to $0.5223. It merges decentralized protocols to make transactions efficient, high-yield and secure in the decentralized finance (DeFi) sector. Its first protocol acts as a decentralized exchange (DEX) aggregator.

Though no major releases were issued, 1inch showcased an optimistic year-in-review report. This report highlighted several aspects, such as notable statistics and the introduction of the 1inch portfolio new tool. This tool allows users to manage assets across various wallets on multiple chains.

Within just six weeks since its launch, 1inch has attracted more than 100,000 active wallet addresses using its services.

Filecoin, a decentralized storage system with a mission to preserve “humanity’s most important information,” sits in the runner-up spot under 1inch. It raised $205 million through an initial coin offering (ICO) in 2017 and initially planned to launch in mid-2019.

FIL’s price is $7.15, marking a 13.8 percent increase in the last 24 hours. Filecoin also has witnessed a 34.4 percent surge in the past seven days.

Lastly, Klaytn secures the third spot among top gainers for January 1. Its global Layer 1 public blockchain focuses on empowering future on-chain activities, and is known for having the lowest transaction latency among leading blockchains.

At the time of writing, KLAY price stands at $0.2656, marking a 13.1 percent increase. This surge follows a recent announcement from The Klaytn Foundation, affirming that it remains unaffected by the Orbit Bridge hack.

“The Klaytn Foundation has not been affected by the Orbit Bridge hack. We’re currently reaching out to Ozys to assess the situation and will provide an update as soon as possible,” said Klaytn in a social media post.

Orbit Bridge reportedly has suffered a total loss of $81.68 million across various cryptocurrencies as per Arkham Intelligence. It revealed that Orbit lost $30 million in Tether (USDT), $10 million in USD Coin (USDC), $21.7 million in Ether (ETH), $9.8 million in Wrapped Bitcoin (WBTC) and $10 million in Dai (DAI) through five transactions to new wallets.