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Traders lost more than $174 million in one day due to cryptocurrency price surges and a false ETF application from BlackRock.

According to the Coinglass service, the amount of liquidations of traders’ positions on cryptocurrency exchanges over the past 24 hours amounted to more than $174 million. In total, 85.5 thousand positions were liquidated, and the largest single liquidation occurred on the BitMex exchange in the amount of $3.86 million. Increased volatility in the market led to forced closures of both long ($122.9 million) and short positions ($51.2 million). Including orders worth over $29 million for Bitcoin (BTC) and almost $26 million for Ethereum (ETH) were liquidated.

According to Coinmarketcap, the total capitalization of the crypto market has decreased by 1.62% over the past 24 hours. Of the largest altcoins by capitalization, the strongest decline was shown by Solana (SOL) – by 5.43%, Polkadot (DOT) – by 4.96% and Avalanche (AVAX) – by 6.67%. Cardano (ADA), Dogecoin (DOGE) and Chainlink (LINK) are down 3-4% on average. Among altcoins, the most positions liquidated were Solana (SOL) at $12.33 million, Memecoin (MEME) at $9.56 million, and Ripple (XRP) at $7.21. Among exchanges, Binance ($5 million), OKX ($2.58 million) and Bybit ($1.11 million) are the leaders in terms of the amount of forcedly closed positions.

Regarding Ripple (XRP), the price of the XRP token soared and crashed after false news about an application for an ETF appeared. A false claim that BlackRock was preparing to launch an exchange-traded fund (ETF) for Ripple Labs’ XRP token caused a temporary spike in the price of the cryptocurrency. Meanwhile, a BlackRock spokesman confirmed that his company had not registered a new exchange-traded fund.

The application was filed with the Delaware Divisions of Corporations and published on the department’s website. It contained information consistent with similar BlackRock documents, including the name and address of the registered agent. The design was identical to BlackRock’s previous ETF applications for Bitcoin and Ethereum, but with XRP listed as the underlying asset. News of the filing quickly spread on social media and caused the price of XRP to rise by 12% (to $0.72) within 30 minutes after the first reports appeared. After it became known that the message was false, the price returned to the previous level. At 9:40 Hong Kong time, XRP is trading at $0.65. Let us recall, by the way, that in October the Bitcoin rate immediately soared to $30 thousand amid rumors about the approval of a spot ETF from BlackRock and fell to $28 thousand immediately after the news was refuted. Currently, several management companies, including BlackRock, are awaiting approval of their own Bitcoin ETFs by the US Securities and Exchange Commission (SEC). The launch of such ETFs is considered in the crypto community to be a catalyst for a new bull cycle in the market.

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