Whale shorting XRP gets hit with $650K loss
Trader’s XRP short has backfired, with token regaining $3 price level.
- Whale liquidated. A large trader was partially liquidated on Hyperliquid.
A whale who shorted XRP and several other cryptocurrencies recently got partially liquidated on Hyperliquid, according to data provided by analytics platform Onchain Lens.
The whale (who is known as @qwatio on the X social media platform) bet against Bitcoin and major altcoins with rather extreme leverage. The trader had the following short positions: BTC (40x), ETH (25x), SOL (20x) and XRP (20x).
- XRP hits hardest. The cryptocurrency surged past the whale’s entry of $2.894
XRP was the worst-performing short position for the whale. The token moved substantially above the entry price of $2.894, resulting in severe losses of more than $650,000. The entire position was worth roughly $18.6 million. The whale also faced substantial losses with the Solana (SOL) token, which also moved sharply higher.
DOGE futures surge on Coinbase amid market rebound
Dogecoin open interest on Coinbase hits two-month high.
- Dogecoin futures spike. DOGE open interest (OI) on Coinbase surged
The reversing market condition has seen DOGE’s futures trend spike to notable highs, according to data provided by Coinglass. Over the last 24 hours, Coinbase has seen a notable increase in the open interest of its DOGE futures product, signaling rising confidence among investors.
- Rising confidence. The spike reflects renewed bullish sentiment.
The broad market resurgence has seen Coinbase users increasingly willing to return to the betting scene for Dogecoin. Notably, the amount of DOGE registered on the leading U.S.-based cryptocurrency exchange surged to 70,410,000 DOGE on August 4th. While this is worth over $14.58 million, it marks the highest DOGE daily OI recorded on Coinbase since June 10.
Bitcoin mining difficulty its New ATH at 127.6T
Bitcoin breaks major network milestone, with mining difficulty soaring to new ATH.
- New ATH. Bitcoin mining difficulty surged 127.6 trillion.
Bitcoin mining difficulty has surged to peak levels, hitting a new all-time high (ATH) on Sunday. The metric jumped 9% in 30 days as well as 7.14% over the past 90 days. However, the next difficulty adjustment, scheduled for Aug. 9, is expected to come lower.
- Why it matters. Difficulty measures how hard it is to mine a block
Bitcoin mining difficulty refers to the rigor of mining the next block. It measures the number of hashes that must be generated to find a valid solution to the next Bitcoin block and earn the mining reward. Typically, mining difficulty adjustments take place every two weeks.
