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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.