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 The post <a rel="noopener noreferrer nofollow" href="https://coinpedia.org/news/crypto-liquidations-surge-to-273-million-as-altcoin-rally-obliterates-short-positions/">Crypto Liquidations Surge to $273 Million as Altcoin Rally Obliterates Short Positions</a> appeared first on <a rel="noopener noreferrer nofollow" href="https://coinpedia.org">Coinpedia Fintech News</a> 
 Altcoins experienced a remarkable surge in value following Ripple’s recent legal victory against the SEC. This rally, however, had unintended consequences as bears and short speculators incurred substantial losses, amounting to a staggering $273 million.&nbsp; 
 <h2 class="wp-block-heading" id="strong-273m-liquidations-amid-altcoin-surge-and-ripple-s-legal-win-strong">$273M Liquidations Amid Altcoin Surge and Ripple’s Legal Win</h2> 
 The crypto market has witnessed a surge in liquidations, amounting to nearly $273 million within the past 24 hours. Eventually, the majority of these liquidations, approximately $215 million, were short positions and over 80,000 traders were affected as <a href="https://www.coinglass.com/LiquidationData" rel="noopener noreferrer nofollow">reported by Coinglass</a>.&nbsp; 
 Notably, the largest liquidations occurred in Bitcoin (BTC), Ripple (XRP), and Solana (SOL) short positions. During this time, altcoins have experienced substantial gains, as Ripple was <a href="https://storage.courtlistener.com/recap/gov.uscourts.nysd.551082/gov.uscourts.nysd.551082.874.0.pdf" rel="noopener noreferrer nofollow">partially successful</a> in its legal fight against the SEC. 
 The US District Judge Analisa Torres <a href="https://storage.courtlistener.com/recap/gov.uscourts.nysd.551082/gov.uscourts.nysd.551082.874.0.pdf" rel="noopener noreferrer nofollow">ruled that Ripple</a> did not violate federal securities laws when selling XRP on crypto exchanges. This declaration dealt a blow to Gary Gensler and the SEC, as XRP was legally declared not a security for secondary transactions. 
 Ripple’s victory had an immediate impact, propelling XRP prices by more than 80%. However, it’s important to note that despite this surge, XRP is still down over 76% from its all-time high in 2018. 
 SEC-targeted cryptocurrencies continue to demonstrate strong performance during the Asian trading session on Friday. Ethereum (ETH) surged by 8%, surpassing the significant psychological threshold of $2,000, a level not seen in three months. Meanwhile, Bitcoin (BTC) experienced a more modest gain of 3.5%, reclaiming the resistance zone at slightly above $31,000. 
 <h2 class="wp-block-heading" id="h-sec-targeted-coins-show-resilience-as-cardano-and-solana-outperform-amid-market-volatility">SEC-Targeted Coins Show Resilience, as Cardano and Solana Outperform Amid Market Volatility</h2> 
 Other cryptocurrencies targeted by the SEC as alleged securities have also shown positive performance. Ethereum (ETH) surpassed the psychological barrier of $2,000, experiencing an 8% increase, while Bitcoin (BTC) saw a more modest 3.5% gain, reaching just over $31,400. 
 Altcoins like Cardano (ADA), also considered a security by regulators, surged by 27% to <a href="https://coinmarketcap.com/currencies/cardano/" rel="noopener noreferrer nofollow">$0.365</a>, reaching levels not seen since late April. Solana (SOL) recorded a 34% increase, briefly touching <a href="https://coinmarketcap.com/currencies/solana/" rel="noopener noreferrer nofollow">$29</a> before a slight retreat. 
 As the crypto market experiences unprecedented volatility, the aftermath of the altcoin rally and the resulting liquidations serves as a stark reminder of the risks involved. Traders and investors must carefully navigate the market, armed with knowledge and risk management strategies, to ensure long-term success in this rapidly changing landscape.
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Crypto Liquidations Surge to $273 Million as Altcoin Rally Obliterates Short Positions

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