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Bitcoin Ethereum DeFi Crypto Market Daily OKEx Insights

BTC price surge causes over $1 billion in liquidations

2021.07.26 Adam James

The wider cryptocurrency market has surged over the past 24 hours, despite some Tether-related FUD. 

The cryptocurrency market is up more than 10% today after the price of BTC surged more than 13% — causing a cascade of short liquidations — off the back of unsubstantiated rumors that e-commerce behemoth Amazon may be planning to accept Bitcoin payments. 

However, these rumors were followed up by a report that officials in the United States are apparently investigating whether or not Tether — the operator of leading stablecoin USDT — committed bank fraud. The price of BTC, interestingly, has not reacted substantially to the news.

Altcoins, meanwhile, are surging alongside the cryptocurrency-market leader. ETH, ADA, XRP, DOGE, DOT, UNI and many other coins and tokens are up by double-digit percentages.

The cryptocurrency market is a sea of green today after BTC surged through potential resistance and hit nearly 40,000 USDT. Source: Coin360

Uniswap Labs removes tokens from interface

Leading headlines in the decentralized finance space over the weekend was the news that Uniswap Labs is effectively censoring the user-facing aspect of the Uniswap decentralized exchange by removing certain tokens from its interface. 

Though said tokens are still available on the protocol level, the development firm has effectively delisted them from its front-end, citing "the evolving regulatory landscape." The action has drawn some criticism from members of the DeFi community, some of whom find the changes to be a bit too centralized for their likings.

Despite some criticisms toward the leading DEX, Uniswap's governance token has performed well over the past 24 hours — in line with the rest of the cryptocurrency market. The price of UNI is up nearly 7%, while various other blue-chip DeFi tokens are up by similar percentages.

Top altcoin gainers and losers: BTT leads large-caps

  • STRK/USDT +61.46%
  • GAS/USDT +38.66%
  • VRA/USDT +28.25%
  • FLOW/USDT -11.00%
  • REP/USDT -13.86%
  • SAND/USDT -13.89%

The top-performing large-cap altcoin on OKEx today, per the exchange's default time settings, is BTT — which has increased by nearly 18.5%. FTM is close behind after increasing by just under 18%, while MATIC, LINK, AAVE and others have also seen double-digit percentage gains.

The price of BTT surged suddenly and has sustained its gains on OKEx today. Source: OKEx

BTC technical analysis: Short liquidations fuel price spike

The price of BTC has surged nearly straight upward after finding buyers in the outlined area of expected buy interest (green). Resistance now sits overhead in the vicinity of 40,000 USDT.

OKEx's BTC/USDT 4h chart — 7/26. Source: OKEx, TradingView

Driving today's surge was a barrage of short liquidations — which saw more than $1.1 billion wiped from traders betting incorrectly on the leading cryptocurrency's price movements.

Total BTC short liquidations spiked today. Source: bybt.com

ETH technical analysis: BTC overpowers lead altcoin

The price of ETH has failed to keep pace with BTC. The foremost altcoin has fallen down through the four-hour ribbon of exponential moving averages, though it did see a significant downside wick that implies the move was too sudden and harsh. Still, the EMA ribbon may provide some resistance in ETHBTC's quest to break out from a descending triangle.

OKEx's ETH/BTC 4h chart — 7/26. Source: OKEx, TradingView

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OKEx Insights presents market analyses, in-depth features and curated news from crypto professionals.

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Disclaimer: This material should not be taken as the basis for making investment decisions, nor be construed as a recommendation to engage in investment transactions. Trading digital assets involve significant risk and can result in the loss of your invested capital. You should ensure that you fully understand the risk involved and take into consideration your level of experience, investment objectives and seek independent financial advice if necessary.

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