Cardano Bears Strike Hard as Long Liquidations Mount
Key Summary
Cardano dropped 1.29% to $0.19 after traders suffered a 1,449% liquidation imbalance on derivatives exchanges. CoinGlass data indicates long positions absorbed $217,710 in liquidations compared to just $15,020 in shorts. The broader market remains weighed down by ongoing fallout from the October 29 Binance hack.
Key Bullets
- Cardano recorded $217,710 in long liquidations against $15,020 in shorts, according to CoinGlass order-book telemetry.
- Binance processed $4.65 billion of withdrawals against $1.01 billion of deposits, leaving a net outflow of $3.64 billion.
- FBI investigators formally attributed the October 29 hack impacting $6.30B in crypto assets to North Korea's TraderTraitor group.
- Cardano developer activity pushes forward as Intersect releases Node 11.2 pre-release to test the upcoming Dijkstra era.
Cardano Longs Absorbed Massive Liquidation Losses
Cardano slid 1.29% to trade at $0.19 on spot exchanges Tuesday as leveraged bullish traders faced a brutal wave of forced liquidations. CoinGlass liquidation records confirm that bullish positions absorbed $217,710 in order-book liquidations while short sellers experienced a meager $15,020 in closures. This discrepancy produced a 1,449% imbalance favoring downward pressure across derivatives venues. Total weekly losses for the asset reached 8% after prices slipped to an intra-week low of $0.182. Traders took immediate notice.
That imbalance caught speculative market participants off guard during an active trading session. Spot order books lacked sufficient depth to absorb the incoming sell orders. Liquidation cascades quickly cleared out leveraged book value. Margin calls triggered automatic sell stops across major derivatives venues. The drop accelerated midday. Market makers pulled resting bids off the order books.
Binance Net Outflows Weigh Heavily on Sentiment
Broader digital asset sentiment remains heavily depressed following the October 29 Binance hack, which compromised $6.30B in network assets. Binance public disclosures indicate the platform processed $4.65B in customer withdrawals against just $1.01B in incoming deposits, resulting in a net outflow of $3.64B over the reporting window. The exchange stated it has covered roughly 95% of the stolen capital using internal reserves. Federal Bureau of Investigation cyber division filings formally attributed the exploit to North Korea's state-sponsored TraderTraitor group. Investor confidence evaporated.
Cardano and its associated Midnight networks reported zero asset thefts during the security breach. Despite this operational separation, token prices failed to decouple from the overarching market selloff. Persistent risk aversion kept spot volumes subdued across most retail venues. Capital deployment ground to a complete halt. Funds moved to cold storage.
Intersect Advances Node 11.2 Amid Market Slump
Intersect development updates confirm the release of Node 11.2 as an active pre-release package for the Cardano network. This software package brings downstream teams closer to integrating the full Dijkstra era hard fork feature set, excluding Leios elements. Developers plan to transition DijkstraNet into the Dijkstra era for wider ecosystem testing. Musashi Dojo remains the primary sandbox environment for testing the Leios-inclusive 11.3 prototype. Engineers also focused on Plutus V4 cost model documentation.
Additional code updates target constitutional governance amendments and delivery risk management protocols across SanchoNet testnets. Upcoming milestone schedules point toward a Node 11.3 pre-release tag within the next 3 to 4 weeks. Core contributors maintain development velocity despite sluggish price action. Code reviews proceed on schedule.
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