Cardano (ADA), Long Investors Face Stormy Liquidations...Short Liquidations 14.5x 'Shock'

▲ Source: Cardano Foundation Twitter

Amidst the ongoing aftermath of the Binance hack, buy positions on Cardano (ADA) were heavily liquidated. The scale of long position liquidations reached 14.5 times that of short positions, showing a 1,449% liquidation imbalance. Although unrelated to the hacking damage, it could not escape the overall bearish sentiment of the market.

On November 2nd (local time), according to crypto media outlet U.Today, the cryptocurrency market has struggled to recover from a depressed mood following the $6.3 billion Binance hack on October 29th. Binance gradually resumed withdrawals on the 1st, processing $4.65 billion in withdrawals and $1.01 billion in deposits. The net outflow amounted to $3.64 billion. Binance secured approximately 95% of the stolen $6.3 billion, and the U.S. Federal Bureau of Investigation (FBI) officially identified the North Korean hacking group TraderTraitor as the perpetrator.

The market is still unable to find direction. While most digital assets have fallen, Cardano also dropped by 1.29% over 24 hours. Buy investors who had hoped for a rebound after the October decline were caught off guard by further drops. According to Coinglass, Cardano's long position liquidations amounted to $217,710, while short position liquidations were only $15,020. This resulted in a 1,449% imbalance, with long liquidations reaching 14.5 times those of short liquidations.

Cardano and the Midnight ecosystem were not directly affected by the recent Binance hack. No stolen ADA or NIGHT was reported. Nevertheless, both assets could not escape the market's bearish sentiment. Cardano fell by 8% over the week and has not been able to surpass $0.197 after dropping to $0.182 on October 30th.

Technical upgrades, which could be positive news, are progressing smoothly. According to Intersect, Cardano's governance organization, Node 11.2 has been released as a pre-release version, bringing the ecosystem-wide testing and integration of the Dijkstra hardfork a step closer. Node 11.2 includes all features of the Dijkstra era hardfork except for Leios and is used to transition DijkstraNet to the Dijkstra era. The 11.3 prototype, which includes Leios, is undergoing initial testing at Musashi Dojo, and work on the Plutus V4 cost model, constitutional amendments, and schedule risk management is also ongoing.

Intersect expects the Node 11.3 pre-release version, including Leios, to be available as early as two weeks, or approximately three to four weeks. Along with this, SanchoNet is also scheduled to transition to the Dijkstra era along with other Cardano testnets.

[Article Key Summary]

-On Cardano, long position liquidations amounted to $217,710, which is 14.5 times the short position liquidations of $15,020, resulting in a 1,449% liquidation imbalance.

-Cardano was not directly affected by the Binance hack but fell 8% over the week due to market weakness and has not been able to surpass $0.197 after dropping to $0.182 on October 30th.

-Node 11.2 pre-release version for the Dijkstra hardfork has been released, and Node 11.3, which includes Leios, is expected in 3-4 weeks.

*Disclaimer: This article is for investment reference only, and we are not responsible for any investment losses based on it. This content should be interpreted for informational purposes only.*