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XRP saw a significant surge in futures volume on major derivatives crypto exchange Bitmex as the crypto market saw volatility in the last 24 hours.
According to CoinGlass data, XRP futures volume rose 5,419% on Bitmex in the last 24 hours to $82.27 million.
The surge in derivatives activity follows as the broader crypto market faces a sell-off, with the XRP price in red. At press time, XRP was down 0.78% in the last 24 hours to $1.59 and down 17.08% weekly.
The number of outstanding contracts are down for most cryptocurrencies, including XRP, according to data from CoinGlass. XRP's open interest has dropped 3.93% in the last 24 hours to $2.66 billion.
In XRP news, the permissioned domain amendment, a major building block for institutional adoption, allowing the creation of compliant zones, has just been activated on the XRP Ledger mainnet.
$467.6 billion exits market
Losses increased this week across the crypto market as the release of crucial U.S. economic data was delayed due to a partial government shutdown. Investors have continued to rotate out of risk-on assets, prompting significant declines for major cryptocurrencies, especially on a weekly basis.
Adding to investors' concerns is ongoing uncertainty around lawmakers’ efforts to create legislative guardrails for the cryptocurrency industry, as well as the liquidation overhang on the crypto market.
Almost half a trillion dollars has been wiped off cryptocurrencies in less than a week as the market sell-off deepened.
Total crypto market value has dropped by $467.6 billion since Jan. 29, according to CoinGecko data. Over $704 million in bullish and bearish crypto bets have been liquidated on the futures market over the last 24 hours, bringing total liquidations to over $6.67 billion since Jan. 29, according to CoinGlass data.
Cryptocurrencies have faced persistent downward pressure since the October sell-off that wiped out $19 billion in leveraged token bets, from which the broader market has yet to recover.
Tomiwabold Olajide
Arman Shirinyan
Gamza Khanzadaev
Yuri Molchan