Tag: CRYPTOS FoxBusiness.

Crypto traders hoping the market would catch up to the global stock rally were left nursing tears on Wednesday as a sharp price drop triggered the largest liquidation event since early February.

Roughly $1.84 billion in crypto leveraged positions were liquidated across the past 24 hours as bitcoin plunged below $66,000 and ether (ETH) broke under $1,900, the largest single-day wipeout since February 5 and a near-pure flush of long bets, with longs taking $1.66 billion of the total and shorts only $180 million, per CoinGlass data.

A liquidation is when an exchange automatically closes a leveraged trade because the trader’s losses have exceeded the collateral they posted to open it. Long positions bet that the price will rise, while short positions are bets on prices falling.

Bitcoin longs absorbed $883.66 million of the damage, ether longs another $475.73 million and solana (SOL) longs $91.18 million, with the remaining roughly $390 million spread across HYPE, DOGE, SUI, BNB, NEAR, AAVE, LINK and the broader top-30 long book.

The single largest order was a $59.67 million $BTC-USDT long unwinding on HTX.

Binance accounted for $748 million of the total liquidations, or roughly 41% of the cascade, with 89% of those positions long. Hyperliquid handled $314 million, of which 94% were longs, and Bybit logged $247 million with 93% longs.

Meanwhile, Bitcoin open interest, the total value of all unsettled leveraged futures contracts, actually rose during the cascade.

The contract count climbed from roughly 759,000 $BTC to 788,600 $BTC even as the long book was being wiped out, per CoinGlass data. Rising open interest into a falling price can indicate new short positions are opening rather than long positions closing, signaling that fresh bearish bets are building on top of the long flush rather than the cascade finding a clearing level.

The positioning split is uneven across trader types. Retail bitcoin traders on Binance, OKX and Bybit are still leaning long at ratios of 2.22, 2.01 and 1.58 respectively, refusing to capitulate even after the wipeout, while whale accounts on OKX have flipped to a 0.54 long-short ratio that CoinGlass flags as ‘extremely bearish.’

Aggregate taker volume across the period showed $65.39 billion in sells against $60.16 billion in buys, with sellers as the marginal actors.

OI rising into a falling price, retail still leaning long, and whale accounts flipping short on OKX all point to a market that has not found a clearing level. A break below $65,000 brings $60,000 into play; a hold opens the door to a relief bounce, but the positioning data argues against the bounce being the more likely outcome.

Solana has made history by posting an unprecedented streak of monthly losses, placing the cryptocurrency at a critical crossroads. While the trend remains bearish, similar conditions in previous cycles have preceded major recoveries.

Solana Records An Unprecedented Eight Consecutive Red Months

In a recent market analysis, Crypto Patel highlighted a remarkable development in Solana’s price history. $SOL has now posted eight consecutive red monthly candles, marking the first time such a streak has occurred since the cryptocurrency was launched. This rare event could provide valuable clues about where the market stands within its broader cycle.

Drawing comparisons to the previous bear market, the analyst recalled Solana’s dramatic decline from its 2021 all-time high near $260 to a low of approximately $8. During the downturn, $SOL produced 9 monthly red candles in total, but they were not consecutive. Notably, the 9th red candle marked the cycle bottom, after which $SOL embarked on a powerful recovery that ultimately pushed the asset to a new all-time high around $295.

Patel pointed out that the current setup shares some similarities with that of the earlier period, but with notable differences. Solana has already fallen from roughly $253 to $67 while recording 8 straight months of losses, with the 9th monthly candle currently taking shape.

While cautioning that it is still too early to draw firm conclusions, the analyst suggested that a repeat of the previous cycle’s behavior could signal the emergence of a macro accumulation zone at the $50–$80 range. A repetition of this pattern raises the possibility of $SOL surging to higher levels between $500 and $1,000 during the next major market expansion.

Ending Diagonal Pattern Hints At A Potential Trend Reversal

On the 4-hour timeframe, Elliott Waves Academy has identified that Solana is currently forming an ending diagonal pattern. This structure represents the wave 5 of a bearish impulse, which is nested within a larger-degree impulse sequence, suggesting the asset is nearing the conclusion of its immediate downward trajectory.

The recovery outlook will be confirmed once this pattern is finalized, specifically through a clean breakout of a key level and the upper boundary of the pattern. Once established, this confirms the beginning of an upward corrective wave. Based on the length of the preceding wave, the price is ideally projected to target the ratios outlined on the chart as it attempts to stabilize.

While the initial targets are clear, the upward movement is likely to extend further depending on evolving market developments. If the price breaks decisively above the wave peak, it would significantly strengthen the bullish scenario, paving the way for a more substantial recovery.

Other technical factors bolstering this bullish outlook are a clear five-wave impulse structure representing wave (1)/(A), alongside a strong reversal pattern forming near the diagonal’s lower boundary. Furthermore, the internal corrective movements observed are consistent with the formation of the expected diagonal.

Mastercard is expanding its settlement network to support regulated stablecoins, a move that could help bring blockchain-based payments deeper into the plumbing of the global financial system.

The company said Wednesday it plans to offer issuers and acquirers additional settlement options, including intraday, weekend and holiday settlement as well as on-chain settlement using regulated stablecoins. The new capabilities will operate alongside existing fiat settlement processes and are designed to give financial institutions more flexibility in managing liquidity.

Mastercard will initially support settlement using Circle’s USDC, Paxos-issued PYUSD, USDG and USDP, Ripple’s RLUSD and SoFiUSD. The stablecoins will be available across blockchain networks including Ethereum (ETH), Solana (SOL), Polygon (POL), Base, Arbitrum (ARB) and XRPL.

While the announcement may appear technical, it reflects a broader shift underway in financial markets. Traditionally, card transactions are authorized instantly, but settlement between banks and payment providers often occurs later in batches and is limited by banking hours. Mastercard’s new framework moves the network closer to an always-on model where value can be transferred and settled around the clock.

“The next phase of stablecoin adoption is about real-world utility, especially in settlement, where timing and liquidity matter most,” Raj Dhamodharan, Mastercard’s executive vice president of blockchain and digital assets, said in a statement.

The significance extends beyond payments. Stablecoins have long been used primarily for crypto trading, but banks, payment firms and asset managers are increasingly viewing them as settlement assets that can move money instantly across borders and outside traditional banking schedules.

The rollout comes as competition intensifies among payment networks and financial institutions seeking to modernize settlement infrastructure. Circle, Ripple, Paxos and other stablecoin issuers have increasingly positioned their products as alternatives to legacy correspondent banking rails for cross-border payments and treasury operations.

Several financial institutions, including Cross River, Lead Bank, CBW Bank, ARQ and Nuvei, are expected to be among the first participants supporting stablecoin settlement in the U.S. and Latin America.

Trading card company Cardsmiths has unveiled its latest collection with a patriotic twist: Currency Series 6, developed in collaboration with America250, the congressionally-established organization overseeing the country’s 250th anniversary celebrations.

The collection, timed to coincide with the semiquincentennial of the Declaration of Independence, features 90 base cards and more than 120 unique designs in total.

The cards spotlight historical figures, currencies, markets, and cultural forces that shaped the American and global economies, rendered by artists including street art icon Mr. Brainwash and illustrators Jon McTavish and Thomas Zahler.

In a nod to the milestone year, each limited-edition specialty package is individually serial-numbered up to 1,776—the year the founders put quill to parchment in Philadelphia.

While the American theme is new, Currency Series 6 continues the trend of previous Cardsmiths collections by randomly inserting crypto redemption cards, which are redeemable for Bitcoin, Ethereum, Litecoin, or Dogecoin. Top prizes include a full Bitcoin and a full Ethereum token, currently valued at approximately $66,600 and $1,900 respectively.

Decrypt has previously covered instances of collectors pulling a full Bitcoin redemption card from packs priced as low as $13 purchased at retailers like GameStop. With the latest drop, Cardsmiths is offering two-pack collector boxes starting at $37.

“With this milestone release, we’re making history with history,” said Cardsmiths co-founder and CEO Steve Loney, in a statement.

Coinbase enables Checkout.com merchants to accept $USDC and $USDT through existing checkout systems. More than 1,000 enterprise customers can add stablecoin payments while settling in U.S. dollars.

Checkout.com Partnership Pushes Stablecoins Deeper Into Enterprise Commerce

Crypto exchange Coinbase (Nasdaq: COIN) announced on June 2 that Checkout.com is enabling stablecoin acceptance for eligible merchants across its network of more than 1,000 enterprise customers. Coinbase Payments powers the integration, giving merchants access to USD Coin ($USDC) and tether ( $USDT), two U.S. dollar-pegged stablecoins, through Checkout.com’s existing platform.

The partnership lets large digital brands accept stablecoins without rebuilding checkout systems. Merchants can continue settling in U.S. dollars through Checkout.com’s rails, reducing operational friction while adding another payment option.

Coinbase stated:

“ Stablecoins are becoming part of everyday commerce.”

Visa data cited in the announcement showed stablecoin transaction volume reached $10.2 trillion over the last 12 months, up 63% year over year. Coinbase pointed to that growth as evidence that stablecoins are moving deeper into payments and value transfer.

For merchants, the appeal is practical. Stablecoin acceptance can sit beside cards, bank transfers, and digital wallets while reaching shoppers who already hold digital dollars.

$USDC and $USDT Checkout Option Tests Digital Dollar Demand

The integration targets markets where card access is uneven, local currencies are volatile, or stablecoins already have consumer use. That gives global merchants another payment path without changing their core checkout stack.

Coinbase Payments will power the buyer and merchant experience through acceptance APIs. Checkout.com merchants can access the capability directly through the platform they already use.

Coinbase clarified:

“No separate crypto integration required.”

The exchange said Coinbase Payments provides regulated infrastructure across nearly 50 countries and is supported by more than 14 years of custody experience. That positioning gives enterprise merchants a familiar route into blockchain-based payments.

Merchant and consumer adoption will determine the impact. If the feature gains use, $USDC and $USDT could move closer to everyday online payment flows.