Over $650M Liquidated! China confirms Crypto Illegal! Infinex Interview!
Overview
The cryptocurrency market experienced a significant downturn, with major cryptocurrencies reversing last week’s gains. This decline was marked by over $650 million in liquidations, particularly affecting long positions as Bitcoin dipped below a critical threshold. Additionally, China’s central bank reaffirmed its stance on the illegality of cryptocurrency, contributing to market volatility.
Market Movements
Cryptocurrency majors experienced a sharp decline, with Bitcoin (BTC) falling by 6% to $85,800 and Ethereum (ETH) also down 6% to $2,820. Binance Coin (BNB) saw a 7% decrease, landing at $822, while Solana (SOL) dropped 7% to $127. Among the few tokens that showed positive movement, MYX led with a 15% increase, followed by JST with a 4% rise.
The market faced significant liquidations, totaling over $650 million within a single day. This included around $580 million in long positions that were liquidated as Bitcoin’s price fell below $86,000. Zcash (ZEC) suffered the most substantial loss among major tokens, plummeting 20% to $355, marking a 35% decrease over the week.
In the context of regulatory news, China’s central bank reiterated that cryptocurrency remains illegal, indicating a forthcoming crackdown on crypto activities in the country. This announcement added to the existing uncertainty in the market.
Industry Developments
In other significant industry news, Tether’s founder addressed ongoing concerns regarding the company’s financial stability, emphasizing that Tether is not at risk of insolvency. Furthermore, Robinhood announced a partnership with Susquehanna to establish a new CFTC-licensed exchange, which aims to expand into prediction markets. Pavel Durov also introduced Cocoon, a decentralized confidential compute network designed to reward GPU operators with TON tokens.
Additionally, JPMorgan made headlines with the introduction of a new structured product linked to Bitcoin. This product offers investors a minimum yield of 16%, potentially increasing up to 50% based on Bitcoin’s performance, while providing downside protection of up to 30%.
Impact on the crypto market
- Major cryptocurrencies experienced significant declines, reversing recent gains.
- Over $650 million in liquidations occurred, primarily impacting long positions in Bitcoin.
- China’s reaffirmation of a crackdown on cryptocurrency may heighten regulatory concerns and market instability.
- Tether’s response to insolvency fears aims to reassure investors amidst market volatility.
- The introduction of new products and partnerships, such as those from Robinhood and JPMorgan, indicates ongoing innovation despite market challenges.
Updated: 12/1/2025, 5:26:20 PM
