Microsoft Shuns Bitcoin Reserves as Cardano and XRP Spark Crypto Comeback

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11.12.2024 50 times read 0 Comments

Crypto Today: Microsoft Rejects Bitcoin Reserve Plan, as Cardano, XRP Lead Market Rebound

The cryptocurrency market witnessed a significant rebound led by altcoins such as Cardano and Ripple (XRP), despite Microsoft's decision to reject a proposal for holding Bitcoin reserves. According to FXStreet, the global crypto sector's valuation stabilized at $3.37 trillion after experiencing substantial outflows of $13 billion in just 24 hours. Marathon Digital announced an additional purchase of $1.1 billion worth of Bitcoin following their issuance of convertible debt notes.

In the derivatives markets, traders faced massive liquidations totaling $809 million with long positions accounting for 77% or approximately $626 million wiped out. Amidst these developments, both XRP and Cardano showed signs of recovery while Bitcoin prices fluctuated around the high mark of $97K amidst geopolitical tensions affecting digital assets globally.

Altcoins Suffer as Bitcoin Sinks to $96,609—What’s Next?

A report from CoinGape highlights that recent events have triggered one of this year's largest liquidation episodes amounting to roughly $1.7 billion across various cryptocurrencies including Ethereum which bore significant losses during this downturn period.

This crash was partly attributed to heightened leverage within trading ecosystems coupled with speculative concerns over Google's advancements in quantum computing technology potentially threatening blockchain security protocols like those underpinning major cryptos such as BTC itself. Again, cited sources on CoinGape platform analysis data trends suggest limited short-term prospects regarding price recoveries unless key support levels hold firm against further declines below critical thresholds identified.

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