The wider crypto market succumbed to a wave of selling pressure during the Asia session on Wednesday.
The broader altcoin market saw steeper losses, with Stellar (XLM) falling as much as nearly 5%, mirroring XRP losses, which plunged nearly 6% in the same time frame.
The crypto market has seen over $465 million in liquidations over the past 24 hours, with longs accounting for over 50% of the figure. This is in stark contrast to the trend seen over the last two days, when shorts faced the brunt of liquidations.
Amid the drop, open interest has fallen for various crypto assets. Open interest (OI) for Stellar (XLM) fell 11.79% in the last 24 hours, reaching $142.74 million, according to CoinGlass data. This might be due to profit taking following the recent price surge for the Stellar (XLM) token.
Despite this drop, the global cumulative open interest (OI) in crypto futures listed remains above $143 billion, the highest in nearly two months, with moderately positive funding rates suggesting bullish bias.
Stellar (XLM) sees profit taking
Crypto prices dropped during U.S. trading hours on Wednesday, erasing earlier gains. An early 2026 price surge had reversed what had been a pattern of declining crypto prices during U.S. trading sessions at 2025’s close, but this however, proved short-lived.
XLM, which rose as much as 8% in Monday’s crypto surge, was trading in the red, dropping nearly 5% in the last 24 hours, extending Tuesday’s drop.
XLM rose for five days at a stretch from Jan. 1 before it retreated. The price rally produced a crucial breakout for XLM as it surpassed the daily MA 50 (currently at $0.232) for the first time since October. Adding to the price increase, XLM saw a sharp surge on Monday, rising from $0.229 to $0.254.
XLM’s price saw a reversal on Tuesday as bears encountered resistance at $0.255. The price action attempted to flip the daily MA 50 into support, hitting a low of $0.233.
If the daily MA 50 can act as short-term support, it will boost the chances of XLM continuing its recent price surge.
Disclaimer: The information on this page may come from third parties and does not represent the views or opinions of Gate. The content displayed on this page is for reference only and does not constitute any financial, investment, or legal advice. Gate does not guarantee the accuracy or completeness of the information and shall not be liable for any losses arising from the use of this information. Virtual asset investments carry high risks and are subject to significant price volatility. You may lose all of your invested principal. Please fully understand the relevant risks and make prudent decisions based on your own financial situation and risk tolerance. For details, please refer to
Disclaimer.
Related Articles
Weekly Report: Gold Breaks Below $4,500! Crude Oil Surges Past $110, But Bitcoin Rallies and Outperforms Gold
Escalating tensions in the Middle East and the Federal Reserve's hawkish stance have impacted global financial markets. Gold plummeted more than 10% this week, marking its worst performance since 1983, while oil prices surged to historic highs. In contrast, Bitcoin rose against the trend, indicating a flow of capital toward crypto assets. The market continues to face uncertainty, and volatility in risk assets may persist.
動區BlockTempo50m ago
Bitcoin dips back below $75,000 on the eve of the Federal Reserve decision
Bitcoin recently touched $75,000 but failed to sustain the level, pulling back to $74,000, reflecting cautious sentiment among investors ahead of the upcoming Federal Reserve interest rate decision. Geopolitical risks and elevated energy prices have driven inflation higher, affecting market expectations for rate cuts and pushing the timeline for cuts to year-end. Technical analysis shows Bitcoin remains strong but has not confirmed a decisive breakout above the $75,000 level, with limited upside potential in the near term.
区块客1h ago
Here is why Bitcoin Cash traders should watch for this buy signal
Bitcoin Cash (BCH) remains above the crucial support level of 440 USD. Current market indicators show mixed signals, yet BCH's price action reflects positive momentum influenced by Bitcoin (BTC). Short-term trading opportunities arise, but long-term trends also need consideration for a robust strategy.
TapChiBitcoin1h ago
HAEDAL Pushes $0.03194 As It Breaks Out of Downtrend, Rare Market Analytics Signal 1252% Rally Ahead
As the broader cryptocurrency market continues to regain strength, the HAEDAL coin demonstrates strong upward momentum, according to a technical analysis shared today by analyst RoccoBullBottom.
The HAEDAL coin is the native cryptocurrency that drives the Haedal Protocol, a liquid staking
BlockChainReporter2h ago
Dogecoin Price Heads Toward $1 Mark as Elon Musk Stirs Up New Speculation
Dogecoin (DOGE) once again came into the spotlight after Elon Musk revived the "DogeFather" image on the X platform. The post describes him in the style of a classic film character, replacing the familiar cat with an image of a Shiba Inu dog – the symbol of DOGE.
The image was created by Grok Imagine
TapChiBitcoin3h ago
