1,455% Liquidation Imbalance Stuns XRP Bulls in 1 Hour, Michael Saylor's Strategy Saw Biggest BTC Holdings Surge in Q4, 2024, Mike Novogratz Shows Support for XRP: Crypto News Digest by U.Today
2025-02-07
Category: None

Here are the top three news stories over the past day presented to you by U.Today.
1,455% liquidation imbalance stuns XRP bulls in just one hour
According to data from CoinGlass, a staggering 1,455% gap between liquidated long and short positions on the XRP perpetual futures market was recorded yesterday in just one hour, with total liquidations over that period constituting $920,000. Notably, 93.4% of these liquidations (worth $860,000) originated from long positions, while only $60,000 were linked to shorts. Despite the turmoil, XRP was not affected much, experiencing a modest decline of 2.7%. The liquidation wave hit not only XRP, but the entire crypto market, which saw a total of $27.7 million in positions wiped out within the same time frame. Long traders suffered the most significant losses of $24.41 million, compared to $3.51 million in losses from short positions. This situation raised questions regarding the viability of long positions in XRP in the current market state.
Michael Saylor's Strategy saw biggest Bitcoin holdings surge in Q4, 2024: Report
In a recent post on X platform, Michael Saylor, cofounder and executive chairman of MicroStrategy, revealed the company's rebranding; from now on, MicroStrategy is just "Strategy," with a ₿ signifying Bitcoin next to the title on the logo: "New ₿rand, Same Strategy," reads Saylor's post. The new company has a new website, as well as a new X account. Meanwhile, in its latest quarterly financial report, Strategy declared itself as "the world's first and largest Bitcoin Treasury Company," which has adopted Bitcoin as its primary digital asset. The report highlights significant Bitcoin inflows during the last quarter of 2024, the largest since adopting its BTC acquisition strategy in August 2020. Strategy raised $15.1 billion between October and December 2024, and an additional $2.4 billion between January and February 2025. Overall, since the end of 2024, the company has accumulated 218,887 Bitcoins for $20.5 billion.
Mike Novogratz: “If people want to be part of XRP Army, let them”
In a recent interview, Galaxy Digital CEO Mike Novogratz expressed support for the XRP token, stating that it has a "narrative." He acknowledged his previous misjudgments regarding both XRP and Cardano, admitting that he underestimated the resilience of smaller cryptocurrency ecosystems. "I thought lots of these ecosystems would go away. And they didn't. And I have a very different view on this now. It's the libertarian view. If people want to be part of the XRP Army, let them. That's their decision," he said. Novogratz has added that all of these ecosystems have "a little bit" of store of value in them. "People are storing their value there. And the narrative that gets people there is often not store of value," said crypto mogul. Previously, Novogratz criticized XRP, raising concerns about Ripple's large token holdings and limited use cases. However, he later acknowledged he was wrong about XRP and praised its community.