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
Bitmine advances to the NYSE Main Board! Tom Lee: U.S. stocks may have bottomed out, and selling pressure on Ethereum could ease
Bitmine has officially transferred from the NYSE American board to the main board in the United States, marking an important milestone for the company. Despite a sharp drop in its stock price, it has still increased the share repurchase plan amount to $4 billion. The company holds a large amount of Ether, and it expects that a rebound in the crypto market will help improve its assets and stock price performance.
CryptoCity33m ago
Bitmine advances to the NYSE main board! Tom Lee: U.S. stocks may have hit bottom, and selling pressure on Ether could ease
Bitmine has officially moved from the U.S. segment of the New York Stock Exchange to the main board, marking an important milestone for the company. Although its share price has fallen sharply, it has still increased the share repurchase plan limit to $4 billion. The company holds a large amount of Ether, and it expects that a rebound in the crypto market will help improve its assets and share price performance.
CryptoCity3h ago
Bitmine Upgrades to the NYSE Main Board! Tom Lee: US stocks may have bottomed out, and selling pressure on Ether could ease
Bitmine has officially moved from the New York Stock Exchange U.S. board to the main board, marking a major milestone for the company. Despite a sharp drop in the stock price, it has still increased the share repurchase plan to $4.0 billion. The company holds a large amount of Ethereum, and expects that a rebound in the crypto market will help strengthen its assets and stock price performance.
CryptoCity6h ago
RAVE’s hype surge triggers a flood of copycat coin mania, as FF and INX expose the “pump-and-dump” scheme
Recently, altcoins represented by RAVE have sparked a fierce investment craze, but some old star projects like FF and INX have used this wave of hype to carry out “pump-and-dump” operations—rapidly driving up coin prices to lure retail investors to buy, and then dumping them heavily, causing the price to plunge rapidly. Such behavior not only exposes the project team’s funding difficulties, but also damages investors’ trust. Investors need to stay alert to signals like abnormal short-term surges in order to avoid the risk of being manipulated by the market.
MarketWhisper6h ago
Bitmine gets promoted to the NYSE main board! Tom Lee: US stocks may have bottomed out, and sell pressure on Ether could ease
Bitmine has officially moved from the NYSE American board to the main board, marking an important milestone for the company. Despite the sharp decline in its share price, it has still increased the share repurchase plan amount to $4 billion. The company holds a large amount of Ethereum, and it expects that a rebound in the crypto market will help boost its assets and share price performance.
CryptoCity9h ago
Why Is Bitcoin Up Today? Hormuz Blockade Triggers Short Squeeze and a BTC Test of $75k
On April 13, Bitcoin rose from its early-session low of 70,741 to trade as high as $74,900 during the session, approaching the $75,000 level. The main drivers came from two directions: after Trump ordered the blockade of the Strait of Hormuz, traders began to view Bitcoin as a geopolitical hedge asset; and a massive net short position that had been building as funding rates stayed persistently negative was met with liquidation, triggering a chain of liquidations totaling millions of dollars near the $70,000 support level.
MarketWhisper11h ago
