Short Crypto Liquidations Spike as Markets Surge $65 Billion

Speculators going short on Bitcoin and crypto are hurting today as markets have surged. As a result, there has been a large number of liquidations on short positions as BTC and its brethren rebound from weeks in the doldrums.

Timeline of Axie-infinity

As the crypto market holds its breath, one company is readying to drop a bombshell that could echo through the corridors of digital currency. On July 1, Celsius Network, a now-bankrupt crypto lender, plans to sell off a staggering $215 million in altcoins, marking an unprecedented liquidation.

Axie Infinity's (AXS) price slid to a three-year low amid the ongoing legal battle against US SEC. In addition to the price decline, on-chain data shows players are increasingly abandoning the GameFi protocol.

Amidst legal battles with major crypto exchanges and growing regulatory scrutiny, the AXS token sees a dramatic price drop. Is this a market correction, or does it signal an impending crash for the play-to-earn pioneer, Axie Infinity?

The market is currently experiencing a downturn fueled by an unsettling combination of FUD (fear, uncertainty, and doubt). Adding to this challenging situation is the recent lawsuit filed against Binance by the US Securities and Exchange Commission.

Decoupling from the broader market sentiment, the Metaverse coin has experienced significant growth for nearly two weeks. These meta coins on a recovery streak are gradually reclaiming higher ground, offering traders the opportunity to take long entries.

Axie Infinity Origins, the blockchain-based, play-to-earn (P2E) game, has successfully cleared Apple's rigorous App Store review process and the game's app is now available for Apple iOS users.

On Wednesday, the renowned game developer Sky Mavis revealed the release of the Origins crypto game on Apple's App Store, allowing individuals from selected countries to enjoy the game seamlessly. The update triggered increased on-chain activity on Axie Infinity's platform (within the Ethereum blockchain). That confirmed surged appetite from retail participants.

Makers of Axie Infinity are hopeful that launching the game on the Apple platform will spurt growth. They are also hopeful of Apple making policies friendlier for NFTs in the future.

The latest price moves in bitcoin (BTC) and crypto markets in context for May 17, 2023. First Mover is CoinDesk's daily newsletter that contextualizes the latest actions in the crypto markets.

Axie Infinity (AXS), the blockchain-based trading and battling game, is showing positive momentum today. According to data from CoinMarketCap, each AXS token is worth about $7.55 after recording as high as a 15% daily growth rate.