Uniswap Volume Tops $5.97 Billion as Ethereum Trading Surges

Bitcoin dropped to $76,100, a 5.6% 24-hour decline, as a tech stock sell-off triggered $1B in crypto liquidations. Ethereum and Solana also fell. Bitcoin liquidations totaled $281M. The broader crypto market lost 5%, with a total market cap near $2.6T. Binance's security breach and ETF flows are additional factors.

Bitcoin and other major cryptocurrencies fell sharply, with Bitcoin dropping to $76,073. Over $1 billion in leveraged crypto positions were liquidated. The sell-off was triggered by concerns about a Democratic-controlled Congress and its potential impact on AI stocks, which also declined sharply, including Nvidia and AMD. The US military's potential actions in Iran added to the risk-off sentiment.

Ether (ETH) short sellers faced significant losses as $238 million in positions were liquidated, with 55.5% being bearish bets. ETH rebounded 6.9% to near $2,419 after a post-election sell-off, but remains down 16.6% over the past month. The cryptocurrency now trades near its 50-day average, with momentum turning positive but facing resistance near $2,560.

Ethereum (ETH) rose 5.96% to $2,429.69 in 24 hours, outperforming Bitcoin, due to a post-U.S. election relief rally and a $236M short squeeze. Analysts cite reduced uncertainty and a macro-driven recovery. ETH options open interest increased 4.68% to $5.77B, with calls dominating 61%. Russia's Moscow Exchange plans to launch a regulated crypto market in 2026, including ETH.

Binance detailed a $6.3B hack in which North Korean hackers posed as recruiters to infect an engineer's computer. They used internal AI tools to access wallet systems, transferring XRP, Solana, and Optimism tokens. Binance recovered 98% of funds, but $3.24B remains in hacker-controlled addresses. The FBI linked the attack to TraderTraitor, a North Korean hacking unit.

Bitcoin rose 4.5% to $80,600, while Ethereum gained 7% to $2,435, as a weaker dollar and Democratic midterm wins boosted risk assets. The rally followed a month-long crypto market decline, with Bitcoin's surge potentially forcing short sellers to cover positions. Key levels to watch include $80,000 for support and $82,000-$83,000 for further gains. Institutional inflows remain weak, and political uncertainty persists.