Quick Take
- Bitcoin was trading at $20,608 on Sunday, and ether was trading at $1,595.
- Short liquidations over the past seven days are close to $2 billion.
- Dogecoin soared more than 90% over the past week, leading the rally in crypto prices.
Crypto markets surged over the past seven days as some major stocks declined on bad earnings news.
Bitcoin was trading at $20,608 today, up 7% over the past week, while ether gained 20% in the same period to trade at $1,595, according to data via Coinbase.
Sam Bankman-Fried's FTX accounted for around 80% of all liquidations as rising prices caught futures traders off guard. There was another $447 million in short liquidations on Saturday, with FTX accounting for over $340 million.
Throughout the week there was more than $2.2 billion in short and long liquidations. Short liquidations alone are approaching $2 billion.
Meanwhile, altcoins also experienced high growth during the week. Cardano and Solana's native coins both registered gains of more than 15%.
Dogecoin soared above $0.10 as Elon Musk finally completed his deal to purchase Twitter. The dog-themed memecoin is up more than 90% over the past seven days, while shiba inu and dogelon mars grew 22% and 64%, respectively.
Earnings round-up
Meta's earnings revealed a $3.7 billion hole in its balance sheet on Wednesday due to spending on its metaverse division, Reality Labs. Meta's stock jumped to $140 after hours before settling at $105.02, a nearly 20% loss.
Wednesday's revelation means that Reality Labs has lost an eye-watering $9.4 billion this year. The social media giant closed the week at $99.20, down 22% for the week.
WisdomTree met expectations with its earnings report on Friday while revealing a decline in its crypto holdings. The firm's assets under management fell from $265 million to $178 million during the third quarter — down 56% year-to-date.
A raft of crypto-related earnings is coming down the pipeline next week. Coinshares is first up on Monday, posting earnings at 9 a.m. Eastern.
MicroStrategy delivers its third-quarter results on Tuesday. New CEO Phong Le has been in charge of the software firm since August, having assumed the position from Michael Saylor during the last earnings period. Robinhood will share its earnings report on Wednesday, although the firm dropped earnings earlier than planned in January and August.
This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.