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Cardano saw a 1,449% liquidation imbalance surge after bulls were caught off guard amid fresh selling pressure.
The crypto market has yet to recover amid dull sentiment following the Binance hack on October 29, which impacted $6.3 billion in crypto assets.
Binance began phased withdrawals on Sunday, processing $4.65 billion of withdrawals against $1.01 billion of deposits, a net outflow of $3.64 billion, the exchange said. It has now covered around 95% of the $6.3 billion stolen, and the FBI formally attributed the theft to North Korea's TraderTraitor group.
Despite this, the crypto market stays in limbo, with most digital assets trading in the red at press time, including Cardano, which is down 1.29% in the last 24 hours to $0.19. The drop, which followed October's decline, caught bullish traders on the wrong side of the market, leading to long liquidations
According to CoinGlass data, Cardano recorded $217,710 in long liquidations while short liquidations came in at $15,020. This scenario, where long liquidations were 14.5 times larger than shorts, yielded an imbalance of 1,449%.
Although Cardano and Midnight ecosystems were not affected by the Binance hack, with no ADA or NIGHT reported to have been stolen, the prices of both were not exempt from the bearish sentiment in the market.
ADA, for instance, is down 8% weekly, unable to surpass $0.197 following a drop to a low of $0.182 on October 30.
Dijkstra hard fork preparations continue
According to Intersect's latest update, Node 11.2 is out as a pre-release, bringing Dijkstra closer to ecosystem-wide testing and integration.
The 11.2 pre-release is another important milestone on the way to broader ecosystem validation, bringing the full Dijkstra era hard fork feature set, apart from Leios. It will be used to move DijkstraNet into the Dijkstra era, giving downstream teams a place to integrate and test their tooling.
Meanwhile, Musashi Dojo remains the early testing ground for the Leios-inclusive 11.3 prototype. Work also continues on Plutus V4 cost models, scope documentation, constitutional amendments, and delivery risk management.
In about 3 to 4 weeks (2 at the earliest): Node 11.3 tagged pre-release, including Leios, is expected. SanchoNet is also expected to join the other Cardano testnets in transitioning to the Dijkstra era.