On Tuesday, several cryptocurrencies on the Binance exchange experienced dramatic declines. Act I, the Prophecy (ACT) plummeted by 50%, DeXe (DEXE) dropped 30%, and dForce (DF) fell nearly 20% within 30 minutes after 10:31 UTC. These sharp declines led to the liquidation of $6.28 million in longs on ACT-tracked futures across various exchanges. A single trader faced a significant loss of $3.2 million due to this event. The tokens ACT/USDT, DEXE/USDT, and DF/USDT saw declines of over 49%, more than 23%, and over 16% respectively within the same timeframe. The sudden drops were triggered by large sell orders executed rapidly. Other tokens like HIPPO, BANANA31, TST, and LUMIA also experienced declines shortly after 11:00 UTC, though less severe than ACT. The volatility may have been influenced by Binance’s announcement at 10:30 UTC, which changed leverage requirements and margin tiers for perpetual contracts, affecting tokens like ACT/USDT.
To provide the best experiences, we use technologies like cookies to store and/or access device information. Consenting to these technologies will allow us to process data such as browsing behavior or unique IDs on this site. Not consenting or withdrawing consent, may adversely affect certain features and functions.
Functional
Always active
The technical storage or access is strictly necessary for the legitimate purpose of enabling the use of a specific service explicitly requested by the subscriber or user, or for the sole purpose of carrying out the transmission of a communication over an electronic communications network.
Preferences
The technical storage or access is necessary for the legitimate purpose of storing preferences that are not requested by the subscriber or user.
Statistics
The technical storage or access that is used exclusively for statistical purposes.The technical storage or access that is used exclusively for anonymous statistical purposes. Without a subpoena, voluntary compliance on the part of your Internet Service Provider, or additional records from a third party, information stored or retrieved for this purpose alone cannot usually be used to identify you.
Marketing
The technical storage or access is required to create user profiles to send advertising, or to track the user on a website or across several websites for similar marketing purposes.
