1Inch Network Restricts Access to US Users, imToken Blocks Chinese Users from using its DEX and DApps

Decentralized platforms might not be as decentralized as they claim to be.

This can be seen with the decentralized exchange aggregator 1inch, which has started geofencing US IP addresses.

“It looks like you are trying to use the linch dApp from a restricted territory or are using a VPN that shows your location as a restricted territory,” reads the pop-notification on the platform when used by the people in the restricted regions.

“We respect your privacy, but, please, change your VPN settings to correspond with your real location.”

The Terms of Use of the platform also talk about the interface not being available to those residing in the United States of America.

This means America has been now added to the restricted territories, which include Belarus, Burundi, Crimea and Sevastopol, Cuba, Democratic Republic of Congo, Iran, Iraq, Libya, North Korea, Somalia, Sudan, Syria, Venezuela, Zimbabwe, or any other country to which the US, the UK or the European Union embargoes goods or imposes similar sanctions.

“Use of a virtual private network (e.g., a VPN) or other means by restricted persons to access or use the Interface is prohibited.”

Reportedly the terms were changed in April, but the notification was just recently added. The platform has been planning to launch a new product in the US to comply with the regulatory requirements.

1Inch Network is also in the process of collecting the Series B funding round that has grown to $175 million from the previously planned $70 million, Sergey Maslennikov, chief communications officer of the 1inch Network, told The Block.

Decentralized finance (DeFi), along with the broad crypto market, has been seeing increasing regulatory scrutiny in the US throughout this year. Popular DEX Uniswap also delisted several tokens earlier this summer as the SEC turned its attention to the sector.

Besides the US, as China strengthened its stance against crypto, imToken announced that it would restrict users in China from accessing and using its DEX, staking services including stake mining and liquidity mining, and DeFi applications such as lending and derivatives to match the regulatory policies.

As we reported, the heightened ban and the resultant shutdown of centralized crypto services in China have users turning to decentralized applications, but if they continue to ban users, they might be decentralized only in the name and claim.

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Author: AnTy

Dapper Labs Set to Storm The NFL With Football-Themed NFT Platform

Dapper Labs Set to Storm The NFL With Football-Themed NFT Platform

2021 has seen an incredible integration between cryptocurrencies and the American sports landscape. Now, Dapper Labs, the creators of the famous NBA Top Shot platform, has announced a new venture with “America’s game.”

Touchdown for Dapper Labs

Earlier this week, Sports Business Journal reported that Dapper Labs is looking to launch a non-fungible token (NFT) marketplace for the National Football League (NFL). The platform will be similar to its NBA Top Shot game, offering digital collectibles with the NFL theme. NBA Top Shot has already become highly popular, and Dapper Labs will hope to replicate the same feat with the NFL game.

Besides the upcoming platform, Sports Business Journal also reported that Dapper Labs’ entry into the NFL would see the league and its players’ association acquire an ownership stake in the company.

Although the terms of the deal remain unknown, sources for the news medium have reported that this deal could make Dapper Labs the second largest source of digital revenue for the NFLPA – trailing only the hugely popular Madden NFL game.

Sports Embraces Crypto, Albeit Slowly

Besides Dapper Labs, another company that’s been making significant waves in the sports scene is FTX – a leading crypto derivatives exchange. The company, which recently got a valuation of $18 billion, has been signing major sponsorship deals with both young prospects and established superstars across both leagues.

This year alone, NFL legend Tom Brady, 3-time NBA champion Stephen Curry, and many more have signed sponsorship deals with FTX. Brady and Curry both reportedly have ownership stakes in the exchange as well. The partnerships with the sports stars include marketing and licensing deals and charity initiatives and crypto education outreach programs.

However, while the NBA remains seemingly open to teams and players partnering with crypto companies, the NFL might be showing some resistance. Earlier this month, The Athletic reported that the league had barred players and teams from making any crypto-related ads and sponsorships. This is in stark contrast to the NBA, which has largely been liberal with teams and players signing deals with crypto brands.

As the report explained, the NFL had restricted the sale of sponsorships to crypto trading firms and NFTs until it could establish a strategy for sports-themed art and digital trading cards.

“Clubs are prohibited from selling, or otherwise allowing within club controlled media, advertisements for specific cryptocurrencies, initial coin offerings, other cryptocurrency sales or any other media category as it relates to blockchain, digital asset or as blockchain company, except as outlined in this policy,” read a guideline shared by the news medium.

The Dapper Labs deal might just be the NFL’s “strategy,” especially with the league and its players’ association taking a stake in the company. It will be interesting to see how the deal works out, especially in terms of revenue shares and other financial aspects.

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Author: Jimmy Aki

Japan’s Financial Services Agency (FSA) Looks to Step Up Crypto Oversight: Report

Japan has always been seen as a shining light in the Asian market for crypto adoption, with favorable regulations and a pang of hunger for digital assets.

However, recent events have caused many in the industry to rethink this stance, especially with the regulator now looking towards imposing stricter rules against companies in the space.

Keeping Close Tabs of Crypto and DeFi

Earlier this week, Jiji Press – a local news source – confirmed that the country’s Financial Services Agency (FSA) had started looking into imposing stricter regulations on cryptocurrencies. The report explained that the regulator is looking to optimize investor protection, even if it means putting exchanges in a tougher operating position.

The news source explained that the FSA established a dedicated panel of financial experts to help the government gain better oversight of the crypto and decentralized finance (DeFi) spaces. Besides oversight, the agency will also monitor developments in cryptocurrencies and the Japanese government’s efforts to build a central bank digital currency (CBDC).

The FSA is looking to overhaul its current crypto regulations and implement new rules by the middle of 2022. With the new rules in place, the agency hopes to bring more stability to the crypto space in Japan while encouraging innovation and development.

The current crypto laws in Japan were instituted in 2019 following the hack of Bitpoint – one of the country’s top exchanges at the time. The rules implemented strict Anti-Money Laundering (AML) policies on local Bitcoin exchanges at the time, marking the first time the FSA will step in to regulate crypto.

Interestingly, the current move appears to have been inspired by another security breach. Last week, Liquid Global, another exchange based in the country, was a victim of a cyber attack that saw it lose $80 million in assets – almost three times the losses racked up in the Bitpoint hack. While the exchange is looking to remediate things, Jiji Press claims the FSA is using the incident to further its agenda.

The agency particularly believes that the Liquid hack means exchanges have still not implemented safe AML policies. So, it is time for things to change.

A Long Road to Get Here

Japan’s regulatory environment has been quite challenging for exchanges. Earlier this year, the FSA announced the planned adoption of the Travel Rule from the Financial Action Task Force. The Travel Rule primarily requires that crypto service providers and asset custodians share transaction data for recipients and senders. Despite being decried by the crypto industry bigwigs, the rule has slowly gained adoption across the world. As the FSA’s announcement explained, the agency is now looking to adopt the rule by April 2022.

The agency also asked the Japanese Virtual Currency Exchange Association (JVCEA) – a self-regulatory crypto organization – to prepare for the Travel Rule’s implementation soon. The JVCEA had largely been free to regulate the Japanese crypto space, but things are about to heat up significantly.

Last month, Reuters also reported that the Japanese Ministry of Finance is strengthening its efforts to regulate crypto on a global scale. The report explained that the ministry and several other regulatory bodies are now upscaling to impose stricter rules on crypto.

Besides the staff increase, Reuters also reported that Tokyo is open to engaging with global financial regulators to develop private crypto rules. With agencies like the G20 and G7 groups already calling for regulations for private fiat-pegged stablecoins, Japan is looking to take the lead.

With new regulations coming and the Travel Rule breathing down their necks, crypto companies in Japan are about to have a rough ride.

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Author: Jimmy Aki

Even JPMorgan Has Turned Bullish, Now Saying “The Previous Phase Of Demand Weakness Is Over”

“Significant impulse” seen in the futures as a sharp rebound of crypto “caught most investors by surprise,” more so on ETH, whose OI on CME has hit a new peak in USD, all the while on the back of low leverage. At the same time, the long USD continues to soar to new highs.

Bitcoin and Ether are recovering spectacularly from the losses recorded in the second half of May, the entire June, and much of July.

August is finally looking good after nearly three months of red, with BTC almost touching $48,000 on Friday and Ether climbing to $3,330. The total crypto market cap aims for $2.1 trillion, now closer to the $2.55 trillion peak from mid-May.

Interestingly, just like crypto-assets rallied into the end of 2020 to the 2017 ATHs, this time, prices are slowly moving towards their 2021 peaks without the high leverage. FRNT Financial CEO Stephane Ouellette said in an interview,

“Typically, we look at that as more of a strong-handed rally, which implies that the leverage portion of the rally comes later.”

“If that is the case, those $100,000 targets are very reasonable, I’d suggest. The last time we saw a move of this little leverage, we were pointing towards $20,000, and we didn’t really see the leverage come into the market in an aggressive way until we got to $40,000, which took us to $65,000.”

On Binance, BTC’s annualized daily basis is currently 3.56%, down from 41.4% in mid-April, which was a mere 0.2% in late March just before its peak. As of writing, the highest Bitcoin funding rate is 0.0240% on FTX while keeping around 0.1% on the majority of the crypto exchanges, as per Bybt.

As for ETH, it’s 3.72% (7DMA, APY), while in February, it was above 50% on Binance compared to 131% on Bybit and 113.7% on BitMEX. Currently, it is 21% on BitMEX and 3.72% on Bybit.

All the while, open interest on futures continues to climb; on Bitcoin contracts, it is $16.72 bln back to May levels. This OI is up 57.4% from the late June low and still down 39.6% from the April high.

As for Ether, OI is currently sitting at just above $9 bln, up 104% from late June low but down 22% from May high.

On CME, OI on Bitcoin futures is $1.71 bln, down from a $3.26 high on Feb. 21 but up from $1.14 bln on July 1st — accounting for 10.23% of the market share. Unlike BTC, on Eth futures, OI on CME has surpassed the May 14 peak of $607.88 mln to reach $648.5 mln — accounting for a 7.02% market share.

Traders on CME are also closing their short positions, which have hit their smallest since mid-May. Bitcoin net shorts have fallen to 1,104 contracts from 1,290 in the previous week.

Amidst this, US dollar net longs rose again to reach their highest level, $3.08 billion, since early March last year. US dollar positioning has been net long for four weeks in a row now after staying net short for 16 months. JPMorgan strategist Nick Panigirtzoglou wrote in his latest crypto report,

“There are clear signs of demand improvement in futures markets pointing to rising institutional demand for crypto. Momentum traders such as CTAs have likely amplified recent crypto price moves as the shorter lookback period momentum signals shifted from negative to positive territory for both bitcoin and ethereum. Typically this is when momentum traders’ impact is mostly felt as they are forced to exit short positions and start building up long positions.”

According to the strategist, the institutional buying of crypto has reversed and spiked after several months of muted activity.

This is because “the sharp rebound of crypto markets over the past three weeks caught most investors by surprise,” wrote Panigirtzoglou.

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JPM now sees a “significant impulse” in the futures. They have now come around on backwardation as well, which they previously saw as a bearish signal. Back in early June, in contrast, trader CL of eGirl Capital had said that longing BTC every time it’s in backwardation has resulted in significant profits.

Now JPM is also arguing “that the previous phase of demand weakness is over.”

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Author: AnTy

Bitcoin is Back: On Its Way to its Longest Winning Streak of 2021 as BTC Hovers Around $40k

Aggressive spot and derivatives buying is seen on FTX and Deribit, with spot margin systems now getting super popular, while the kimchi premium goes under 1%.

The continued recovery in Bitcoin’s price has it going back above $40,000 after printing green candles for eight straight days.

With this, BTC is on course for its longest winning streak this year. In early March, Bitcoin printed seven daily candles in a row when the price went from $46k to $58k. However, it was on February 8 that the BTC price went from $38k to nearly $47k in one single monster candle.

“I hope you all caught up on sleep, because crypto is now fun again,” tweeted Sam Trabucco, a quantitative crypto trader at Alameda Research. “I legitimately *do* think people are coming around to the idea that the market’s current recovery is WAY less leverage-driven than in the past,” with spot margin systems now getting super popular, he added.

This upwards price action has been the result of the largest short squeeze ever, which came up just shy of $1 billion, as per Bybt.

However, with Binance having changed their API following the May 19th crash, they now only publish one liquidation per second; as such, the numbers are severely underrepresented. This short squeeze is expected to be far larger than $964.23 million.

Despite the upwards move, the highest Bitcoin funding rate is 0.0251% on OKEx, and on some exchanges, it is still negative.

As we reported, a divergence has been seen in the market, with FTX and Deribit recording positive funding rates right from the past weekend when price finally first started trending up while other exchanges were reporting negative funding rates. Trader CL of eGirl Capital noted,

“Def the most east-west diverging orderflow in a while.”

“FTX and Deribit buying spot and derivatives aggressively meanwhile weekly, biweekly, quarterly basis on Huobi/Okex/Binance are back to pre-pump even tho price is 6k higher in like 2 days, which hints high short/hedge demand.”

Interestingly, despite all this, the kimchi premium, the gap in crypto prices on South Korean exchanges compared to other exchanges located globally, has gone under 1% and slowly slithering into negative territory as well, shared DooWanNam of Maker.

At the peak of Bitcoin price, the kimchi premium climbed to over 20% in April.

While Korean traders are doing what they do best, buying at the top and disappearing at the bottom when prices are attractive, Cathie Wood of Ark Investment continues to add to its crypto exposure.

Amidst the return of bullishness, Wood just can’t seem to stop buying COIN stocks as after buying 113,043 shares on Monday, on Tuesday, Ark bought another 73,079 shares. With this, Coinbase continues to climb the ranks in Ark holdings, becoming the 6th most held stock now at roughly $1.5 billion.

While the market is still struggling to turn full bullish, waiting to see if the trend has been reversed, after all, companies in the space are attracting tons of fresh capital. Funds and venture capitalists are chasing crypto companies to get exposure to the industry which is leading to their insane valuations.

While Public crypto markets have started to gain traction yet again, private markets continue to see a frenzy of capital inflow, just as earlier this year.

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Author: AnTy

Global Bitcoin ATM Installation Shoots Past 24,000 In 2021: Report

This year has seen a sharp increase in the number of crypto automated teller machines (ATMs) installed worldwide. Data from Coin ATM Radar shows that crypto ATM installation has increased by more than 70% to over 24,000 this year.

Over 10,000 Crypto ATMs Installed In 2021

No less than 10,000 new crypto ATMs have been installed this year alone, surpassing the 7,620 added in 2020, per Coin ATM Radar. These crypto ATMs are being installed at a speed of roughly 52.3 ATMs per day.

At press time, the crypto ATM tracker reported a total of 24,004 crypto ATMs globally. This represents a 71.73% growth from the 13,993 crypto machines earlier this year.

The US takes the lead for the country with the most installations, according to the report. There are over 21,161 ATMs in the US alone. Canada closely follows the US with 1,698 locations and the UK with 174 locations.

In terms of the manufacturers of the mahines, Genesis Coin tops the list with a total of 9,813 machines installed. This is closely followed by General Bytes with 5,720, Bitaccess with 2,766, and Coinsource with 1,684 machines.

The ATMs are operated by more than 600 different companies. Bitcoin Depot controls the market with about 15.8% market share.

Crypto ATM Operators Sealing Partnership Deals

Earlier this year, Bitcoin Depot started its expansion plans when it launched 115 kiosks across 24 US states, including Alabama, Minnesota, Florida, and California.

Bitcoin Depot has continued to grow its reach. Just last week, the crypto ATM operator sealed a partnership with convenience store chain Circle K.

Through this collaboration, Bitcoin Depot plans to expand its ATMs by installing over 6,000 kiosks across North America by the end of 2021.The partnership has resulted in the installation of more than 700 Bitcoin ATMs in the US and Canada.

Other operators like Coin Cloud and CoinFlip have also signed partnerships with celebrities to boost their operations. Coin Cloud partnered with Oscar-winning filmmaker Spike Lee to promote cryptocurrency ATMs in an ad campaign.

The multimillion-dollar media campaign was tagged “The Currency of Currency” and was directed by Lee.

Last month, Coinflip also partnered with actor and bitcoin investor Neil Patrick Harris on a marketing campaign. The campaign titled “So Flippin’ Easy,” was aimed at promoting cryptocurrency investing.

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Author: Jimmy Aki

FCA’s Crackdown Hits Another One After Binance, Which Has ‘Not’ Seen Institutional Activity Slowdown

FCA’s Crackdown Hits Another One After Binance, Which Has ‘Not’ Seen Institutional Activity Slowdown

Rather, this continued interest from institutional investors is coming not only from crypto native firms but also from traditional finance institutions. Meanwhile, in the US, DeFi is on regulators’ radar where with no intermediary, the question is, “who do we put this on?”

Britain’s Financial Conduct Authority (FCA) said that crypto broker CoinBurp is not fully authorized to have its initial token offering and the launch of its BURP token planned for Monday.

However, the company can start a business under its temporary registration, the FCA added, as long as it has the controls in place.

Last week, the project raised $6 million to build a non-fungible tokens (NFTs) marketplace. Last week, in a press statement, CoinBurp claimed to be a “regulated broker” and said that all the NFTs listed on its market could be sold to investors.

Although CoinBurp is listed on the watchdog’s temporary registration register, this status only allows them to trade. The watchdog said the company isn’t yet assessed as “fit and proper” or entitled to claim to be authorized by the FCA as the regular has yet to determine their application for the money laundering regulations. The UK regulator said in its statement,

“The firm does not yet hold full FCA registration under the money laundering, terrorist financing, and transfer of funds (information on the payer) regulations … but has submitted an application for the FCA for registration.”

For some time now, FCA’s crackdown has been going on with Binance, which has no headquarters, particularly bearing the brunt of it. This has resulted in several big UK banks such as Barclays, Santander, and NatWest banning retail customers from sending money to the exchange.

Due to this, several hedge funds, according to the Financial Times, have also curbed trading on Binance as a regulatory crackdown on it continues to grow.

However, Binance told FTX that it has “not seen a slowdown in institutional activity. On the contrary, we have seen continued interest in our institutional offering from not only crypto native firms but also traditional financial institutions that have entered the crypto space.”

Amidst this, on Monday, Binance reduced the leverage from previously 125x to now 20x.

Meanwhile, DeFi is on US regulators’ radar, with CFTC Commissioner Dan Berkovitz saying in an interview,

“I’m very concerned there’s none of the reporting, none of the normal pricing and regulatory limits. The bottom line is there’s no free lunch anywhere in the economic system.”

As we saw last week, Uniswap Labs delisted several tokens from the exchange. With no intermediaries in decentralized finance, which has grown to become $110 billion in total value locked (TVL) and $85 billion in total market cap, the question is, “who do we put this on?” said Alabama Securities Commission Director Joseph Borg.

While Sen. Elizabeth Warren is urging regulators to rein in DeFi activities, Borg said, SEC and CFTC would have to come together to assess the potential possibilities and potential risks. OCC spokesperson Bryan Hubbard said,

“While DeFi, by definition, is decentralized and does not necessarily rely on the banking system, there are linkages, which are part of our review through the lens of responsible innovation, cognizant of the potential benefits of new technologies while focused on understanding the potential risks and use cases.”

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Author: AnTy

Bitcoin Surges Above $41k — MacroStrategy, PTJ, FOMC Meeting, BCIE ‘Adopting BTC for Legal Use’

Today, the price of Bitcoin surged to hit $41,076 on Coinbase, last seen on May 21st.

While up more than 32% from last week’s low of $31,000, it’s hard to know if the cryptocurrency will be able to continue its way up towards the all-time high of $65,000 or people will use this bounce to exit after the recent sell-off.

For now, the market is enjoying greens today, which comes packed with a lot of good news.

For starters, MicroStrategy announced on Monday the completion of its $500 million offering of 6.125% senior secured notes due 2028. This will be used to buy even more Bitcoin and add to the company’s stash of 92,079 BTC that are being held in a newly formed subsidiary, MacroStrategy LLC.

MicroStrategy shares are also enjoying an uptrend, going past $600, last seen in early May. The company has yet to buy BTC with the latest proceeds.

As we reported today, billionaire investor Paul Tudor Jones is very bullish on Bitcoin as a portfolio diversifier and wants to have 5% of his portfolio in Bitcoin, the same percentage as gold, cash, and commodities.

“So, I like that idea of investing in something reliable, honest, secure, and 100 percent certain.” “Bitcoin has an appeal to me in being able to invest in certainty.”

PTJ’s net worth is $7 billion, which would put this 5% at $350 million, while his hedge fund Tudor Investment Corporation has about $44 billion assets under management (AUM) which would put this 5% at $220 million, not including his 2% Bitcoin allocation from last year.

The hedge fund manager is paying close attention to the Federal Reserve’s two-day policy June meeting this week, which is scheduled to conclude Wednesday.

According to Jones, if the Fed treats recent higher consumer prices with nonchalance, that is the “green light to bet heavily on every inflation trade” — “then I would just go all-in on the inflation trades. I’d probably buy commodities, buy crypto, buy gold,” he said.

But if they throw a “taper tantrum,” that would mean correction, but “that doesn’t necessarily mean it’s over,” he added.

According to Goldman Sachs, it’s too early for Fed Chairman Jerome Powell to begin the “taper clock,” they expect the first hint to be delivered in August or September.

“Powell likely agrees with Governor Brainard and President Williams that the labor market has not yet come far enough,” noted GS.

Additionally, Tesla CEO Elon Musk, who sent the prices crashing last month, helped bolster the positive sentiments after he said the electric car maker would accept Bitcoin payments once miners start using 50% clean energy.

As we reported, the world’s sixth-largest, $10 trillion economy India, a G20 member, is also planning to classify the cryptocurrency as an asset class.

Already, El Salvador has become the world’s first country to declare Bitcoin legal tender. While using BTC for payments, the country will also use volcanic geothermal energy to mine the cryptocurrency.

Now, the Central American Bank for Economic Integration, which is made up of 17 member states, is sharing their support for El Salvador’s Bitcoin move, calling it a “really big deal,” adding, “we’re really proud that they’ve made us part of this new policy.”

“The signal that I want to leave you today is that the BCIE is accompanying El Salvador in this new and innovative policy of adopting the cryptocurrency called Bitcoin for legal use,” said president Dante Mossi.

He further said that BCIE would work with the Salvadoran Government “because it is a modern way of doing business.” Though being the first country to adopt BTC as widely is a challenge, they would “take it head-on and find the best way to protect the user,” Mossi added.

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Author: AnTy

DFinity’s ICP Token Rises By Almost 60% on Opening Day following Monday Listing

The much-anticipated Internet Computer (ICP) utility token has launched, and the token has seen much action on its first day of trading.

The utility token made by Zurich-based tech company DFinity quickly found its home on major crypto exchanges like Coinbase Pro, Binance, Huobi Global, OKEx, and many others yesterday.

ICP Tokens Fifth Most Valuable Crypto

Following a four-hour trading period, the price for the ICP tokens swung wildly, moving from its opening trade of $700 to $250 before self-correcting and rising 70% to $420 at press time.

Crypto data aggregator Coingecko estimates that over $2 billion has been traded in the last 24hrs with a fully diluted valuation of over $213 billion since opening trade.

According to market data aggregator Messari, following its max supply of 469,213,710 and a price valuation of $342, the market valuation of the five-year project would be in the region of $160.5 billion. Even though only 26% of the overall tokens are in circulation.

With that number, it would likely place the new entrant just behind meme coin DOGE with a market cap of over $57 billion, displacing Ripple’s XRP token and Cardano’s ADA as the fifth most valuable cryptocurrency.

ICP Set To Replace Legacy IT Infrastructure

The Internet Computer (TIC) blockchain has long been in development spanning five years. According to the parent company DFinity Foundation, TIC is the world’s first blockchain that runs at web speed with unbounded capacity.

It’s also the third major blockchain innovation alongside Bitcoin and Ethereum set to change how we interact with the internet and transfer value.

DFinity says the project’s mission is to change the way billions of people interact with the traditional IT infrastructure by enabling users to connect through standard protocols to a publicly accessible global supercomputer on its ICP protocol.

The project, founded in Oct. 2016 by former President and CTO of String Labs, Dominic Williams, aims to replace the present IT industry by allowing developers to host their codes directly on the public internet. This will see them forgo using traditional hosting companies, servers, commercial cloud services, and big tech companies.

According to Williams, the Internet Computer uses a scientific protocol called the Chain Key Technology (CKT), which comprises Non-Interactive Distributed Key Generation (NI-DKG), Network Nervous System (NNS), Internet Identity, and several advanced technologies.

The CKT platform uses a set of cryptographic protocols, and the system is separated into several subsections, including two “canisters” and “neurons” that help it run efficiently.

The project says it would allow developers to run computing applications on the decentralized web just like decentralized applications facilitator Ethereum. But DFinity says the TIC comes with superior scalability functionality.

Before its Mercury genesis launch, DFinity raised a total of $121 million from venture capital contributors like Andreessen Horowitz, Polychain Capital, SV Angel, Aspect Ventures, and several notable investors.

Its ICP tokens would be used in staking in its governance system, and users will be able to earn “voting rewards,” which they can now exchange for “cycles” they can use to run their computations.

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Author: Jimmy Aki

A New Record: Over 1 Million Traders Liquidated for a Whopping $10.1 Billion

The liquidation in the past 24 hours beats the ones seen during March Crash, aka Black Thursday, and in late Feb. Propelled by Treasury rumors, high leverage, and hash rate taking a hit, BTC went down to $51,300, and Ether touched $2,000.

The cryptocurrency market crashed overnight, and the losses spilled into Sunday as well.

Losing as much as 30% of their value in the past 24 hours, about $300 billion have been wiped out from the market.

Bitcoin price went as low as $51,300, and Ether price touched $2,000 on Coinbase.

This crash could have been propelled by Treasury rumors. The market was spooked by the speculation that the US Treasury is looking to charge several financial institutions for money laundry using crypto.

Another potential reason could be the drop in the Bitcoin hash rate, which has now fully recovered while prices are in the process of it. As we reported, there has been a coal mine accident in Northwest China, leading to blackouts in the area and mining pools losing over 20% of their hashing power.

As Charles Edwards of Capriole Investments noted, “One province in China represents a significant share of the Bitcoin network,” hence the result.

Much like always, extreme leverage exacerbated the already bad situation. Setting a new record and beating the March 2020 crash, 1,063,216 traders were liquidated for an eye-watering $10.1 billion in the past 24 hours.

On March 12th, Black Thursday, the record was set just above $4 billion, while the market took another heavy beating on Feb. 21st was just under $6 billion. But now on the chart, they are just a blip.

Of course, more than half of this new record was thanks to Binance degen traders, accounting for nearly $5 billion of it.

In terms of cryptocurrency, Bitcoin longs suffered the most, followed by Ether, XRP, BNB, DOGE, and Litecoin, as per Bybt.

ETH -6.66% Ethereum / USD ETHUSD $ 2,242.92
-$149.38-6.66%
Volume 50.74 b Change -$149.38 Open $2,242.92 Circulating 115.52 m Market Cap 259.11 b
9 h Coinbase Starts Offering Eth2 Staking, Over 3.8 Million ETH Already Deposited in ETH 2.0 9 h A New Record: Over 1 Million Traders Liquidated for a Whopping $10.1 Billion 11 h BitMEX Co-Founder Arthur Hayes Puts Ether Moon Target Above $20,000
XRP -10.61% XRP / USD XRPUSD $ 1.43
-$0.15-10.61%
Volume 22.97 b Change -$0.15 Open $1.43 Circulating 45.4 b Market Cap 64.73 b
9 h A New Record: Over 1 Million Traders Liquidated for a Whopping $10.1 Billion 2 d Bitcoin Drops to the “Key Support,” Path to $75k is Cleared On the Upside 4 d Coinbase Is Now Live On Nasdaq, Valuation Soars Past $100 Billion with Shares Trading Above $400
BNB -9.43% Binance Coin / USD BNBUSD $ 481.40
-$45.40-9.43%
Volume 6.71 b Change -$45.40 Open $481.40 Circulating 153.43 m Market Cap 73.86 b
9 h A New Record: Over 1 Million Traders Liquidated for a Whopping $10.1 Billion 3 d One Reason Why Bitcoin (BTC) May Continue On Its Parabolic Trajectory 4 d Ripple Executives File for Lawsuit Dismissal On Back of Last Week’s Victory; XRP Jumps On the News
DOGE 5.98% Dogecoin / USD DOGEUSD $ 0.32
$0.025.98%
Volume 23.52 b Change $0.02 Open $0.32 Circulating 129.24 b Market Cap 41.7 b
9 h A New Record: Over 1 Million Traders Liquidated for a Whopping $10.1 Billion 2 d Meme Coin Rages On: Dogecoin Hits 5th On CoinMarketCap, DOGE Inducing FOMO at $.40 3 d Bitcoin Payment Network, BitPay, Joins Square-Led Crypto Open Patent Alliance (COPA)
LTC -13.07% Litecoin / USD LTCUSD $ 274.56
-$35.88-13.07%
Volume 13.14 b Change -$35.88 Open $274.56 Circulating 66.75 m Market Cap 18.33 b
9 h A New Record: Over 1 Million Traders Liquidated for a Whopping $10.1 Billion 2 d Miami-Dade County Task Force Is Looking at Ways for Residence to Pay Taxes Using Crypto 3 d Grayscale Bitcoin Trust (GBTC) Is Fast Approaching World’s Largest Commodity ETF, GLD with $57B AUM

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This wipeout normalized the funding, which went negative and still is after a long time, with the highest Bitcoin funding rate as of writing at 0.1347% on Bybit. During the whole ordeal, Bybit actually traded 4.20% below the spot.

Although it is yet to be seen, the market looks to be bottomed given that the leverage ratio is decreased, though still high. In fact, the market is not in fear but is still greedy, with the Kimchi premium hitting 26% today in the aftermath of this, as per Crypto Quant.

However, according to trader Wolf, bulls need to reclaim $56,900, or bears will be in control that could further take us down to $45,300 because “this would be the first time since September that we lose important support,” of daily MA50. Another trader Bitcoin Jack actually sees a second dump likely, which could either be “truncated or much deeper.”

Overall, with futures in backwardation, low liquidity on the weekend, massive arbitrage between exchanges, and spot bids stacked as Avi Sanyal, Head of Trading at BlockTower, says, instead of panic selling, this is time to buy the dip.

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Author: AnTy