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Cryptocurrency News Articles
Crypto Market Sees Over $300 Million in Liquidations
Jul 26, 2024 at 01:23 am
A sudden downturn in cryptocurrency prices forced traders betting on price increases to rapidly close their positions. Over the past 24 hours, long liquidations in the crypto market reached $310 million, with an additional $32 million in short positions also liquidated.
A recent downturn in cryptocurrency prices has led to a surge in liquidations among traders who bet on rising markets.
Over the past 24 hours, long liquidations in the crypto market reached a total of $310 million, according to data from Coinglass. This marks a significant increase compared to the previous 24 hours, which saw long liquidations of around $116 million. In addition, there were also $32 million in short positions liquidated during this period.
Among different cryptocurrencies, Ethereum (ETH) traders faced the highest liquidations, amounting to $124.5 million. This was followed by Bitcoin (BTC) traders, whose liquidations reached $89 million.
The high levels of liquidations highlight the volatility inherent in cryptocurrency trading, especially when traders use leveraged positions to amplify their potential gains or losses. This volatility can lead to traders being forced to close their positions quickly, contributing to the overall market movements.
In other crypto news, the nine U.S. spot Ethereum exchange-traded funds (ETFs) experienced a reversal in investor sentiment on their second day of trading, with net outflows totaling $133.16 million. This contrasts sharply with the positive flows observed on the first trading day, which saw a record-breaking net inflow of over $430 million.
The Grayscale Ethereum Trust (ETHE) experienced the largest outflow at $326.86 million, driving the overall net outflows from the ETF basket. However, several other funds, including Fidelity’s FETH, saw net inflows. This fund led the inflows at $74.46 million, followed by WisdomTree’s ETHU at $61.8 million.
The total trading volume for these ETFs on the second day reached approximately $951 million, a slight decrease compared to the $1.05 billion recorded on the first day of trading. Despite the outflows, the ETFs have still managed to attract significant attention from investors.
Fintech company Revolut has finally secured a banking license in the United Kingdom after a three-year regulatory approval process. The license, granted by the Prudential Regulation Authority, comes with certain restrictions, allowing Revolut to gradually expand its banking operations.
Revolut applied for a banking license in 2020, aiming to enhance its financial services offerings. However, the application faced delays due to various factors, including the company's rapid growth and regulatory concerns.
Now, Revolut has obtained a restricted banking license, which will allow it to accept deposits of up to £85,000 ($98,470) per customer, among other limitations. The company can gradually apply to the PRA to lift these restrictions over time.
Revolut CEO Nik Storonsky said in a statement, "We're proud to have finally secured a banking licence in the UK, our home market, after three years of waiting and anticipation." He added, "Our goal is to become the bank of choice for UK customers."
Founded in 2015, Revolut has grown rapidly, boasting nine million registered users in the UK and over 45 million globally across 35 countries. The company's services include a multi-currency account, budgeting tools, and cryptocurrency trading, among others.
CB Payments Limited, a subsidiary of Coinbase Group, has been fined approximately $4.5 million by the UK's Financial Conduct Authority (FCA). The fine comes as a result of the company repeatedly breaching restrictions on offering services to high-risk customers.
The FCA stated that despite the restrictions, CBPL provided e-money services to 13,416 high-risk customers. These are customers who deposited around $24.9 million and executed cryptoasset transactions totaling approximately $226 million through other Coinbase Group entities.
The regulator also highlighted that CBPL failed to conduct adequate due diligence on these customers, which could have helped identify and mitigate the risks involved.
Coinbase acquired Revolut’s U.K. banking rival in 2023. As part of the deal, CBPL became a subsidiary of Coinbase Commerce International. The FCA began investigating the company's activities in 2021, focusing on its onboarding and screening processes for customers.
Cryptocurrency exchange Bitstamp has begun repaying Mt. Gox creditors after receiving the owed funds from the trustee. The repayment process, which started on July 25, includes Bitcoin (BTC), Bitcoin Cash (BCH), and Ethereum (ETH).
Bitstamp’s global CEO, Jean-Baptiste Graftieaux, announced the commencement of repayments in a statement. He noted that while the Mt. Gox incident was unfortunate, Bitcoin’s price appreciation since then demonstrates the asset's value.
“We are pleased to announce that we have begun repaying Mt. Gox creditors. This follows the recent successful conclusion of the civil rehabilitation process
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