Author: NBTC

$350 million worth of DeFi positions were liquidated during the market sell-off. Aave secured $6 million in revenue from processing on-chain liquidations. One $7.4 million WETH position was liquidated, providing Aave with $802,000 in revenue. The founder of decentralized finance (DeFi) protocol Aave said the platform generated $6 million of revenue during Monday’s crypto market sell-off. The plunge trickled down to DeFi after last week’s Bank of Japan decision to hike interest rates and Friday’s U.S. jobs report. Ether (ETH) is down by more than 20% over the past 24 hours whilst aave (AAVE) has lost 23.7% of its market…

Crypto has been in turmoil over the weekend, but trading volumes in Bitcoin ETFs are hitting unprecedented levels, and despite widespread sell-offs, major financial institutions don’t appear to be selling — yet. Within just 20 minutes of Monday Aug. 5th opening bell, Bitcoin ETFs experienced a trading volume of $1.3 billion. Later in the day, volume surged to nearly $3 billion in volume over the first couple of trading hours. This surge in volume showcases sustained interest from institutional investors, despite the plummeting prices. Bitcoin (BTC) dipped below the $50,000 mark earlier Monday, signifying a 28% decline from its recent…

It is claimed that one of the most important reasons for the last major decline in the cryptocurrency market is Jump Crypto, one of the largest companies in the industry. Onchain data shows that the company moves a large amount of coins to cryptocurrency exchanges, especially Ethereum (ETH). This situation puts pressure especially on altcoins, and due to Bitcoin’s failure to remain strong, the entire cryptocurrency market market value has lost approximately 4% in the last 24 hours. Jump Crypto was subject to an investigation by the CFTC regarding Terra (LUNA) in June. Then, the company’s Indian-origin CEO resigned. The…

Investors can breathe a sigh of relief as net inflows in U.S. spot Bitcoin ETFs exceeded net outflows to the tune of $31 million for the first time in two weeks, according to data analytics platform SoSovalue. This newfound vote of confidence in Bitcoin from institutional investors has coincided with the Bitcoin price recovering from $59,495 to $61,485 at the time of writing, an increase of 3.5% after Bitcoin breached the $60,000 mark on June 25. Fidelity’s FBTC fund saw the highest inflow of $49 million, while Bitwise’s BITB fund witnessed an inflow of $15 million. Meanwhile, Grayscale’s GBTC fund…

Amidst the sharp market collapse in the crypto sector, DeFi protocol Aave managed to make a massive $6 million in revenue. This achievement was a remarkable success, while other platforms were under severe pressure. The decline was due to the Bank of Japan rate hike and the publication of the US employment report, which caused anxiety among investors and led to massive selling pressure. On August 5, 2024, the collapse of Bitcoin and other cryptocurrencies led to liquidations of traders’ positions worth more than $1 billion. Amid the closing of trades, decentralized lending protocol Aave made about $6 million, according…

Several online brokerages, including Fidelity Investments and Vanguard, experienced massive service outages on Monday as markets from crypto to equities tumbled on increasingly cloudy U.S. economic forecasts. More than 2,800 Vanguard customers reported services were down at 10am ET on Monday, while nearly 4,000 Fidelity users were experiencing similar issues, data from Downdetector shows. Meanwhile, Robinhood has suspended its round-the-clock trading services due to “elevated volatility” in global markets, Investing.com reported on Monday. The rash of service outages comes amid a broader slump in the global markets, as investors liquidate their positions ahead of a potential U.S. recession. The total…

While Binance, the world’s largest cryptocurrency exchange, continues to list altcoins and launchpoll, investors are also investigating altcoins that have the potential to be listed on Binance. Because the prices of altcoins listed in Binance futures or spot transactions generally skyrocket and big gains are made. At this point, cryptocurrency analysis firm Layergg listed 8 altcoin projects that Binance has a high potential to list in the coming days. Referring to the fact that Binance did not list altcoins during the last decline, Layergg implied that the market has now turned green and Binance may list new altcoins. Accordingly, Layergg…

Kai Kono has announced on LinkedIn today that he has assumed the role of Managing Director, Head of APAC, at EDXM Global. In this position, Kono will lead the company’s international expansion efforts. Based in Singapore, EDXM Global operates with backing from EDX Markets. EDX Markets was established in 2022 by a group of major financial institutions, including Citadel Securities, Fidelity Digital Assets, Virtu Financial, and Charles Schwab, among others. The company also has support from well-known cryptocurrency venture capital firms such as Sequoia, Pantera, and Paradigm. Before joining EDXM Global, Kono held several notable positions. He was the Founder…

Savvy cryptocurrency trader and entrepreneur Willy Woo has taken to the X social media platform (widely famous as Twitter in the not-so-distant past) to talk Bitcoin and reveal the rough date when he expects BTC to soar 10x from now. Willy Woo makes bullish Bitcoin statement Woo started his tweet, saying that the financial world has finally started to believe that Bitcoin is a “fast emerging asset class.” As this awareness has dawned on Wall Street now, Woo reminded the cryptocurrency community that asset classes are usually evaluated at tens of trillions of U.S. dollars. Everyone asking “when?”I’d say when…

In recent times, the cryptocurrency market has shown extreme volatility, culminating in the last 24 hours with on-chain liquidations on protocolli DeFi that have exceeded 350 million dollars. According to the data provided by Parsec, this significant increase in liquidations was largely caused by a general selloff in the cryptocurrency market, with Bitcoin falling below $51,000 and Ethereum touching $2,200. At the same time, centralized exchanges recorded futures liquidations exceeding 1 billion dollars in the same time frame. Impact on on-chain liquidations in DeFi protocols The AAVE protocol collects 6 million from liquidations The consequences for the crypto market Conclusion…