Binance Sees Massive Liquidations After Flash Crash

Key Takeaways The total crypto market capitalization fell from $2.15 trillion to a three-week low of $1.78 trillion within a few hours on Apr. 17. The sudden downswing caught many overleveraged traders off guard, causing roughly $9 billion in liquidations. Most liquidations occurred on Binance, while FTX and Bitfinex proved to be some of the safest exchanges to trade on. Share this article Many investors have been shaken out of their positions after the crpyto market crashed by more than 17% on Apr. 17. Data shows that Binance accounts for…

Gemini exchange’s crypto custody doubled since January, reaching $25B

The Tyler and Cameron Winklevoss-owned Gemini exchange announced a major milestone on Tuesday, as total cryptocurrency held in custody surpassed $25 billion for the first time.  In charting its impressive growth, Gemini touted growing participation from institutional investors over the past year. Gemini Custody’s assets have more than doubled since the start of 2021. “Our custodial services are used by some of the worlds largest asset managers including BlockFi, Blockchange CoinList, CI Global Asset Management, DAiM, BTG Pactual, Caruso, Eaglebrook Advisors, and WealthSimple,” the company said in a statement. The…

Slim Jim Celebrates “Doge Day” With Shiba Inu NFT

Key Takeaways The Dogecoin community coordinated its Apr. 20 social media campaign today to boost awareness of the coin. Snack food company Slim Jim took note of the event and created a Dogecoin-themed non-fungible token in response. The collectible token is being auctioned on OpenSea over the next four days. Proceeds will go to charity. Share this article Slim Jim took part in the Dogecoin community’s “Doge Day” event today by creating a non-fungible token or cryptocollectible. Slim Jim Creates NFT The company behind Slim Jim snack foods has created…

Ohio senator wants clarity for crypto tax reporting in proposed bill

A Republican lawmaker from Ohio is preparing legislation that would reportedly be aimed at preventing U.S. citizens from evading taxes on their crypto earnings. In an interview with CNBC’s Squawk Box today, Senator Rob Portman said he hoped to introduce a bill with bipartisan support after the next congressional recess which would address the problem of many crypto users in the U.S. not paying taxes. The senator said lawmakers “don’t have the final bill yet” and were “still pulling in information” on the subject. However, he claimed both Republicans and…

Exchange tokens bounce from key support levels as COIN looks for direction

A lot of hype was built up before the Coinbase listing on the Nasdaq on April 14 and several cryptocurrencies rallied in the run-up to the event. However, traders usually buy the rumor and sell the news. In this case, they bought until the event, and then several investors seem to have booked profits aggressively. This resulted in a correction in several major cryptocurrencies, including Bitcoin (BTC). Crypto market data daily view. Source: Coin360 In the run-up to the Coinbase listing, several exchange tokens rallied as traders bid up their…

Potential Island Reversal Leaves Bitcoin Bulls Stranded

Months ago when Bitcoin price made it through $13,000 top analysts said “the train has left the station,” and they were right. Or maybe a rocketship would have been a better analogy. The cryptocurrency took off and has yet to refuel, until now. With momentum waning, bears have staged an “island reversal” that could push off higher prices again for some time. Here’s what to expect from the tropical-sounding pattern that could leave bulls stranded for some time. Technical Analysis Education: What Is An Island Reversal? According to Investopedia, an…

Snack companies are openly celebrating 4/20 thanks to DOGE

United States-based meat snack Slim Jim is the latest food brand to jump into the crypto space by promoting the meme-centric cryptocurrency Dogecoin. In a tweet today, Slim Jim announced it was launching its own nonfungible token, or NFT, featuring the Dogecoin (DOGE) Shiba Inu on the face of the moon underneath a rocketship with the body of the slender meat snack. The NFT offering follows a fury of tweets since February — the sheer number of which might even make Elon Musk jealous — in which Slim Jim has posted pro-DOGE…

Atomic swaps and network upgrades send Monero (XMR) price to a 3-year high

As the 2021 bull market cycle unfolds with decentralized finance and nonfungible tokens, or NFTs, being two of the biggest driving forces for growth, old-school cryptocurrency projects have quietly been climbing higher as their established track records begin to attract traders who value a longer history of success. One such project that has been gaining traction in recent weeks is Monero (XMR), a privacy-focused project that recently celebrated its seven-year anniversary and is now looking to take out its 2017 all-time high of $470. XMR/USDT 4-hour chart. Source: TradingView Data from…

Enjin Attracts Binance and Microsoft to NFT Project

Share this article Enjin has revealed that more than 50 firms are using its JumpNet blockchain, according to an announcement on the firm’s website. What Is JumpNet? JumpNet is a blockchain designed to host non-fungible tokens or NFTs designed for Ethereum’s ERC-1155 standard. More than 50 firms have launched non-fungible tokens or “cryptocollectibles” on JumpNet within two weeks of its launch. The list of partners includes notable firms such as Microsoft, Binance, and OKEx. Other partners include Kriptomat, BlockDown, Ludena Protocol, Lost Relics, Japanese VTubers, MyMetaverse, The Six Dragons, Beauty…

Governments can stop Bitcoin by shutting down mining, says Electric Capital exec

Electric Capital co-founder and partner Curtis Spencer implied that the Bitcoin network may owe its continued existence to the grace of world governments.  In a panel at the Collision web summit on Tuesday, Spencer said lawmakers are the ones giving Bitcoin (BTC) a chance to grow by not imposing harsher restrictions on mining operations in their respective countries. The Electric Capital executive was speaking on the state of investing in cryptocurrency in 2021, alongside Michael Jordan of Galaxy Digital, Kartik Talwar of A Capital, Ash Egan of Accomplice, Tara Tan…