SEC Abandons ETH Investigation

Takeaways

• Bitcoin prices fell Monday as nearly $500 million in positions were liquidated: Over the past two weeks, bitcoin whales have sold off almost $1.2 billion, primarily through brokers.
• Deutsche Telekom, parent company of T-Mobile, to join Bitcoin mining sector: The move could enhance network security but also increase competition among miners.
• Consensys says SEC has ended its Ethereum 2.0 investigation: The announcement confirmed that ETH sales are not securities transactions – marking a significant victory for the space.
• The Financial Stability Board met in Toronto to discuss regulatory challenges presented by stablecoins: The collaboration with the IMF began last year, with plans to produce a policy paper on the issue.
• Waka Flocka Flame's new memecoin, FLOCKA, launches on the Solana blockchain, faces criticism amid a roughly 77% price drop: The massive falloff created an uproar from buyers who felt deceived by a social media post supporting the launch.

Crypto Market Sees Nearly $500M in Liquidations in 24 Hours as Prices Dip

On Monday, as Bitcoin, Ethereum, and other cryptocurrencies saw continued price drops, nearly half a billion dollars in positions were liquidated within 24 hours. Overall, $489 million in liquidations occurred, with long positions bearing the brunt of the losses at over $432 million. The majority of these liquidations happened over 12 hours, coinciding with Bitcoin's price falling to $64,548 and Ethereum dipping to $3,384.

The trend of liquidations started the day prior, with $290 million being wiped out. Ether led the liquidation volume with $92.5 million, followed by bitcoin at $72.8 million and DOGE at $60.3 million. SHIB and Solana also saw significant liquidations at $22.9 million and $19.8 million, respectively.

Over the past two weeks, bitcoin whales have sold off almost $1.2 billion, according to CryptoQuant. Long-term bitcoin investors and miners reportedly accounted for much of the sell-off, with the latter reportedly looking to pivot into AI computing to boost revenue after the Bitcoin halving event cut rewards by 50%. However, there was some positive momentum Thursday when SEC filings revealed that MicroStrategy had purchased $786 million in bitcoin through the sale of convertible notes.

Shiba Inu: The Doge-Inspired Upstart Memecoin

Although Shiba Inu (SHIB) started off as a lighthearted blockchain experiment focused on informal community governance, the project has made significant attempts to differentiate itself from Dogecoin (DOGE) and other memecoins by establishing a unique three-token ecosystem with clearly stated use cases.

BONE, LEASH, and SHIB tokens are interoperable ERC-20 tokens that furnish use cases like decentralized exchange (DEX) ShibaSwap, community-wide charitable initiatives, and a non-fungible token (NFT) incubator. The project earned worldwide headlines after the meteoric rise of its SHIB token, as well the project’s tokenomic liquidity gambit involving Ethereum creator Vitalik Buterin.

Learn more about those use cases in Cryptopedia

Onward and Upward!

Team Gemini