Today Bitcoin price crashed to a low of about $10,550 USD within minutes from the $12,000 USD thus liquidating $1Billion worth of futures contract. While Bitcoin was down by 13%, Ethereum plunged to a 21% low today with price crashing from $417 to $300 USD. Such liquidation of contracts could force the buyer to market sell causing mass liquidations. One such liquidation of $1 Billion USD occurred on March'13 2020 also known as 'Black Thursday'.
At the time of wrting this post Bitcoin has risen to $11,250 USD
Moving on to the next news, Coinbase, the oldest US based Exchange & web-wallet service provider is considering to add 19 new coins onto its platform soon.
The coins announced are:- Ampleforth, Band Protocol, Balancer, Blockstack, Curve, Fetch.ai, Flexacoin, Helium, Hedera Hashgraph, Kava, Melon, Ocean Protocol, Paxos Gold, Reserve Rights, tBTC, The Graph, THETA, UMA, and WBTC.
But it also added that while the Coinbase team shall be evaluating the coin inclusion process & it necessarily doesn't mean all or even some of them will be added to the platform.
“We, therefore, cannot guarantee whether or when any above-listed asset will be listed on a Coinbase product in any jurisdiction. We will add new assets on a jurisdiction-by-jurisdiction basis, subject to applicable review and authorizations.”
Many of the coins mentioned are representative of DeFi (Decentralized Finance) field, a new trend in cryptocurrency world. This sector has been rapidly growing since months now as this chart from 'DeFi Pulse' displays the total value locked has increased to $4 Billion USD as of now.
(Chart Image:- defipulse.com)
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