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Crypto-Crash autopsy shows billions erased in Flash liquidations

(Bloomberg) – Cryptocurrency markets are stabilizing after a $ 500 billion Bitcoin erasure quelled a series of speculative excesses that had been building for months Signals through the virtual currency complex show leveraged positions are eliminated as bottom buyers emerge – – helping fuel a return to $ 40,000 for the world’s biggest token. As the dust settles after Wednesday’s crash, Bybt data show that liquidations have totaled around $ 10 billion since Wednesday. Outstanding futures fell from a high of $ 28 billion in April to just $ 13 billion on Thursday. The hundreds of billions of dollars changing hands between derivatives this week eclipsed activity in the spot market, as speculators rushed to close their positions in the collapse. has been greatly exacerbated by a lot of leverage, ”said Martin Green, managing director of Cambrian Asset Management, a $ 150 million crypto fund. “Now that the excess leverage has been liquidated, we have seen long positions and leverage start to be placed again.” All of this shows the power of the crypto derivatives markets, where activity has exploded with the rise of multibillion exchanges that cater to Wall Street and retail traders. The extreme volatility and large sums of money in digital currencies are starting to gain regulatory attention, with the US Treasury Department calling for greater tax compliance in the space. This year’s relentless boom has grown companies like Ethereum up to 2,200%, while Dogecoin – – a token created as a joke – has become as valuable as the blue-chip US companies. Things took a turn for the worse this week as Bitcoin slipped to $ 30,000, fueled by regulatory missives from the Chinese central bank as Tesla Inc. billionaire Elon Musk tempered his enthusiasm for the asset. the leveraged positions were being liquidated, ”said Justin d’Anethan, sales director at EQUOS, a crypto exchange managed by Diginex. “When that happens, it’s just a cascading fall.” Volumes surged on Wednesday in the exchanges, many of which offer high leverage unrelated to regulation. By 7 a.m. in New York City, the largest crypto platform Binance had recorded nearly $ 200 billion in derivatives volume in the previous 24 hours. At OKEx and Bybit, activity had more than doubled from the previous period. To make matters worse, the frenzy coincided with disruptions at Binance, Coinbase and Kraken, compounding the panic in cryptoland. options and futures stabilized Wednesday afternoon in New York trading, as major investors from Cathie Wood to Justin Sun soothed nerves with bullish remarks. On Deribit, the world’s largest options exchange crypto, a volatility index similar to the VIX fell to 117 Thursday from a high of 132 yesterday. Futures markets suggest things are starting to stabilize. Thursday’s speculative bulls are back in exchange for perpetual crypto futures – where no underlying asset is delivered – to lower their haircut to the spot price. The spread, known as the finance rate, is generally at a premium when rallying against a backdrop of strong demand to go long, but it dipped into negative territory yesterday. “The leverage” happened yesterday, ”said Matt Maley, chief market strategist for Miller Tabak + Co.“ The fact that they were all able to close well above their lows we indicates that much of that “forced sale” faded over the course of the day. More stories like this are available at


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