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$10 Billion in Liquidations as the Crypto Market Cap Evaporated $360B in Hours

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The enhanced volatility in the past day caused nearly $10 billion in liquidations in less than a day as bitcoin, and all altcoins fell hard. Naturally, over 90% of the liquidated amount came from long positions. 

  • CryptoPotato reported earlier today the adverse price developments in the cryptocurrency market. Bitcoin fell by more than $9,000 in hours, Ethereum lost $400, and so on. With most digital assets plummeting by double-digits, the cumulative market cap lost $360 billion at one point. 
  • As it generally happens, the community speculated for possible reasons. One theory outlined rumors indicating that the US Treasury Department plans to charge numerous financial institutions for laundering money using cryptocurrencies. 
  • While the reason is still debated, the severe price drops caused pain for traders. Data from Bybt shows a whopping amount of $9.98 billion liquidated in the past 24 hours alone. Somewhat expectedly, over $9 billion were from long positions – meaning 91%.  
  • Most of the liquidations took place on Binance, which is somewhat expected as it’s the leading exchange by volume. Following were Huobi and Bybit.
  • More interestingly, the largest single liquidation order happened on Binance and it had a face value of a whopping $68.73 million.
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Source: https://cryptopotato.com/10-billion-in-liquidations-as-the-crypto-market-cap-evaporated-360b-in-hours/

Blockchain

DOGE is Young People’s Middle Finger to the System, Says Mike Novogratz

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Mike Novogratz, in a research report, stated that Dogecoin is “the most honest shitcoin”, calling it a “store of value” for young people wishing to express a “little bit of a middle finger to the system”.

Dogecoin’s Recent Price Action

DOGE has entered a steep and stunning climb during the past few months, going from mere pennies to over $0.65. Young people betting on the speculative and volatile crypto asset have made staggering amounts of money thanks to the recent insane rate of return.

Many theorize that this rise has been fueled by Tesla founder and business mogul Elon Musk, who often refers to Dogecoin on his infamous Twitter profile, tweeting in a (usually) positive manner. Oftentimes when an “Elon tweet” comes out regarding Dogecoin, it gives a nice little boost to the price.

Most recently, Elon Musk revealed that he would be hosting SNL, dropping a single hint: Dogefather. This enigmatic message has spurred thousands of young people worldwide to invest in DOGE, which, although extremely risky, has been facing undeniably bullish price action as of late. Will Elon Musk’s SNL special provide the fuel needed for DOGE to power through to over a dollar, or will it be a ‘sell the news’ event?

Novogratz Draws Parallels to GME

Novogratz, in his interview, urged people to “listen to what Dogecoin is saying”, as he sees it as very comparable to the GameStop fiasco (where a group of young retail traders pushed GME to new heights, partially in an attempt to liquidate hedge funds that were shorting the stock).


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“There is nihilism and excitement to it,” Novogratz stated, adding, “there’s something really pure about it.”

Indeed, Dogecoin is not a successful ‘company’ in the traditional sense, and there is little to no innovative development work going on behind the scenes, but we’ve seen (in the stock market, for example) that the power of the masses if placed behind a single unifying idea, can work wonders.

It’s a massive game of tug of war — whether or not Dogecoin can sustain this dizzying momentum remains to be seen. One thing is for sure: millions of people will be tuning in to watch SNL this week.

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Source: https://cryptopotato.com/doge-is-young-peoples-middle-finger-to-the-system-says-mike-novogratz/

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Blockchain

Latin America’s Biggest Online Marketplace, MercadoLibre, Disclosed Bitcoin Holdings

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On a financial results report dated May 5th, e-commerce giant MercadoLibre dropped the bomb. The company is the latest institution to add Bitcoin to its balance sheet. It follows MicroStrategy, Square, and Tesla’s highly covered buys. Bitcoin’s institutional adoption is in its infancy, but advancing non-stop.

In the financial highlights for 2021’s First Quarter, the company wrote a succinct:

As part of our treasury strategy this quarter we purchased $7.8 million in bitcoin, a digital asset that we are disclosing within our indefinite-lived intangible assets.

A modest allocation, considering MercadoLibre has almost $4B in assets, a cash reserve of $1.1B. It also has a market capitalization of approximately $76B. However, the move might be part of a bigger plan. The company recently opened a section on their website dedicated to real state commerce in Bitcoin and Bitcoin only. The pilot program includes 75 properties and 7 real state agencies willing to accept the cryptocurrency.

Related Reading | JPMorgan Partners With Singapore’s DBS to Launch Blockchain-Based Payment Platform

The Bitcoin-on-the-balance-sheet club

The investment puts MercadoLibre in a pretty exclusive club. The institutional adoption pioneer was MicroStrategy, a company that then issued bonds to buy even more Bitcoin. Twice. At the time, Bitcoinist reported:

Microstrategy announced today that it purchased $15 million worth of Bitcoin. The company’s CEO, Michael Saylor, tweeted this morning that his company had bought approximately 253 BTC, bringing its total holdings to about 91,579 BTC.

After that, Square announced a moderate buy of $50M worth of Bitcoin, and months later another one of $170M. It’s worth noting that the company buys and sells BTC through their flagship product CashApp. And that it keeps buying more. Six months ago, Bitcoinist reported:

Ikigai Asset Management’s Hans Hague recently noted that per his analysis, Square and Grayscale alone have accumulated $2.3 billion worth of Bitcoin in the past quarter.

The biggest player of all, of course, is Elon Musk’s Tesla. Reports that the company made more money from that investment than for selling cars are all over the Internet. In any case, Tesla made a big splash when it entered the space. Bitcoinist reported:

Traders flocked into the cryptocurrency market a day after American carmaker Tesla announced that it had purchased $1.5bn worth of Bitcoin as “alternative reserve assets” to their cash holdings.

In its filing with the Securities and Exchange Commission, Tesla said it plans to buy more Bitcoin in the future and—maybe—even enable its use as a medium of payment for its products and services.

MercadoLibre stock chart

MercadoLibre stock chart | Source: MELI on TradingView.com

Related Reading | Southampton FC Extend Partnership Deal with Blockchain Leader The Coingaming Group

More about MercadoLibre

It may not be a big name in the European and North American markets, but MercadoLibre is ubiquitous in Latin America. The company operates in:

  • Argentina
  • Brazil
  • Chile
  • Uruguay
  • Mexico
  • Spain
  • Bolivia
  • Venezuela
  • Colombia
  • Ecuador
  • Peru
  • Costa Rica
  • Dominican Republic
  • Guatemala
  • Honduras
  • Panama

In the quoted financial results report, they describe themselves as: 

Founded in 1999, MercadoLibre is the largest online commerce ecosystem in Latin America, serving as an integrated regional platform and as a provider of the necessary digital and technology-based tools that allow businesses and individuals to trade products and services in the region. The Company enables commerce through its marketplace platform which allows users to buy and sell in most of Latin America.

A question remains, will Bitcoin holdings make MercadoLibre’s stock rise?

Featured Image by Mark König on Unsplash - Charts: TradingView

Coinsmart. Beste Bitcoin-Börse in Europa
Source: https://bitcoinist.com/latin-americas-biggest-online-marketplace-mercadolibre-disclosed-bitcoin-holdings/?utm_source=rss&utm_medium=rss&utm_campaign=latin-americas-biggest-online-marketplace-mercadolibre-disclosed-bitcoin-holdings

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Blockchain

Novogratz’s Galaxy Digital set to acquire BitGo for $1.2B

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Galaxy Digital is in the process of acquiring BitGo for $1.2 billion, which would be settled in stock and cash

Galaxy Digital, the firm owned by popular investor Mike Novogratz, is set to acquire BitGo, a leading independent digital assets infrastructure provider. The deal is worth roughly $1.2 billion and will be paid in both stock and cash.

In a press release yesterday Galaxy Digital said, “The acquisition will position Galaxy Digital as a leading global full-service platform for institutions seeking access to the crypto economy, offering an unparalleled breadth of industry-leading products and services at scale.”

Several reports surfaced last month, suggesting that the two companies are in advanced talks regarding an acquisition. Mike Novogratz, CEO and Founder of Galaxy Digital, said the acquisition of BitGo would turn his company into a one-stop-shop for institutions, boosting their efforts to institutionalise digital asset ecosystems and blockchain technology. Novogratz added, “The power of the technology, solutions, and people we will have as a result of this acquisition will unlock unique value for our clients and drive long-term growth for our combined business. We are excited to welcome Mike Belshe and the talented BitGo team to Galaxy Digital.”

Per the terms of the agreement, BitGo shareholders are set to receive 33.8 million newly issued shares of Galaxy Digital common stock. Furthermore, they will be paid $265 million in cash, which brings the total value of the deal to approximately $1.2 billion.

BitGo is one of the leading regulated custodians in the cryptocurrency sector. It currently provides services to over 150 exchanges and 400 institutional clients. BitGo controls over $40 billion in assets under management by supporting the custody of over 400 coins and tokens.  BitGo CEO and Founder Mike Belshe said joining Galaxy Digital is an exciting new chapter for the company, allowing their clients to access a wide set of financial solutions.

Galaxy Digital planning to go public in the US

Galaxy Digital is a publicly-listed company in Canada. However, the firm is planning to officially list on a US stock exchange this year. In that regard, the company’s board of directors approved a proposed reorganisation and domestication designed to help the company achieve its goal of going public in the United States.

Coinsmart. Beste Bitcoin-Börse in Europa
Source: https://coinjournal.net/news/novogratzs-galaxy-digital-set-to-acquire-bitgo-for-1-2b/

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