Top Crypto News of the Day Curated by CoinChapter.com Crypto Market Sees Over $300 Million in Liquidations
A sudden downturn in cryptocurrency prices forced traders betting on price increases to rapidly close their positions. Over the past 24 hours, long liquidations in the crypto market reached $310 million, with an additional $32 million in short positions also liquidated.
Long liquidations reached $310 million. Source: Coinglass
Ethereum led the liquidations, accounting for $124.5 million, followed closely by Bitcoin at $89 million. This market movement highlights the volatility inherent in cryptocurrency trading and the risks associated with leveraged positions.
Crypto News: US ETH ETFs Saw $133 Million Net Outflows
The nine U.S. spot Ethereum exchange-traded funds (ETFs) saw a reversal in investor sentiment on their second day of trading, with net outflows totaling $133.16 million. This contrasts sharply with the positive flows observed on the first trading day.
ETH ETF saw $133.16 million in net outflows. Source: SosoValue
Grayscale Ethereum Trust (ETHE) experienced the largest outflow at $326.86 million. However, other funds saw inflows, with Fidelity’s FETH leading at $74.46 million. The total trading volume for these ETFs on the second day reached approximately $951 million, slightly down from the $1.05 billion recorded on the first day.
Revolut Obtains UK Banking License After Three-Year Wait
Fintech company Revolut has finally secured a banking license in the United Kingdom after a three-year regulatory approval process. The license, granted by the UK’s Prudential Regulation Authority, comes with certain restrictions, allowing Revolut to gradually expand its banking operations.
Source: X
Revolut CEO Nik Storonsky expressed pride in this achievement, stating the company’s goal to become “the bank of choice for UK customers.” Founded in 2015, Revolut has grown rapidly, boasting nine million registered users in the UK and over 45 million globally across 35 countries.
Crypto News: Coinbase UK Subsidiary Fined $4.5 Million by FCA
CB Payments Limited, a subsidiary of Coinbase Group, has been fined approximately $4.5 million by the UK’s Financial Conduct Authority (FCA). The fine comes as a result of the company repeatedly breaching restrictions on offering services to high-risk customers.
The FCA stated that despite the restrictions, CBPL provided e-money services to 13,416 high-risk customers. These are customers who deposited around $24.9 million and executed cryptoasset transactions totaling approximately $226 million through other Coinbase Group entities.
You May Also Like: Coinbase Pushes Hard to Uncover SEC Chair Gensler’s Emails
Bitstamp Initiates Mt. Gox Creditor Repayments
Cryptocurrency exchange Bitstamp has begun repaying Mt. Gox creditors after receiving the owed funds from the trustee. The repayment process, which started on July 25, includes Bitcoin (BTC), Bitcoin Cash (BCH), and Ethereum (ETH).
Source: X
Bitstamp’s global CEO, Jean-Baptiste Graftieaux, noted that while the Mt. Gox incident was unfortunate, Bitcoin’s price appreciation since then demonstrates the asset’s value. Mt. Gox creditors have been waiting for over a decade to recover their funds.
However, UK-based Bitstamp users may face a slightly longer wait. As per exchange, UK customers can expect to receive their restored assets within the next few months.
The post Top Crypto News Of The Day: Crypto Market Liquidation, ETH ETF Outflows, and More appeared first on CoinChapter.
