Bitcoin Falls Below $68K and Long Liquidations Surge
Market sees Bitcoin drop and long liquidations surge, Avalanche backs meme coins, Zerion announces zero-fee network, Craig Wright's claim dismissed.
Welcome to the final edition of Datawallet Daily for the week. As always, we’ve curated the must-know crypto stories from the last 24 hours just for you:
- Bitcoin Falls Below $68K, Long Liquidations Surge
- Avalanche Invests in Meme Coins KIMBO, COQ, and More
- Zerion Developing Zero-Fee Layer 2 Crypto Network
- Craig Wright Isn’t Satoshi, Didn't Author Bitcoin Whitepaper
Bitcoin Falls Below $68K and Long Liquidations Surge
Bitcoin’s price dropped over 8% in the past 24 hours, falling below the $68,000 mark after previously hitting a record high above $73,000. This decline led to significant liquidations, with more than $278 million in Bitcoin long positions cleared out due to price volatility. The overall crypto market saw over $667 million in long positions liquidated, contributing to a total of $809 million in liquidations across centralized exchanges.
The price correction has notably impacted traders, particularly those with leveraged positions, underscoring the inherent risks of market volatility. This has occurred in a backdrop of continuously strong Bitcoin ETF flows, highlighting traders getting slightly ahead of their skis with leverage. Meanwhile, Ether experienced a similar downturn, while Solana’s SOL showed a slight gain amidst the market’s broader decline.
Bitcoin price falls below $68,000, volatility causes spike in long liquidations https://t.co/NW4gHEvnMF
— The Block (@TheBlock__) March 15, 2024
Avalanche Invests in Meme Coins KIMBO, COQ, and More
The Avalanche Foundation has made its first foray into meme coin investments, selecting five Avalanche-based tokens: KIMBO, COQ, GEC, TECH, and NOCHILL. This decision, part of a digital culture initiative announced in December, targets tokens that embody the playful and diverse interests of crypto communities. Following the announcement, these meme coins experienced up to a 60% increase in value, outperforming the broader market downturn.
The move reflects a broader acceptance of meme coins, traditionally viewed skeptically by blockchain purists, as legitimate investments. This strategy not only highlights the growing significance of community coins in Web3 but also suggests a potential shift in the perception of meme coin investments.
Avalanche’s first meme coin picks are dog-themed $KIMBO, chicken-themed $COQ, gecko-themed $GEC, technology joke token $TECH, and $NOCHILL. By @shauryamalwa.https://t.co/1n0MiaLl62
— CoinDesk (@CoinDesk) March 15, 2024
Zerion Developing Zero-Fee Layer 2 Crypto Network
Crypto wallet Zerion is developing the ZERO Network, a Layer 2 solution aimed at eliminating transaction fees to facilitate easier entry into the crypto space. Scheduled for launch in late Q2 or early Q3, this Ethereum-based rollup promises free usage, enhancing user experience. Zerion co-founder Evgeny Yurtaev highlights the project’s commitment to absorbing transaction costs, which are expected to decrease with technological advancements.
This initiative, while reducing barriers for new users, seeks to promote Zerion’s wallet, expecting to recoup costs through increased app transactions and premium service sign-ups. Zerion also plans to collaborate with dApp developers to share fee subsidization, maintaining vigilance against spam by selectively subsidizing legitimate transactions.
EXCLUSIVE: Crypto wallet Zerion is building a Layer 2 network that aims to offer zero fees https://t.co/rAQ5Tr6dqw
— The Block (@TheBlock__) March 14, 2024
Craig Wright Isn’t Satoshi, Didn’t Author Bitcoin Whitepaper
U.K. Judge James Mellor concluded Craig Wright is not Satoshi Nakamoto, the pseudonymous creator of Bitcoin, nor the author of its foundational whitepaper. The verdict emerged from the Crypto Open Patent Alliance’s (COPA) lawsuit aimed at preventing Wright from claiming intellectual property rights over Bitcoin technology and suing members of the cryptocurrency community. The judge described the evidence against Wright as “overwhelming,” announcing he would detail his conclusions in a written judgment.
This decision is heralded as a victory for COPA, backed by industry figures like Jack Dorsey, and marks a defeat for Wright, who declined to comment. The ruling also affects related cases and underscores the importance of truth and community integrity in the open-source and cryptocurrency sectors.
BREAKING: Craig Wright is not Satoshi Nakamoto and did not author the Bitcoin whitepaper, a UK judge ruled on Thursday after a month-long trial.@camomileshumba reportshttps://t.co/GxPGB822gz
— CoinDesk (@CoinDesk) March 14, 2024
Other breaking news
- Bloomberg: Berachain Raises $69M in Funding Round
- Binance Labs Quietly Spins Off $10B Venture Arm
- Hong Kong Initiates New Phase of CBDC Testing
- Justin Sun Deposits $480M ETH in Ether.Fi Restaking Protocol
- SEC Charges 17 People in $300M Crypto Ponzi
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