In a week dominated by the crypto crash, let's take a look back at the news stories that dominated the worlds of forex, fintech and crypto in our best of the week segment.
Cryptocurrency Market Correction Liquidates over 300,000 Traders
The trading week kicked off with a massive correction in the crypto markets as Bitcoin dropped below $43,000 for the first time since February 2021.
The latest correction in cryptocurrency assets liquidated more than $2.4 billion worth of trading positions, including $2 billion worth of long positions and $400 million worth of short positions.
Approximately 304,000 cryptocurrency traders liquidated their positions within a single day amid massive volatility. The largest Bitcoin liquidation order happened on the Huobi cryptocurrency exchange, with a total value of $90 million.
Read more on the Bitcoin liquidation here.
XRP Wallet Moves $93 Million Worth of Cryptocurrency
Amid a recovery in crypto, an XRP wallet address moved 61.99 million coins with $93 million on Tuesday.
The latest movement came after a crypto wallet executed a transaction of 25 million XRP worth over $38 million from cryptocurrency exchange Bittrex to a digital wallet on 17 May 2021.
Read more on the XRP Whales here.
Cryptocurrency Market Crashes after Bitcoin Drops below $39,000
As Finance Magnates reported, the cryptocurrency market cap dipped below $1.8 trillion on Wednesday after Bitcoin reached a low of $38,700, which is its lowest level since February 2021.
According to Coinmarketcap, the cryptocurrency market lost nearly 15% in 24 hours. Ethereum, the world’s second-largest cryptocurrency dipped below $3,000 and touched a low of $2,867.
The latest crash in the cryptocurrency market has triggered massive liquidations with nearly $1.5 billion worth of long crypto positions being liquidated in the previous 24 hours.
Read more on the cryptocurrency market crash here.
Altcoins Follow Bitcoin to the Abyss, XRP Lost 25%
After the massive crash of Bitcoin and Ethereum, the market bloodbath has extended to the altcoin markets.
Meme coins like Dogecoin and Shiba INU did not escape the crypto bloodbath as both coins went down by more than 21 percent and 32 percent, respectively.
Read more on the altcoin crash here.
Saxo Launches Crypto Derivatives Trading against Major Currencies
Saxo Bank’s digital investing arm, Saxo Markets, is launching trading services with three cryptocurrencies: Bitcoin, Ethereum and Litecoin. Traders will be able to trade crypto and other assets from a single margin account.
Wednesday’s official announcement detailed that the Danish broker will offer the crypto trading services against the US dollar, euro and Japanese yen.
The new service will be initially available only to clients in Australia and Singapore. However, the bank has plans to roll out crypto services to other markets as well.
Read more on the Saxo Crypto Derivatives Launch here.
Dubai’s Lulu Exchange and National Bank of Egypt Connect through RippleNet
Ripple, the San Francisco-based Blockchain company, announced this week that the National Bank of Egypt (NBE) and Lulu International Exchange, a Dubai-based financial services firm, have partnered through Ripple’s global Payments network (RippleNet).
Egypt is one of the largest receivers of global remittances. The North African country received more than $24 billion in remittances during 2020 and is ranked among the top global remittance receivers along with India, Mexico, China and the Philippines.
Read more on the Lulu Exchange and National Bank of Egypt partnership here.
Hong Kong Is Moving Forward to Ban Retail Crypto Trading
As Finance Magnates reported on Friday, The Hong Kong government is stepping towards making licensing local crypto exchanges mandatory, which will only be allowed to offer services to professional investors.
The financial market’s regulator of the autonomous administrative regions already floated the idea last year and was seeking industry consultation on the proposal but now the consultation period has expired.
Hong Kong’s Financial Services and the Treasury Bureau (FSTB) stated that the consultation concluded that all cryptocurrency exchanges operating within its jurisdictions should be licensed.
Read more on the Hong Kong Crypto Ban here.
