$1 Billion In Futures Positions Liquidated As Market Dives – June 14

πŸ“ˆ 30 Second Cryptocurrency Price Summary

Current Bitcoin Price:Β $22,571

Bitcoin price fell to as low as $20,838 over the last day of trading, before recovering to the $22,000 range today.

Top-20 altcoins have mostly stabilized, as Ethereum and BNB fall 2%, while Cardano rises 4% and Solana rises 6% over the last 24 hours.

Top Stories for June 14, 2022 πŸ”₯

πŸ‘‰ $1 Billion In Futures Positions Liquidated As Market Dives

More than $1 billion in crypto futures positions has been liquidated over the last 24 hours, triggered by a substantial market-wide drawdown.

Bitcoin futures positions accounted for more than half of all liquidations, while Ethereum accounted for almost a third. Around 213,000 individual accounts are reported to have been liquidated in total. Interestingly, more than half of the liquidations came from short positions.

FTX was the platform with the most liquidations, with more than $417 million in positions being forced to close on its platform. Aggregate open interest has fallen 7% following the chaos.

πŸ‘‰ Coinbase Reduces Workforce By 18% To Survive Market Downturn

Publicly traded cryptocurrency exchange Coinbase has cut its workforce by 18% – more than 1,000 employees – in an effort to survive the market downturn.

CEO Brian Armstrong admitted that Coinbase had grown too quickly and over-hired, in a blog post addressed to staff. The company had grown by 300% over the last 18 months to around 5,000 employees.

πŸ‘‰ Binance Partners With “Super App Enabler” Splyt

Crypto exchange Binance has partnered with Splyt, a “super app enabler” – in a partnership that will allow users to pay for food deliveries, taxi services and more with crypto via Binance Pay.

Splyt acknowledged that the world is increasingly turning to crypto wallets to pay for everyday services, and the next step for crypto wallets is to fully integrate those services for easy access.