$400M In Futures Positions Liquidated After Fall To $35.7K – May 6

πŸ“ˆ 30 Second Cryptocurrency Price Summary

Current Bitcoin Price:Β $35,960

Bitcoin price has remained around yesterday’s lows near $36,000 overnight, as support appears to have been found in the $35,000s.

Top-20 altcoins have suffered greatly over the last 24 hours, as Ethereum drops 6%, BNB falls 5% and NEAR Protocol leads with a 13% tumble.

Top Stories for May 6, 2022 πŸ”₯

πŸ‘‰ $400M In Futures Positions Liquidated After Fall To $35.7K

Crypto futures positions have seen the largest amount of liquidations so far this month, as Bitcoin sharply fell to $35,700 yesterday.

Over $400 million in futures positions were liquidated, almost half of which came from Bitcoin futures positions alone ($191 million). Ether futures accounted for $64 million of the liquidations.

The market’s move was more in line with the Federal Reserve’s recent rate-hike announcement, which had briefly been followed by a confusing upward spike in prices.

πŸ‘‰ Argentina Central Bank Blocks Crypto Offerings From Retail Banks

The central bank of Argentina (BCRA) has quickly moved to ban retail banks from offering cryptocurrency trading services, just a matter of days after two banks did so.

The BCRA claims that their reasoning for the move was to protect users from crypto-related risks, as well as mitigate risk related to “the financial system as a whole”.

Banco Galicia and Brubank had recently announced that they would be offering the trading of Bitcoin, Ether, USD Coin and XRP.

πŸ‘‰ Ethereum Bridge Hop Protocol Provides Airdrop To Early Users

Multi-chain bridge Hop Protocol has unveiled its new governance system and $HOP token, along with an airdrop for its early users on Ethereum.

3.35% of the total token supply has been allocated to early bridge users who sent more than $1,000 between blockchains using the protocol – with users needing to use the bridge twice to be eligible.