$500M ETH Liquidation May Occur If Price Breaks Below $2,100 – February 24

πŸ“ˆ 30 Second Cryptocurrency Price Summary

Current Bitcoin Price:Β $36,258

Bitcoin price touched as low as $34,349 overnight as Russia-Ukraine tensions rise. Price has since bounced back into the $36,000 range to begin the day.

Top-20 altcoins have taken significant hits across the board, as Ethereum falls 8%, BNB drops 7% and Cardano tumbles 10%.

Top Stories for February 24, 2022 πŸ”₯

πŸ‘‰ $500M ETH Liquidation May Occur If Price Breaks Below $2,100

A single Maker vault holder has debt positions totalling around $500 million, which are at risk of liquidation if Ethereum breaks below the price of $2,100.

The Ethereum coins at risk are backing the debt holder’s DAI stablecoin position, which is nearing its minimum collateralization requirement. If this minimum requirement is breached, the $500 million liquidation could trigger a much larger downward spike in ETH.

πŸ‘‰ Fundraising In Crypto Ruled Illegal By China’s Supreme Court

The Supreme Court of China has added digital currency transactions to the judicial interpretation of illegal fundraising, outlawing fundraising in crypto.

The new law comes into effect on March 1st, 2022 and will be punishable by jail terms of under three years to greater than ten years – depending on how much was raised.

πŸ‘‰ Former Meta Developers To Raise $200M For Diem Blockchain

Abandoned Meta blockchain project Diem (formerly known as Libra) is not yet dead, as former developers behind the project seek to bring it back to life.

The team is looking to raise $200 million in funding at a $2 billion total valuation for the project, with claims of participation from Andreessen Horowitz and other crypto VC firms.