$650M In Long Positions Liquidated Last Week By Dip – April 24

📈 30 Second Cryptocurrency Price Summary

Current Bitcoin Price$27,352

Bitcoin price is sitting within the $27,000s to begin the week, after losing support at $28,000 to end last week.

Top-20 altcoins are waiting for their next big move, as most remain steady over the last 24 hours. Ether has fallen 1% while BNB remains unchanged, and Chainlink gains 2% for the day.

Top Stories for April 24, 2022 🔥

👉 $650M In Long Positions Liquidated Last Week By Dip

The market-wide dip last week liquidated $650 million worth of futures long positions, with a majority of volume coming from Binance and OKX.

Bitcoin fell over 9% while Ether shed around 13% of its value, attributed to a lack of liquidity and a large sell order on Binance. Bernstein analysts believe the current cycle will be about building scalable decentralized financial infrastructure and creating a prototype of a new “Wall Street” on the blockchain.

👉 Binance Launches Its Own Liquid-Staking Token

Binance has introduced its own liquid staking token for Ether, named Wrapped Beacon ETH (WBETH), on its Ethereum staking service.

The new token allows users to participate in decentralized finance (DeFi) protocols off the exchange, while continuing to acquire Ethereum staking rewards. The conversion rate of WBETH to Beacon ETH (BETH) tokens is currently one-to-one, but this is subject to change as the value of WBETH increases over time.

The staking market is currently dominated by Lido, which holds around 31% of the market share.

👉 Zimbabwe Central Bank To Introduce Gold-Backed Digital Currency

The Reserve Bank of Zimbabwe is reportedly planning to introduce a gold-backed digital currency as legal tender to help stabilize the local currency, the Zim dollar.

The tokens will be backed by the country’s gold reserves held by the central bank and will allow people holding Zim dollars to exchange their money for the gold-backed token to hedge against the volatility of the local currency.

The RBZ had announced last August that it planned to create a central bank digital currency. Other African countries, such as Nigeria, have also been exploring CBDCs.