Bitcoin Price Crashes by $1.4K in Minutes, $1B Liquidated – August 3

πŸ“ˆ 30 Second Cryptocurrency Price Summary

Current Bitcoin Price:Β $11,177

Bitcoin price took a wild ride over the weekend, making a bullish run to blast through the $12,000 mark, followed by a flash-crash back into the $10,000 range. Price has since recovered to pre-weekend levels.

Top-20 altcoins also took a hit, however have stabilized over the last 24 hours. Ethereum is back up 3%, and XRP has risen 2% for the day. Binance Coin leads the way with a 6% rise.

Top Stories for August 3, 2020 πŸ”₯

πŸ‘‰ Bitcoin Price Crashes by $1.4K in Minutes, $1B Liquidated

Bitcoin price flash-crashed by $1,400 yesterday in a matter of minutes, liquidating over $1 billion worth of futures contract positions.

Bitcoin fell 13% and Ethereum fell as much as 21%, cascading liquidations across all major exchanges. Prices have somewhat recovered over the last 24 hours of trading.

The market was heavily favored by buyers in the moments leading up to the crash, with perpetual swap funding rates at high levels, and quarterly futures trading at a high premium.

πŸ‘‰ Russian Law Gives Cryptocurrencies Legal Status, but Illegal for Payment

Russian president Vladamir Putin has signed a new bill into law, which gives legal status to cryptocurrencies. The same law also prohibits the use of cryptocurrencies as a means of payment.

Cryptocurrency assets are, however, still permitted to be bought, sold, exchanged and pledged. The new law will come into force at the very start of next year, on January 1st.

πŸ‘‰ DEX Volumes Soar Another 174% in July, Setting New Record

Decentralized exchange (DEX) volumes have boomed for yet another month of massive growth, rising 174% over the month of July.

The total trading volume for DEXes for July was recorded at $4.3 billion, smashing the June record of $1.5 billion. Uniswap accounted for 41% of this trading volume.