BTC Inflows To Exchanges Spike As Price Falls Below $40K – May 19

πŸ“ˆ 30 Second Cryptocurrency Price Summary

Current Bitcoin Price:Β $40,276

Bitcoin price briefly broke below the $40,000 mark overnight, touching as low as $38,566 in a frightening free-fall over the last day of trading.

Top-20 altcoins are looking worse for wear in the last 24 hours, with Ethereum plummeting 15%, XRP dropping 9% and Internet Computer taking a 25% dive.

Top Stories for May 19, 2021 πŸ”₯

πŸ‘‰ BTC Inflows To Exchanges Spike As Price Falls Below $40K

Bitcoin inflows to exchanges spiked dramatically over the last day, as its price fell below the $40,000 mark for the first time since February.

22,917 Bitcoins were deposited into exchanges within a single hour yesterday – the largest amount ever aside from the infamous March 2020 crash.

More than $1.4 billion in Bitcoin have been deposited into Binance alone, over the last 24 hours.

πŸ‘‰ BlockFi Promotion Goes Wrong, Inadvertently Gives Away Millions In BTC

Bitcoin saving and lending platform BlockFi has accidentally given away millions of dollars worth of Bitcoin in rewards for a referral promotion.

One user reported receiving as much as 700 BTC credited to their account, while another successfully withdrew a 5 BTC rewards that was credited to their account.

BlockFi has released a statement clarifying that the amounts were distributed in error and has even threatened legal action against users who do not return the funds.

πŸ‘‰ Venus Protocol Sees $200M In Liquidations Amidst Price Swings

Venus Protocol, a lending project on Binance Smart Chain, witnessed $200 million in liquidations on its platform yesterday, following a large rise and drop in the price of its XVS token.

The rise in XVS price enabled users to borrow more funds against their collateral, only to be liquidated upon the subsequent XVS price drop. The liquidations on the protocol are the highest in DeFi history.