Over a Quarter-Million Dollars of Positions Liquidated on BitMEX – May 11

📈 30 Second Cryptocurrency Price Summary

Current Bitcoin Price$8,791

Bitcoin price tumbled back below the $9,000 mark over the weekend as price cooled off from its recent bullish run – just over a day out from today’s block reward halving.

Top-20 altcoins have mostly dropped over the last 24 hours, with Ethereum and XRP down 1% each, and Tezos down 6%. Monero was among the only coins up for the day, gaining almost 4%.

Top Stories for May 11, 2020 🔥

👉 Over a Quarter-Million Dollars of Positions Liquidated on BitMEX

More than $275 million worth of Bitcoin long positions were liquidated on BitMEX over the weekend, following a plunge in price.

Bitcoin price fell more than 12% in less than an hour, forcing over-leveraged traders out of their positions in a cascade of liquidations.

Many of these liquidations were due to BitMEX users being able to use as much as 100x leverage on the exchange, exposing them to risk on low volatility.

👉 New US Crypto Bill May Have Significant Implications for Finance

Brian Armstrong, CEO of Coinbase, has voiced his stance on a Californian bill which would have significant implications on cryptocurrencies and finance.

The law change would amend the definition of securities within the state, exempting some cryptocurrencies from the classification.

Under the potential law change, cryptocurrencies whose profits do not rely completely upon the efforts of third-party management will not be considered securities.

👉 Grayscale Reaches All-Time High $3.7B Assets Under Management

Grayscale, one of the largest mainstream Bitcoin and cryptocurrency funds, has reached a new all-time high value of its assets under management, now valued at $3.7 billion.

This is predominantly comprised of its Bitcoin Trust fund, which makes up 89% of this value. Part of the recent rise can be attributed to investors speculating on the upcoming Bitcoin halving, which is expected to take place today.