BTC Liquidates $500M In Short Positions – January 16

📈 30 Second Cryptocurrency Price Summary

Current Bitcoin Price$20,945

Bitcoin price has smashed through the $20,000 mark, reaching the level for the first time since early November.

Top-20 altcoins have also had a strong weekend of performance, however have cooled off over the last 24 hours. Ether has remained unchanged over the last day, while BNB has fallen 1% and Shiba Inu leads with a 1% gain.

Top Stories for January 16, 2022 🔥

👉 BTC Liquidates $500M In Short Positions, Crypto Reclaims $1T Market Cap

Bitcoin’s price surge has liquidated almost $500 million worth of short positions (bets against higher prices) over the weekend – the largest amount of liquidations since October 2022, according to Coinalyze.

The market recovery also saw the total cryptocurrency market cap reclaim the $1 trillion milestone, as major crypto coins advanced an average of 20% over the past week.

👉 Binance to Offer Cold Storage Trading Service For Institutions

Crypto exchange Binance has announced the official launch of Binance Mirror, an off-exchange settlement solution that enables institutional investors to invest and trade using cold custody.

Binance Mirror is based on Binance Custody, a regulated institutional digital asset custodian, and involves mirroring cold-storage assets through 1:1 collateral held on a Binance account.

The new solution allows traders to access the exchange ecosystem without having to post collateral directly on the platform, and ensures their assets remain secure in their segregated cold wallet for as long as their Mirror position remains open on the Binance Exchange.

👉 Three Arrows Capital Founders Seek To Raise $25M For New Exchange

The founders of collapsed crypto hedge fund Three Arrows Capital (3AC) are planning to raise $25 million to start a new crypto exchange called GTX, according to two separate pitch decks.

The new exchange aims to take advantage of the situation caused by the collapse of FTX by offering depositors the ability to transfer their FTX claims to GTX and receive immediate credit in a token called USDG.

The founders of 3AC are partnering with Mark Lamb and Sudhu Arumugam, who founded CoinFlex, a crypto exchange which is in the process of restructuring.