$41 million in longs liquidated – February 28

Current Bitcoin Price: $3837 (as of 9:00 AM PST)

The cryptocurrency market is relatively still today, down only 0.2% across the board following yesterday’s pressure to the downside. While Bitcoin has hardly budged a hundredth of a percentage point, Ethereum and XRP are both down by an entire one percent.

There are very few coins in the green, and — even then — the coins which have in fact appreciated over the last 24 hours have done so by only about 2 percent; these include EOS and Litecoin.

Top Bitcoin & Crypto News Stories for 28th February 2018

$41 million in longs liquidated

Margin trading is a dangerous thing, especially if you don’t have the extra capital required to invest a little more and cover your position if prices go the wrong way. In fact, it’s this exact phenomenon that causes long and short squeezes, as investors are forced to sell off their position to cover the remainder.

That’s exactly what happened yesterday, when $41 million in Bitcoin longs were liquidated on Bitmex. This caused the price of Bitcoin to fall by more than $100, meaning the investor lost at least several million with his position.

$7 million stolen from EOS

Yesterday, we commented on the lack of development on EOS’ GitHub page. Needless to remind you, EOS has been the target of many hacks hitherto; existing bugs plus slow development are a dangerous combination!

A further $7 million has been stolen from EOS, due to a single faulty block producer.

Ripple claims Coinbase XRP listing not paid-for

We recently announced how Coinbase would be adding XRP trading pairs to its Pro exchange, and later to its basic exchange. Many users speculated that the listings were paid-for by the Ripple organization.

Ripple itself has refuted these claims, saying that the XRP trading pairs were entirely the result of an organic decision on behalf of Coinbase.