Bitcoin shorts worth $24 million were liquidated over a single day, resulting in substantial losses for traders. These liquidations affected 26,390 traders, totaling a liquidation value of $62 million.
The largest single liquidation occurred on Bitmex, where a position valued at $5.15 million in Bitcoin was liquidated. This period saw the liquidation of both long and short positions, with a total of $32 million in Bitcoin being affected.
In addition to these market movements, JPMorgan, the largest bank in the United States, announced its development of a blockchain-based digital deposit token for cross-border payments and settlements.
The bank has already established the necessary infrastructure for the token, but it awaits regulatory approval from U.S. authorities before launching it. JPMorgan describes these deposit tokens as digital assets representing transferable deposit claims against a commercial bank.
The simultaneous occurrence of the Bitcoin liquidations and JPMorgan’s blockchain payment system development highlights the dynamic nature of the cryptocurrency market and the increasing interest from traditional financial institutions in blockchain technology.
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