Want to know what went down in the crypto world today? The following is the most recent information and Latest Crypto News on daily trends and events that influence the price of bitcoin, blockchain, decentralized exchanges, non-fungible tokens, web3, and cryptocurrency regulation.
Binance is mulling over whether or not to pursue legal action against Checkout.com, a payment service, and a former business partner. Bitcoin BTC (Bitcoin) stock prices decreased by $25,898. In addition to Ether, ETH stock prices decreased by $1,660
The steep price drop triggered a wave of liquidations, leading some to refer to the situation as a “bloodbath.” Meanwhile, the value of other cryptocurrencies saw a steep decline, which prompted market observers to provide several potential reasons for the sell-off.
Binance is examining its legal options regarding Checkout.com.
The cryptocurrency exchange Binance disclosed on August 18 to Cointelegraph that it is mulling over whether or not to pursue legal action against its ex-partner and payment service Checkout.com. The prospective legal conflict arose around a week and a half after it was revealed that Checkout.com severed its commercial partnership with Binance amid concerns over the possibility of regulatory measures.
“We do not agree with Checkout’s purported basis for termination and are considering our options for legal action,” a spokeswoman for Binance said to Cointelegraph. “We are looking into the possibility of taking legal action.”
Binance has already felt the effects of the repercussions from the company. The business said earlier this week that it would discontinue Binance Connect. This regulated platform allows users to convert fiat currency into cryptocurrency, owing to “changing market and user needs.” Binance Connect was first introduced to the public in March 2022 as Bifinity.
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Due to the exchange’s many regulatory issues, the Securities and Exchange Commission has filed a lawsuit against Binance and its CEO, Changpeng Zhao.
Bitcoin and Ether’s price drops have caused a crypto market slaughter, with over $1 billion being liquidated.
On August 18, the price of Bitcoin and Ether dropped to a two-month low, prompting hundreds of futures traders to liquidate their positions.
Several traders lost millions of dollars on a single transaction due to the crypto carnage, which resulted in the liquidation of hedged positions worth billions of dollars.
According to CoinGlass statistics, 176,752 investors lost all their money on the last day. Just days after Bitcoin and Ethereum experienced their lowest daily volatility in many years, price volatility spiked dramatically, with around 90% of these liquidations occurring within the previous 12 hours.
Two specific liquidations drew the attention of the cryptocurrency community due to the sheer volume of their losses, which occurred among a sea of traders who lost a major portion of their derivative holdings. An investor on Binance’s ETH/BUSD contract liquidated their position at $1,434.37, resulting in a loss of $55.9211 million and making it the highest liquidation of the day. Another trader on Binance, involved in the BTC/USDT contract, suffered a roughly $10 million loss while liquidating their positions.
The day of the billion-dollar liquidation was the largest event of its kind to take place in the cryptocurrency market in the preceding eight months; the previous occurrence occurred during the FTX crash.
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