🐳 Daily Edition: Biggest Liquidation Cascade of the Year Rocks Crypto

While Gold shares quietly hit a new all-time high once again today, crypto was rocked by its biggest liquidation cascade so far this year with Coinglass reporting over $1.6B in positions wiped out. Bitcoin only fell about 3% on this move, however Ethereum dropped nearly 10% in just 3 hours before finding a bottom at $4,000. Days like these are always good reminders to be careful with leverage, as while it can allow you to make more when you’re right, it also means you lose faster when you’re wrong. Given the positive performance of equities and Gold today there isn’t an easy catalyst to point to for the dump in crypto, which likely means this was a classic leverage flush — the shockingly high liquidation number seems to support that thesis.

Outside of that wild flash crash, a story of a Pump.fun streamer known as “Rastaland” battling cancer has gone viral over the last 48 hours after a notorious scamming group stole the $30,000 he had raised for his treatment through malware in a seemingly-safe video game listed on Steam. Internet sleuths and blockchain experts have since banded together to find and prosecute the group responsible for this, who are implicated in the theft of over $150k through this game alone. Now 24 hours after the theft, crypto traders have not only donated tens of thousands of dollars directly to Rastaland, but he has raised an additional $100,000 through fees on his stream. While all crypto traders are directly competing with each other in the order books, events like this show how we can band together as a community when something truly malicious happens. Major props to all those who are involved in the investigation so far, and you can find more details about the story here if you’re interested in learning more.

I guess $ASTER yielded face-changing money

The Beluga intern has been hard at work gathering all the most important crypto news stories so you have them in one place!

The Majors

• Cryptocurrencies sink as $1.5 billion in bullish bets wiped out

Alt Coins and Stocks

• Metaplanet hits 85% of Bitcoin yearly target, becomes fifth-largest corporate holder

• Strive Asset Management to acquire Semler Scientific, $567 million in Bitcoin in all-cash deal

New Launches

• Rainbow plans to launch RNBW token for non-custodial crypto wallet in Q4

• iShares Spot Dogecoin ETF listed on DTCC

Miscellaneous

• Streamer drained of $31k in Solana raised for cancer treatment after he downloads game

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