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Over $1B wiped out in crypto liquidations as global markets suffer

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In a dramatic turn of events, the cryptocurrency market has been hit with a significant crash, leading to liquidations surpassing $1 billion in 2024. This sudden decline has shaken investor confidence and prompted widespread concern across the digital asset space.

The crash, which unfolded over the past week, saw major cryptocurrencies experience sharp declines in value. Bitcoin, Ethereum, and other leading digital assets faced substantial losses, contributing to the overall turbulence in the market. The sell-off was triggered by a combination of factors, including regulatory uncertainty, macroeconomic pressures, and sudden shifts in market sentiment.

Liquidations, which occur when traders are forced to close their positions due to falling asset prices, have been particularly severe. The $1 billion in liquidations represents a significant portion of the market’s total value and highlights the high level of leverage used by traders in recent times. As prices plummeted, margin calls triggered automatic sell-offs, exacerbating the downward spiral.

Market analysts are closely monitoring the situation as the fallout continues. The impact of this crash is likely to be felt across the broader financial ecosystem, as cryptocurrencies play an increasingly prominent role in global investment portfolios. Investors are advised to proceed with caution and stay informed about ongoing developments.

This latest downturn adds to the series of challenges facing the cryptocurrency sector, which has been grappling with volatility and regulatory scrutiny. As the market seeks stability, industry participants and observers alike will be watching closely to gauge the potential long-term effects of this massive liquidation event.

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Bitcoin price risks drop to $71K as Trump tariffs hurt US business outlook

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Bitcoin is setting its sights on the $71,000 mark as market conditions shift in response to geopolitical and economic developments, including a new tariff agreement and weakening U.S. business sentiment.

Recent market activity suggests that Bitcoin is benefiting from concerns over traditional economic indicators, with investors turning to digital assets as a hedge against economic uncertainty. A rare slump in U.S. business outlook has fueled speculation that risk assets, including Bitcoin, could see increased inflows.

Additionally, ongoing global trade negotiations and tariff adjustments have contributed to market volatility, prompting investors to seek alternative stores of value. Analysts suggest that if macroeconomic pressures persist, Bitcoin could continue its upward trajectory, potentially testing the $71,000 resistance level.

Despite short-term fluctuations, Bitcoin remains a focal point for investors navigating inflation concerns, regulatory shifts, and global economic trends. The coming weeks will be critical in determining whether Bitcoin can sustain its momentum and break through key price barriers.

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Crypto donations top $1B in 2024, gain traction after Myanmar, Thailand quake

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Changpeng “CZ” Zhao, the former CEO of Binance, has donated 1,000 BNB to aid relief efforts following a powerful earthquake that struck the Thailand-Myanmar border region. The donation, valued at approximately $600,000, aims to support those affected by the disaster and assist in recovery operations.

The earthquake caused significant damage in several areas, displacing residents and impacting local infrastructure. CZ’s contribution highlights the growing role of cryptocurrency in humanitarian aid, providing fast and transparent relief funding.

The donation will be distributed to organizations working on the ground to deliver emergency assistance, including shelter, food, and medical supplies. Crypto-based aid is increasingly being utilized in disaster response efforts due to its efficiency in reaching affected communities without the delays of traditional banking systems.

As the affected regions begin the recovery process, the crypto community continues to demonstrate how blockchain technology can play a meaningful role in global humanitarian initiatives.

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Hackers are selling counterfeit phones with crypto-stealing malware

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Security researchers have uncovered a wave of counterfeit Android devices preloaded with malware designed to steal cryptocurrency, posing a significant threat to users worldwide. The infected devices, which mimic popular smartphone brands, contain malicious software capable of hijacking digital wallets and siphoning funds.

The malware, embedded at the firmware level, allows attackers to gain remote access, intercept sensitive data, and execute unauthorized transactions. Because the malicious code is deeply integrated into the device’s operating system, it is difficult to detect and remove, making it a persistent threat.

Cybersecurity experts warn that unsuspecting buyers may unknowingly expose their crypto holdings to risk by purchasing these compromised devices from unverified sellers. Users are urged to exercise caution by only purchasing smartphones from trusted retailers and manufacturers.

The discovery highlights the growing sophistication of cybercriminals targeting the cryptocurrency sector. As mobile-based crypto transactions become more common, security measures such as hardware wallet usage and multi-factor authentication are increasingly essential to safeguard digital assets from emerging threats.

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