Cryptocurrency Live News & Updates : Smart Money Faces $12.48M Losses on Altcoin Shorts
A smart money address, known as @ai_9684xtpa, is experiencing unrealized losses of $12.48 million after shorting various altcoins, following a recent market rally. In the latest cryptocurrency news, a smart money address has reported significant unrealized losses of $12.48 million due to short positions on altcoins, as the market has surged. Meanwhile, BNB has dipped below 760 USDT, showing only a slight increase of 1.23% in the last 24 hours. On a more positive note, the Blockchain Group has added 22 Bitcoin to its holdings, achieving an impressive 1,373% yield year-to-date, with its total BTC holdings now valued at $233.5 million. Bitcoin itself has seen a modest rise of 1.21% in the past day, trading close to the $120,000 mark. Additionally, the Thai SEC is considering easing testing requirements for retail crypto investors, aiming to reduce burdens while ensuring investment risks are aligned with product risks. Lastly, the Reserve Bank of Australia faces scrutiny as it holds interest rates steady despite weak inflation, with upcoming policy meeting minutes and a speech from Governor Bullock expected to provide clarity on future monetary policy decisions. These developments highlight the dynamic nature of the cryptocurrency market and regulatory landscape. Show more
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Hans India
2 hours ago
- Hans India
Investments in crypto, is it a catalyst or cataclysm
The cryptocurrency world, born from the cypherpunk dream of circumventing traditional financial gatekeepers and government oversight, finds itself in a profound and deeply ironic moment. With each passing day, the US administration isn't just tolerating crypto; it's actively formalising and legalising it, providing the very structure its creators sought to avoid. This unexpected embrace, far from stifling the industry, is fueling a new wave of institutional euphoria and mainstream acceptance, fundamentally reshaping crypto's trajectory and granting it fresh legs for growth. What many early proponents aimed to subvertironically became the wing of the dominant power. Bitcoin, the cryptocurrencies' genesis block famously contained the headline decrying bank bailouts. The repulsion from the fiat currency with foundational thesis on decentralization, privacy, and freedom from government-controlled monetary systems. Yet, the current surge in legitimacy and capital inflow is undeniably abetted by the deliberate U.S. government policy. This isn't accidental tolerance but a calculated, sometimes contentious, move to bring the unruly asset class within the regulatory perimeter. The pivotal shift began not with sweeping legislation, but with a crucial, though reluctant regulatory nod of introducing futures-based Bitcoin ETFs. This provided a familiar, regulated wrapper for institutional investors wary of direct crypto exposure. It was a signal that the SEC, albeit cautiously, was opening a door. The trickle of institutional capital the true watershed moment arrived with the long-awaited approval of spot Bitcoin ETFs in early 2024. This wasn't just another product, it was a game-changer. Suddenly, major Wall Street players like BlackRock, Fidelity, and VanEck could offer funds holding the actual Bitcoin, traded on traditional exchanges. The GENIUS Act not only legitimised the digital tokens but mandated stablecoin issuers to maintain reserves backing outstanding payment stable coins on at least one-on-one basis. The reserves may consist of certain assets including US dollars, federal reserve notes, funds held at certain insured or regulated depository institutions, short-term treasuries, reverse repo agreements and money market funds. The law while providing leeway to the stablecoins to enter the mainstream has also addressed a consistent market for the dollar assets, which is being increasingly shunned by the foreign sovereigns. The legislation has brought clarity on the asset classification, regulatory framework while streamlining anti-money laundering (AML) and Know Your Customer (KYC) guidelines. This wave of regulation, even if incomplete, grants the industry a form of 'pseudo-legitimacy'. The US is charging ahead with these policy formulations even as the rest of the world is in a 'wait-and-watch' mode. The EU while a pioneer in MiCA (Markets in Crypto-Assets Regulation) is restrictive and complex in implementation. The UK and Switzerland are actively working on the framework but still finalising the details. Singapore and UAE have built progressive crypto-friendly regulations to foster innovation while enforcing investor protection. The other major economies like China and India are often maintained stricter stances or even outright bans, creating a fragmented global with this backdrop, would an investment in cryptos make sense for investors? Post pandemic, increasingly Indians have participated in crypto trading extending beyond the urban areas into smaller cities, primarily driven by the younger population. Though, many of burnt their hands with the tokens beyond the blue-chips (like Bitcoin, Ethereum, etc.) the lure for quick returns has allowed to continue to pursue. Domestic crypto exchanges like CoinDCX, ZebPay are legally allowed to operate with FIU-IND (Financial Intelligence Unit) along with the basic KYC compliance. Lack of legislation puts them beyond the purview of SEBI, RBI currently while a flat 30 per cent tax plus applicable surcharge and 4 per centcess is levied over the gains made in these digital assets. Also, a 1 per cent TDS is automatically deducted by the Indian exchanges exceeding Rs. 10K. Stable coins are gaining currency thanks to the recent US legislations, are increasingly finding interest among the 100 million crypto users in India. Though better than the 'rug-pulls' of ICO (Initial Coin Offering) frenzy of '17, the crypto heists are now becoming a menace. Two Indian exchanges were breached with WazirX reportedly loosing $230mn and recently CoinDCX lost about $44mn. Despite the cybersecurity breaches and lack of regulation, the historical returns (though limited period of history) aren't allowing to investors to ignore this burgeoning asset class. (The author is a partner at 'Wealocity Analytics', a SEBI registered Research Analyst firm and could be reached at [email protected])
Economic Times
4 hours ago
- Economic Times
Return of meme stock mania has traders on alert for market froth
Meme stock enthusiasm has returned, creating uncertainty for professional investors. Stocks like Opendoor Technologies and Kohl's experienced gains. The S&P 500 and Nasdaq 100 indices reached record highs. Investors are borrowing heavily to buy stocks. Some analysts suggest caution due to high valuations. Comparisons are being drawn to the GameStop and AMC surge of 2021. Tired of too many ads? Remove Ads Tired of too many ads? Remove Ads The reemergence of meme stock mania last week has professional investors facing a quandary: ride the excitement of retail traders or take it as the latest warning sign that the frothy markets are due for a speculative stocks caught up in the frenzy this week, like Opendoor Technologies and Kohl's, gave up some of their gains as the week went on, but most are still trading at their highest levels in months. The broader S&P 500 Index and Nasdaq 100 Index are doing even better, sitting at all-time highs after charging back from the early April selloff set off by President Donald Trump's tariff are indicators that investors are abandoning restraint and betting on further gains. The amount that investors are borrowing to buy stocks on the New York Stock Exchange, known as margin debt , has exceeded the tech-bubble highs to reach a new record, according to data from the Financial Industry Regulatory signs of fatigue are creeping in. The latest meme stock rally seemed to lose steam after just a few days, and Bitcoin , one of the most visible symbols of the speculative fever, has recently fallen back from its record highs. Some Wall Street trading desks have been urging clients to scoop up discounted protection against possible losses. The current run has stretched valuations, with the S&P 500 trading at nearly 23 times forward earnings, well above the ten-year average of around 18, signalling that stocks have gotten significantly more expensive."I'm seeing it and just starting to just tuck my horns in a little bit," said Eric Diton, president and managing director of the Wealth Alliance. "I'm longer-term bullish, but I'm just short-term cautious. I really think we're overdue for some kind of a pullback again because of the excessive speculation."For help in navigating the volatility, some market watchers are looking for comparisons with the most famous meme stock moment back in January 2021, when GameStop and AMC Entertainment captured the world's buying was fuelled by retail traders who were flush with stimulus checks and stuck at home, swapping tips on social media. It came after a banner year in the markets, in 2020, but ended up being only the beginning of an even bigger rally in 2021, when the S&P 500 rose another 27%. There was, though, eventually a reckoning in 2022 when the index plunged 19%, notching the worst yearly performance since the great financial crisis.
Time of India
5 hours ago
- Time of India
Return of meme stock mania has traders on alert for market froth
The reemergence of meme stock mania last week has professional investors facing a quandary: ride the excitement of retail traders or take it as the latest warning sign that the frothy markets are due for a pullback. The speculative stocks caught up in the frenzy this week, like Opendoor Technologies and Kohl's, gave up some of their gains as the week went on, but most are still trading at their highest levels in months. The broader S&P 500 Index and Nasdaq 100 Index are doing even better, sitting at all-time highs after charging back from the early April selloff set off by President Donald Trump's tariff announcements. Explore courses from Top Institutes in Please select course: Select a Course Category PGDM Design Thinking Operations Management Technology Cybersecurity healthcare Project Management Data Analytics Management MCA Digital Marketing Healthcare Data Science Data Science MBA Finance Artificial Intelligence CXO Degree others Public Policy Leadership Others Product Management Skills you'll gain: Financial Analysis & Decision Making Quantitative & Analytical Skills Organizational Management & Leadership Innovation & Entrepreneurship Duration: 24 Months IMI Delhi Post Graduate Diploma in Management (Online) Starts on Sep 1, 2024 Get Details by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Cerme: Air Conditioner at an Affordable Price – Quick Installation Air Conditioner | Search Ads Learn More Undo There are indicators that investors are abandoning restraint and betting on further gains. The amount that investors are borrowing to buy stocks on the New York Stock Exchange, known as margin debt , has exceeded the tech-bubble highs to reach a new record, according to data from the Financial Industry Regulatory Authority. But signs of fatigue are creeping in. The latest meme stock rally seemed to lose steam after just a few days, and Bitcoin , one of the most visible symbols of the speculative fever, has recently fallen back from its record highs. Some Wall Street trading desks have been urging clients to scoop up discounted protection against possible losses. The current run has stretched valuations, with the S&P 500 trading at nearly 23 times forward earnings, well above the ten-year average of around 18, signalling that stocks have gotten significantly more expensive. "I'm seeing it and just starting to just tuck my horns in a little bit," said Eric Diton, president and managing director of the Wealth Alliance. "I'm longer-term bullish, but I'm just short-term cautious. I really think we're overdue for some kind of a pullback again because of the excessive speculation." Live Events For help in navigating the volatility, some market watchers are looking for comparisons with the most famous meme stock moment back in January 2021, when GameStop and AMC Entertainment captured the world's attention. That buying was fuelled by retail traders who were flush with stimulus checks and stuck at home, swapping tips on social media. It came after a banner year in the markets, in 2020, but ended up being only the beginning of an even bigger rally in 2021, when the S&P 500 rose another 27%. There was, though, eventually a reckoning in 2022 when the index plunged 19%, notching the worst yearly performance since the great financial crisis.
