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Short Sellers Squeezed And In Pain
$33 million (and rising) in shorts liquidated, McDonald's Insta hacked and promoted scam coin, and more
Jonathan Morgan
August 21, 2024
OVERVIEW
Short Sellers Squeezed And In Pain
Before we dive in, here’s today’s crypto market heatmap:
source: Santiment
And here’s a look at crypto’s total and altcoin market cap YTD:
Most bullish/bearish symbols on Stocktwits at the close: 📈 $FTM, $MATIC, $UNI, $FET, $ADA, 📉 $HNT, $TRX, $SUI, $LTC, and $ATOM
*If you’re a business and want to access this data via our API, email us.
News In Three Sentences
Bitcoin, Ethereum, And Solana News 🪙
❄️ Solana ETFs Have "Near-Zero" Approval Chance
The SEC rejected filings for $SOL ETFs, making their approval under the current administration highly unlikely. Analysts, including Bloomberg's Eric Balchunas, see no chance of approval unless there’s a major leadership change. The SEC’s classification of Solana as a security remains a key hurdle. Cointelegraph.
💰 Hacker Scoops $40M in ETH During Market Crash
A hacker exploited the recent market crash, buying 16,892 $ETH for $39.75 million right as prices bottomed out. The funds were then funneled through Tornado Cash to obscure the trail. The move comes amid a broader wave of crypto liquidations, exceeding $1 billion in 24 hours. Protos.
📈 Bitcoin Faces Short Squeeze Risk Amid Bearish Sentiment
K33 Research warns of a potential short squeeze in $BTC, as negative funding rates and increased open interest in perpetual futures signal aggressive short selling. If a squeeze occurs, it could trigger a sharp rally in Bitcoin's price, which has struggled in August. Market watchers are also eyeing potential volatility from upcoming Federal Reserve comments. CryptoGlobe.
News In Three Sentences
Altcoin News 🗞️
💳 Tezos Partners with Oobit for Tap & Pay Crypto Payments
Tezos has partnered with Oobit to simplify crypto payments via the Tap & Pay app, enabling $XTZ holders to spend their tokens at any Visa or Mastercard terminal worldwide. This partnership bridges traditional finance and blockchain, expanding the adoption of Tezos and enhancing the user experience. Oobit also launched its app on iOS, furthering its reach. Cryptoconomist.
🛡️ Binance Prevents $2 Billion in Fraud Losses
Binance ($BNB) claims to have blocked $2.4 billion in potential fraud and scam losses in 2024, protecting over 1.2 million users. The exchange credits its AI-driven risk engine and real-time monitoring for the success. Binance's proactive approach highlights the importance of robust security measures in crypto. Bitcoinist.
📺 Aptos Partners with Myco to Decentralize Streaming
Aptos ($APT) has teamed up with Myco, a Web3 streaming platform, to integrate its blockchain and decentralize digital streaming. This partnership aligns with Myco’s plan to launch its native utility token on Aptos and advance Web3 technologies. Tether's recent launch of $USDT on Aptos adds another layer of utility to the network. Blockchair.
🚀 DEXScreener Tops DeFi Revenue Charts
DEXScreener raked in $5.4 million over the last 30 days, outpacing $AAVE in DeFi revenue. It’s now one of the top 15 revenue generators, making up to $250,000 daily by charging fees to update token branding. Memecoin infrastructure continues to dominate with 7 out of the top 20 earners in DeFi. TheDefiant.
🏆 Tron Scores Win Against SEC - Sort Of
A federal judge denied the SEC's motion to accelerate its lawsuit against $TRX and Justin Sun, weakening the SEC's case. The court ruled that Tron’s defense met the critical Howey Test, which could influence future securities litigation. Tron argues that the SEC's overreach, especially concerning overseas jurisdiction, is unfounded. TheCoinRepublic.
📈 Cardano Sentiment Hits 2024 High
$ADA’s social sentiment has surged to its highest point in 2024, according to Santiment. Despite a rough year, the rebound in market sentiment shows strong investor confidence. However, history suggests that excessive hype could be a bearish signal for ADA. Bitcoinist.
💵 Agora Launches AUSD on Avalanche
Agora's AUSD stablecoin, fully collateralized and focused on neutrality, has expanded to the Avalanche ($AVAX) network with $20M+ minted. The stablecoin aims to integrate across DeFi, enhancing liquidity and market reach through platforms like Trader Joe and BENQI ($QI). Agora’s expansion underscores the growing influence of stablecoins in global finance, with AUSD poised for broader adoption. Avalanche blog.
✅ SIP-027 Vote Results: Non-Sequential Multisig Approved
The Stacks ($STX) community has overwhelmingly approved SIP-027, enabling non-sequential multisig transactions on the Stacks layer. The upgrade will be part of the Nakamoto release, starting on August 28th, and will improve wallet support and user experience. The vote saw 100% approval from stackers and nearly unanimous support from non-stackers. Stacks Foundation News.
🛠️ THORChain Hard Fork Scheduled for September
THORChain’s ($RUNE) blockchain will undergo a hard fork on September 4th, causing planned downtime for transactions and swaps. The upgrade includes a Cosmos ($ATOM) SDK version update and support for Bitcoin Taproot addresses. Users and interfaces are advised to prepare, though no direct action is required from end-users. THORChain blog.
STOCKTWITS “CHART ART”
Algorand Gains Some Momentum 🧐
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News In Three Sentences
Crypto News 🎉
🚓 Crypto Fugitive Arrested in Montenegro
Roman Ziemian, co-founder of the $21 million FutureNet crypto fraud, was arrested in Montenegro using a fake identity. Wanted by South Korea and Poland, Ziemian now faces extradition and potentially life imprisonment. His arrest mirrors the case of Do Kwon, another crypto figure facing similar charges. Coinspeaker.
🤖 Upgraded MEV Bot Wreaks Havoc in DeFi
The notorious MEV bot “jaredfromsubway.eth” is back, executing advanced "sandwich" attacks on DeFi protocols. Enhanced with multi-layered strategies, the bot has generated $2.2 million in just two weeks. This new version adds and removes liquidity to manipulate prices, making it harder to track. Cointelegraph.
📚 Michael Lewis on SBF: "The Crime Makes No Sense"
Michael Lewis, author of Going Infinite, remains puzzled by Sam Bankman-Fried's actions, calling his crime “unnecessary” and confusing. Despite criticism, Lewis argues that SBF’s downfall was more about a misguided moral code than outright criminal intent. He points out that FTX still has enough assets to repay depositors, raising questions about SBF's true motivations. TheDailyBeast.
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Author Disclosure: The author of this newsletter holds positions in ADA, BTC, USDT, ETH, XTZ. 📋
