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The cryptocurrency market, including Bitcoin (BTC), sharply declined on the 7th due to large-scale selling and subsequent massive liquidations in the futures market. The cryptocurrency market faced massive selling from the start on the 7th amid fears of a global economic recession following Trump's trade war. Bitcoin's $80,000 level collapsed, and major altcoins plummeted, resulting in large-scale liquidation of long betting positions in the futures market. The cryptocurrency media Bitcoin.com reported that the liquidation amount in the cryptocurrency futures market exceeded $700 million on the 7th.
2. 400,000 FTX Creditors at Risk of 3.5983 Trillion Won Loss Due to Incomplete KYC
Approximately 400,000 customers subject to FTX debt repayment are at risk of not receiving debt repayment as they have not completed the Know Your Customer (KYC) procedure, which was an essential step. According to Cointelegraph, documents submitted to the Delaware Bankruptcy Court reveal that about 392,000 FTX creditors have not completed the KYC procedure, putting their debt repayment at risk.
3. UFC Superstar McGregor Launches Meme Coin
UFC superstar McGregor launched a meme coin called 'Real Token (REAL)' featuring his image on the 6th. McGregor promoted his meme coin on his X account, claiming it would revolutionize the cryptocurrency market.
4. Layer Zero CEO: "Stablecoin Will Be a Tool to Maintain Dollar Hegemony"
Pellegrino, CEO of Layer Zero, explained in an interview with Cointelegraph on the 7th that stablecoins would be a key tool to maintain dollar hegemony due to their structure and functional utility. He pointed out that Tether (USDT) is the seventh-largest holder of US bonds globally, suggesting that the proliferation of stablecoins could lead to the spread of US bonds. He added that many countries, including Argentina and Venezuela, prefer US dollars over their national currencies, and stablecoins provide clear utility to their citizens.
Reporter Kwon Seung-won ksw@blockstreet.co.kr
