, plunged on Apr. 7 due to a massive sell-off and subsequent massive liquidation in the futures market. The cryptocurrency market faced a massive sell-off at the start of the 7th due to the U.S. President Trump\'s tariff war and the fear of a global recession. Including the collapse of Bitcoin\'s $80,000 mark, large-scale altcoins plunged, which led to a massive liquidation of long(rising) betting positions that had been bet in the book', 'https://img.blockstreet.co.kr/photo/2024/08/30/20240830000001_0640.jpg', 'https%3A%2F%2Fwww.blockstreet.co.kr%2Fnews%2Fview%3Fud%3D2025040708503190746'));){kind=link}
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The cryptocurrency market, including Bitcoin(BTC), plunged on Apr. 7 due to a massive sell-off and subsequent massive liquidation in the futures market. The cryptocurrency market faced a massive sell-off at the start of the 7th due to the U.S. President Trump's tariff war and the fear of a global recession. Including the collapse of Bitcoin's $80,000 mark, large-scale altcoins plunged, which led to a massive liquidation of long(rising) betting positions that had been bet in the book market. Bitcoin, a cryptocurrency media outlet, reported on the 7th that the liquidation amount in the cryptocurrency futures market exceeded $700 million.
2. 400,000 FTX Creditors Crisis to Loss $2.5 Billion Incomplete KYC
About 400,000 customers who are eligible for FTX debt repayment are on the verge of not being able to repay their debts because they have not completed the customer notification system(KYC), which was an essential step in repaying their debts. Cointelegraph, a cryptocurrency media outlet, reported on Apr. 7 that according to documents submitted to the Delaware bankruptcy court on Apr. 2, about 392,000 FTX creditors have not completed the KYC process and are in danger of not being able to repay their debts.
3. UFC Superstar McGregor Launches Meme Coin
UFC superstar McGregor released a meme coin called 'REAL' containing his image on Apr. 6. McGregor promoted his meme coin through his X account on Apr. 6 with a comment that his meme coin will change the cryptocurrency market.
4. LAYERZERO CEO "Stablecoin, Tool to Protect Dollar Hegemon"
In an interview with Cointelegraph on Apr. 7, Pellegrino, CEO of Layer Zero, explained that stablecoins will be a major tool to maintain dollar hegemony due to the structure and functional utility of stablecoins. He pointed out that Tether(USDT) is the seventh largest holder of U.S. bonds in the world, and said that the spread of stablecoins could soon lead to the spread of U.S. bonds. He then said that many countries, including Argentina and Venezuela, prefer the U.S. dollar instead of their currencies, and that stablecoins provide certain utility to the people of those countries.
Kwon, Seungwon ksw@blockstreet.co.kr