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Sudden Volatility of bitcoin affected traders of longs and shorts futures as $175,000,000 worth of positions were liquidated, and $1 billion of open interest was effectively erased in the last 24 hours. Traders can use large liquidations to determine the top or bottom for a price movement. OKX, a crypto exchange, had more than $52 million worth of bitcoin futures liquidations. Binance, OKX, and their counterparts, each with $38 and $29 millions, were next. BitMEX had the largest liquidation, with a trade of bitcoin/tether USDT valued at $6,000,000. Bitcoin has risen 1% in the last 24 hours, to around $29,000.

According to a source familiar with the plans, Former chief technology officer (CTO) and chief information security officers (CISO) of Andreessen Horowitz are launching a cryptocurrency custody firm aimed at institutions. The person stated that Riyaz Eddequiouaq and Nassim Faizullabhoy have the backing and blessing of a16z. The two men left a16z back in February.

Michael Sonnenshein said that Grayscale Investments will know by the end the third quarter if it is allowed to convert its $17.5 billion Grayscale Bitcoin Trust into an exchange traded fund. Sonnenshein spoke at CoinDesk’s Consensus2023 conference held in Austin, Texas. Grayscale was denied its request last year to convert the bitcoin fund into an ETF by the U.S. Securities and Exchange Commission. Grayscale could eliminate the discount on the product if it converts GBTC into an ETF. GBTC is currently trading at a 42% discount compared to the value of the bitcoins that are held. GBTC traded at a discount of 42% on Thursday. Grayscale and CoinDesk belong to Digital Currency Group.

Chart of the Day

  • The chart below shows the percentage of foreign exchange reserves held by central banks in different currencies since 1999.
  • The U.S. Dollar remains the dominant reserve currency but its share has decreased from 70% to 58% in the last two decades.
  • Bank of America’s global research team says that the decline in the dollar’s share reflects the multi-polar nature of our world, and central banks are diversifying their assets.
  • The bank’s research department said that gold is a valuable asset for central banks, as it is one of the few they can hold.

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Mark Nacinovich is the editor.