Flash Crash
The red river runs once more.
The total crypto market cap fell by 3.8% to $4.0T today after a sudden price dump on BTC triggered a wave of sell-offs across the crypto market.
The price of Bitcoin plunged by 1.5% earlier today, from $114.4K to $112.8K in 10 minutes, reaching to as low as $111.8K.
CoinGlass data showed that over $1.7B worth of leveraged positions have been liquidated in the past 24 hours, the largest liquidation day since December 2024.
While open interest in Bitcoin positions fell by just 1.4%, open interest on other majors such as ETH and SOL dropped by 5.7% and 10.7%, respectively.
On the other hand, several prominent altcoins such as PUMP and HYPE also suffered heavy pullbacks, with HYPE falling by 8.9% today from $53.56 to $49.20.
Interestingly, BTC-related protocols seem to have stolen the spotlight as HEMI and MERL are among today’s top gainers.
Stablecoin Superapp
The Web3 division of the LINE messaging platform, LINE NEXT, has teamed up with the Kaia blockchain to develop a new stablecoin superapp.
The app, codenamed Project Unify, will combine payments, remittances, and on/off-ramping services in a seamless interface.
The app will also allow users to send funds through messages and earn live rewards by depositing stablecoins.
Unlike most other platforms, the superapp will be designed to support stablecoins other than US-denominated tokens, including the Japanese yen and Korean won.
Project Unify is slated to enter its beta testing phase later this year.
Although the native KAIA token spiked by 3.8% to a peak of $0.166 upon the announcement, the token price has since fallen to $0.15.
In Other News…
Crypto.com Undisclosed Data Breach. It was recently brought to light that the Crypto.Com crypto exchange covered up a data breach that occurred in 2023. While no funds have been lost, the extent of the data breach is not known. However, Crypto.com’s actions to cover up the breach are now criticized heavily by many including the famous crypto investigator ZachXBT.
FTX Dispenses $1.6B in Bankruptcy Payments. The FTX Recovery Trust has now announced its third bankruptcy distribution, paying out $1.6B by the end of the month.
Chatting With Milady. Remilia Corporation, the team behind the popular Milady Maker NFT collection, is releasing RemiliaChat this Friday. RemiliaChat is a social media app created for the Milady community taking inspiration from the edgy chat forum, 4chan.
Flip Flopping HYPE. Famed crypto influencer and former BitMEX CEO Arthur Hayes has just sold his $5.1M stash of HYPE at a 19.2% profit. His actions contradicted his previous claims of a 126x upside he made at the WebX Summit on August 25.
CZ Family Office Deepens Ethena Ties. YZi Labs, the family office founded by Binance co-founder Changpeng Zhao “CZ” is reportedly increasing its investments into Ethena Labs, the crypto project behind the synthetic stablecoin USDe. Alongside this news, Ethena is also extending its footprint on the BNB chain.