Web3 Diaries-XRP Posts Highest Losses In 2023
Price of Ripple native token XRP nearly double in an after effect following the landmark court ruling that has brought partial victory to this smart contract. However, the district court ruling has caused a big loss to traders, particularly the short traders – ones hoping for prices to fall.
As per Coinglass data, XRP-tracked futures traders racked up a total of $58 million in losses as a U.S. judge ruled the sale of XRP tokens on exchanges did not constitute investment contracts.
Of that, shorts, or bets against price rises, lost $33 million while longs constituted the remaining. Traders at crypto exchange Bybit saw the most liquidations at $21 million, followed by OKX at $14 million and Binance at $14 million.
A $4.7BN Settlement Not Affect Celsius Reorganization Plan
Bankrupt crypto lender Celsius Network said its $4.7 billion settlement with the U.S. over fraud allegations won’t affect its reorganization or the amount it recovers for customers.
The company “continues to pursue a successful Chapter 11 Plan,” Celsius said in a statement attached to a Thursday court filing. “Celsius’ Special Committee and senior leadership remain committed to ongoing cooperation with regulators and government bodies as the Company remains focused on maximizing value for stakeholders.”
First Bitcoin Futures Contract Debuts In Argentina
On July 13, barely three months after the country’s securities authority authorized the underlying index as part of a strategic innovation plan, Argentina welcomed its first Bitcoin futures contract.
The investment vehicle’s trading platform, Matba Rofex, claims that it is the first Bitcoin futures contract in Latin America.
Buyers stake a wager on the future value of a good or other asset, like Bitcoin, in a futures contract.
Buyers and sellers are required under the contract to acquire and sell the item at a certain future time.
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