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Bitcoin's Plunge Has Seen Over $1 Billion in Positions Liquidated
On the night of March 4, 2025, the price of the first cryptocurrency dropped sharply to around $82,500 amid US President Donald Trump's announcement of tariffs for Canada, Mexico, and China.
At the time of writing, Bitcoin is trying to consolidate above $83,500. Over the past 24 hours, the asset has fallen by 8.6%.
Over the past 24 hours, 296,632 traders' positions were liquidated. More than $858 million in losses were from long positions, and about $150 million from short positions. Bitcoin and Ethereum predominate in terms of assets – positions worth about $372 million and $200 million were liquidated in pairs with these cryptocurrencies, respectively.
Recall that on March 3, Bitcoin rose more than 20% from last week's lows after Trump announced plans to include it in the new U.S. strategic crypto pool. Against this backdrop, Bitcoin rose to $93,057.
Other cryptocurrencies with the largest capitalization also showed a decline, with the largest declines being seen in Cardano (-15.41%) and Solana (-14%).
Binance to Remove USDT and Other Non-MiCA Compliant Stablecoins
Cryptocurrency exchange Binance will stop supporting nine stablecoins in the European Economic Area (EEA). The decision is related to the need to comply with MiCA requirements.
On March 31, the platform will delist spot pairs with “stablecoins”:
- USDT; DAI; TUSD; USDP; FDUSD; AEUR; UST; USTC; PAXG.
However, their storage, deposits, withdrawals and conversion will remain available, a Binance representative told Cointelegraph.
“However, (users – ed.) will not be able to use these stablecoins for any other products and services on our platform,” he added.
The Binance team recommends that users in the European Economic Area convert “non-compliant stablecoins” to compliant alternatives like USDC or EURI or withdraw them to fiat.
The delisting follows a recommendation from the European Securities and Markets Authority. In January, the regulator said that non-MiCA-compliant crypto assets should be excluded from the market by March 31.
Ronaldinho Launches His Own Memcoin
Former Brazilian footballer Ronaldinho announced the launch of his own memecoin STAR10 on the BNB Chain network on March 3.
At its peak, the asset traded at $0.3064, and then rapidly went down, according to CoinMarketCap data.
At the time of writing, the token price is $0.1357, the asset capitalization is $10.95 million. In one day, the STAR10 price has fallen by 50%.
Hackers Completely Laundered Almost 500,000 ETH Stolen From Bybit
The attackers laundered all 499,000 ETH (at the time of the transactions, the amount was equivalent to $1.39 billion) that they stole from the Bybit cryptocurrency exchange, according to on-chain analysts Ember. It took the hackers 10 days to do this.
Additionally, according to Ember, the THORChain protocol has been a major conduit for money laundering. The service processed $4.669 billion in transactions in a week, and an additional $1.285 billion as of March 3, according to DefiLlama.
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