LUCKNOW (CoinChapter.com) — The crypto world experienced a major setback yesterday as prices plummeted across the board. This sudden crypto market crash led to a total of $580 million in loss. All this started during early Asian trading hours when traders noticed some unusual activity. A digital wallet linked to Mt. Gox suddenly sprang to life. Mt. Gox was once the world’s largest Bitcoin exchange before it collapsed in 2014, and any movement associated with it tends to draw trader’s attention.

Crypto Market Crash: Major Cryptocurrencies Tumble Up to 18%

As word spread about Mt. Gox wallet activity, panic began to set in. Bitcoin, the first and largest cryptocurrency, saw its value drop by 8%, briefly dipping below the $54,000 mark. This erased all the gains it had made since February.

But Bitcoin wasn’t alone in its fall. Ethereum, often seen as Bitcoin’s main rival, took an even harder hit, dropping by over 10%. Other popular cryptocurrencies like Solana and Cardano weren’t spared either, both declining by 8%. Perhaps the most dramatic fall was experienced by Dogecoin which plunged by 18%.

Related Post: Top Crypto Market Losers: Bitcoin, ETH, XRP, Toncoin, and BNB

Leveraged Positions Led to Mass Liquidations

As the crypto market crashed, a domino effect began to unfold. Many traders in the cryptocurrency market use a risky strategy called leverage, where they borrow money to increase their potential profits. However, this strategy can backfire spectacularly when prices fall, and that’s exactly what happened.

Moreover, when the value of cryptocurrencies dropped, many of these leveraged traders couldn’t meet the requirements to keep their positions open. As a result, their accounts were automatically closed or “liquidated.” This forced selling drove the prices even lower.

The scale of the liquidations was enormous. Data from Coinglass showed that over $580 million worth of positions were forcibly closed. Bitcoin and Ethereum traders were hit particularly hard, accounting for more than $380 million of the losses. In one extreme case, a single Ethereum trade worth $18.4 million was liquidated on the Binance exchange.

Above all, the crypto market faces continued uncertainty as the Mt. Gox has already started repaying its creditors after years of legal battles. Looking ahead, this could potentially flood the market with more Bitcoin and Bitcoin Cash, possibly driving prices down further.

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YEREVAN (CoinChapter.com) — Telegram founder Pavel Durov announced that Hamster Kombat has reached 239 million users in just 81 days.

Hamster Kombat’s viral success has been phenomenal. Since its launch in March 2024, the game has attracted over 200 million players. Durov highlighted some impressive metrics, including the game reaching 100 million monthly users in just 73 days. The game continues to grow, adding 4-5 million new users daily. This makes it one of the fastest-growing digital services globally.

Durov shared these insights on his Telegram channel, which has 2.7 million subscribers. He emphasized that the game’s popularity could introduce many people to Web3 and blockchain technology.

Hamster Kombat Prepares for Token Launch on TON Blockchain in July 2024

Hamster Kombat’s upcoming token launch on the TON blockchain is highly anticipated. The project’s roadmap shows that on-chain infrastructure and in-game wallet implementation were completed in June 2024. Players have been able to link their TON wallets in the game since June.

Durov mentioned that the token minting would happen soon. He stated,

“Soon, Hamster’s team will mint its token on TON, introducing the benefits of blockchain to hundreds of millions of people.”

The official website suggests that in-game token utility will roll out in July 2024. The exact date for the token launch has yet to be confirmed. However, the developers have been preparing the community through frequent updates on social media.

Game Sets Guinness Records and Boosts Engagement with New Levels

Hamster Kombat has set several Guinness World Records. The game’s YouTube channel has gained over 10 million subscribers in just six days, 13 hours, and 15 minutes. This milestone surpasses the growth rate of even Mr. Beast’s channel.

The game offers various ways for players to earn coins. One method involves watching YouTube content, where players earn 100,000 coins for each video viewed. This strategy has significantly boosted the game’s social media presence.

The developers have also introduced a new level for players’ hamster avatars. Reaching the “Creator” level requires accumulating 18 billion in-game coins. This has added another layer of engagement for the players.

Hamster Kombat’s success raises interesting questions about Web3 games. These games could potentially serve as an alternative universal basic income (UBI) mechanism. Players trade their time for in-game entertainment and education about cryptocurrencies.

Hamster Kombat’s approach to social media growth has resulted in staggering metrics. The game’s YouTube channel has 32 million subscribers since its launch in May 2024. Its X profile has 11.3 million followers, and its Telegram channel has 49.4 million subscribers.

Key Takeaways:

1. Binance Celebrates 7th Anniversary: Binance marks its seventh anniversary with over 200 million users worldwide.
2. ‘Be Binance’ Campaign Launch: The campaign rewards customers with activities and contests across 19 countries.
3. Educational Focus for Growth: Binance emphasizes education to reach the goal of one billion Web3 users.

YEREVAN (CoinChapter.com) — Binance, the world’s largest cryptocurrency exchange, is marking its seventh anniversary. The exchange now has over 200 million users worldwide, highlighting its significant presence in the digital asset industry.

Binance Celebrates 200 Million Users with Global ‘Be Binance’ Campaign

To commemorate this milestone, Binance has introduced a campaign called “Be Binance.” Rachel Conlan, Binance’s chief marketing officer, stated that the campaign aims to reward and celebrate the company’s loyal customers.

“Through determination, curiosity, and responsibility, we’ve faced challenges and reaped rewards, thanks to our 200 million users. As we journey toward financial freedom, we stay true to our values: humility, kindness, collaboration, and gratitude,”

Conlan said.

The “Be Binance” campaign includes activities such as in-person meet-ups, virtual events, and social media contests. The campaign will occur in 19 countries, including the United Arab Emirates, Australia, New Zealand, Bulgaria, Spain, and Benin. Participants can win a share of $7,000 worth of Binance’s BNB tokens and other merchandise.

Education Key to Binance’s Massive User Growth and Trading Volume

Binance sees substantial growth potential beyond its current user base. Rachel Conlan emphasized the importance of education in attracting more users.

“Education and raising awareness are absolutely key. 200 million+ is an impressive number, but both the industry and our user base still have massive potential for growth,”

she said.

Binance’s daily trading volume exceeds $25.3 billion, making it more than seven times larger than Coinbase, which has a daily trading volume of $3.3 billion. The exchange gained its first 100 million users in five years and reached 200 million in two more years. Over 30 million new users joined in the first half of 2024.

Binance Sets Sights on One Billion Web3 Users with ‘Be Binance’ Campaign

Binance aims to reach one billion Web3 users.

“A few years ago, 200 million users looked like something from a sci-fi movie. Today, onboarding the first billion to Web3 feels like an attainable target,”

Conlan said.

The “Be Binance” campaign is part of this effort, offering activities and educational initiatives.