The latest meltdown in BitFinex BTC shorts could follow up with a spike in spot Bitcoin bids, stated one analyst.
The Bitfinex exchange is a popular platform for exchanging cryptocurrencies, also hosting spot and derivatives trading as well as certain lending, borrowing and staking features. Bitfinex came into existence in 2012. Bitfinex fees for spot trading are 0.10% for maker orders and 0.20% for taker orders. For derivatives trading, maker orders give customers a 0.02% rebate, while taker orders incur a 0.075% fee. Trading fees vary for each customer based on their trading volume and activity. Bitfinex also has its own utility crypto token called Unus Sed Leo (LEO). Because it restricts a number of regions, Bitfinex U.S. customers are not allowed. On Bitfinex, KYC and Anti-Money Laundering procedures are employed.
Back in 2016, there was a Bitfinex hack in which 119,756 Bitcoin (BTC) was stolen. Back then, 119,756 BTC was valued at about $72 million total.
Short selling pressure returns to the market with a trader eyeing a retest of $31,000 as a result of support weakness.15405
$726 million in Bitfinex shorts were quickly closed after Bitcoin price bounced at $30,500, leading traders to speculate whether bears have given up.9495
A significant surge in Bitfinex short contracts is being attributed to Bitcoin’s current downturn but there are other major factors at play.14740
Bitcoin short positions at Bitfinex soared as BTC price dropped below $40,000, so why did the majority of them close before the largest part of the correction?12993
Kraken, Bitfinex and KuCoin could become the next major crypto exchanges to attempt to service India’s estimated 15 million crypto investors.10688
The latest rally in BTC shorts is similar to what appeared ahead of the Elon Musk-led May 19 market crash.24114
Coinbase seems to be signaling that the Nasdaq-listed crypto exchange is not concerned about the stablecoin's regulatory issues.17368
As seen in the case of AA v. Bitfinex, targeting a crypto exchange over stolen funds is a high-risk, low-reward proposition.22570
While the hacker will find selling their BTC difficult, the transfers may be contributing to a volatile day in the markets.33682
The market’s leading stablecoin, USDT, reached another major milestone as crypto demand continues to grow.7793
Honey Framework users have more than tripled, according to Bitfinex. Paper trading allows them to test their strategies without risking real capital.14372
Longstanding sagas in crypto saw major plot development and even a conclusion or two in this week's newsletter.8839
New York regulators are forcing Tether to be fully transparent about its reserves, at the cost of not serving New York residents.16175
A half-billion dollar loan has been closed out, but multiple court cases grind on17780