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Bitcoin's Rollercoaster Ride: Liquidations Soar as BTC Tests $60K, Unveiling Market Volatility

Bitcoin (BTC) tests $60K triggering hundreds of millions in liquidation

Since January, the cryptocurrency market has witnessed liquidations amounting to a staggering $12 billion, indicating a notable shift in investor sentiment or strategy, possibly directing funds towards alternative assets or investment avenues.

As Bitcoin's price experienced a sharp decline, liquidations surged across the crypto market, causing significant losses for traders. In the last 24 hours alone, liquidations totaling $560.58 million impacted a substantial 142,526 traders.

The largest single liquidation order occurred on the OKX exchange, where a trader faced liquidation worth $12.25 million in the BTC-USDT-SWAP market. Bitcoin (BTC) accounted for the majority of liquidations, totaling $211.15 million, followed by Ethereum (ETH) and Solana (SOL) with $144.24 million and $42.27 million, respectively. Other cryptocurrencies also experienced liquidations, reflecting the widespread impact of the market downturn.

Exchanges such as Binance, OKX, and Huobi played significant roles in the liquidation process, closing leveraged positions due to traders' failure to meet margin requirements, resulting in partial or total losses of their initial margin. Binance recorded $40.20 million in liquidations, followed by OKX with $32.19 million.

Overall, the recent Bitcoin price drop and subsequent liquidations highlight the inherent volatility and risk in the cryptocurrency market. Just days ago, Bitcoin reached new highs, surpassing the $73k mark, underscoring the market's unpredictable nature.

SBF’s Legal Team Responds to Proposed 50-Year Sentence, Says It “Is Not Justice”

Lawyers representing former FTX CEO Sam Bankman-Fried, known as SBF, have condemned the government's proposal of a 50-year maximum prison sentence, labeling it as unjust. In a letter to Judge Lewis Kaplan, Marc Mukasey and Torrey Young criticized the sentence as reminiscent of outdated punishment methods, emphasizing that it paints their client as a malevolent figure.

Responding to the government's sentencing recommendation filed on March 15, SBF's attorneys argued for a reduced prison term of five to six years. They highlighted the ongoing bankruptcy proceedings, ensuring full compensation for all customers and lenders, thus negating any actual losses.

Bankman-Fried's legal team contested the portrayal of their client as motivated by greed, instead pointing out his philanthropic endeavors and modest lifestyle. They refuted claims of high risk of re-offending, citing low recidivism rates among similar offenders without prior records.

Additionally, they criticized the prosecution for unsubstantiated claims and misinterpretation of sentencing data. They stressed the lack of precedent for such a lengthy sentence for a non-violent offender and advocated for a significant reduction based on personal and professional losses endured.

FTX creditors submitted impact statements expressing anguish over the collapse of the exchange, detailing financial insecurity, emotional distress, and erosion of trust in the financial system. Victims recounted complete loss of income and unemployment due to health issues, highlighting the profound impact of FTX's bankruptcy on their lives.

Trezor X account shills fake presale tokens in suspected hack

Trezor, a hardware wallet manufacturer, had its official account compromised, leading to the dissemination of fraudulent presale token offerings, likely stemming from a suspected SIM-swap attack. Independent blockchain investigator ZachXBT alerted his 528,000 followers to Trezor's breach on March 19, with Scam Sniffer flagging the activity shortly after.

Posts from Trezor's official account promoted a fake presale token, "$TRZR," on the Solana network, urging users to send funds to a specified Solana wallet address, accompanied by links redirecting users to wallet-draining sites. ZachXBT noted that the hacker had siphoned approximately $8,100 from Trezor's Zapper account.

The compromised posts also mentioned a new Solana memecoin called Slerf, likely employed to boost engagement. However, many posts were swiftly removed after publication.

Crypto commentator John Holmquist criticized Trezor for its apparent lack of two-factor authentication (2FA) on its social media account, emphasizing the importance of prioritizing account security. Others, like user Pledditor, found irony in a security-focused company's failure to secure its own account, deeming it both amusing and shameful.

Despite attempts to reach out, SatoshiLabs, the company behind Trezor, did not respond immediately. This incident follows a security breach in January that exposed the contact details of nearly 66,000 users.

Trezor, operating since 2012, has sold over 2 million hardware wallets and offers three products capable of storing more than 9,000 coins offline.

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