Chain News Daily Official TheBitTimes.com

Memecoins took the hardest hit in today ’s market selloff, losing almost double the market cap of the average market .  Earlier today reports from Matrixport regarding the SEC’s potential rejection of Bitcoin ETF applications triggered a significant liquidation across the market . Within four hours, the market lost over $540 million, with Bitcoin and Ethereum dipping nearly 10%. However, it appears that the meme coin market took the sharp end of liquidation, with all major meme tokens losing over 10% of their value today. Bonk, the newest and most trending meme coin, lost nearly 16% today, and the token is 66% down from its all-time high reached less than three weeks ago. You might also like: SEC holds urgent meetings with Nasdaq and NYSE to discuss Bitcoin ETFs Dogecoin perhaps suffered the worst fall among the top meme tokens, from $0.090 to $0.0819 in just 15 minutes. Since then, the leading meme coin slightly recovered. Shiba Inu also lost over 10% on the day...

DeFi lending platform Venus Protocol, which operates in the BNB Chain ecosystem, is bracing against a significant position in Binance Coin (BNB) that’s on the brink of liquidation as the token’s price spirals — which could cause significant problems for Venus. The position was made by hackers after a major exploit of the BNB bridge last October. Attackers leveraged Venus Protocol to borrow $150 million in stablecoins with a position of 900,000 BNB ($210 million at time of publication). Since the position was made, crypto prices have fallen — bringing it very close to its liquidation point. If BNB’s price falls below $220 it will likely trigger liquidation. At press time, BNB has fallen 23% in the past week, from $300 to $233, in large part due to the Securities and Exchange Commission’s (SEC) lawsuit filed against Binance last Monday. Venus’s plan for major BNB position A proposal was passed in November in order to safeguard against this very moment. If the position ...