Trader's $7M Crypto Gains in 24 Hours
1min read A trader on Hyperliquid, a cryptocurrency trading platform, made a significant profit of $7 million in just 24 hours by leveraging long positions in Bitcoin (BTC) and Ethereum (ETH). The trader used 50x leverage to strategically position over $200 million, taking advantage of the market's positive reaction to former US President Donald Trump's announcement of a crypto reserve. The timely announcement boosted token prices, aiding in substantial profits for the trader.
The market reacted positively to the news, with additional price rises following further details of Trump's crypto strategic reserve, which clarified the inclusion of BTC and ETH. This positive sentiment contributed to the trader's substantial gains.
This news comes amidst a series of developments in the cryptocurrency industry. Ethereum developer Danny ryan joined Etherealize as a co-founder, aiming to market Ethereum to institutional investors and bridge it with the real world. Meanwhile, the Ethereum Foundation introduced the EF Silviculture Society, an advisory group to uphold the network's core values of open source, privacy, security, and censorship resistance.
In other news, Base, a blockchain platform, introduced new tools to enhance speed, simplicity, and scalability for crypto builders. These tools include Flashblocks, Base Appchains, and Smart Wallet Sub Accounts, designed to improve transaction speeds, provide scalable infrastructure for high-demand apps, and streamline user experience, respectively.
The US Securities and Exchange Commission (SEC) clarified that meme coins are not considered securities by federal definitions and resemble collectibles more closely. This classification excludes transactions involving meme coins from registration requirements under the Securities Act of 1933, and as a result, meme coin traders and holders do not receive protections under federal securities laws.
Cybercriminals have been using a new crypto job scam involving the 'GrassCall' app, which steals wallet information from unsuspecting victims. The scam has been distributed through various social media platforms and job sites, targeting crypto wallets. The websites and accounts linked to these scams have been deactivated following a significant number of complaints from affected individuals.
The SEC concluded its investigation into crypto exchange Gemini without pursuing any enforcement action. Gemini co-founder Cameron Winklevoss announced the decision, highlighting the prolonged legal and financial impacts on Gemini and the broader crypto industry. This move is part of a broader shift 