The price of bitcoin has dipped below $48,000 from nearly $57,500 on Monday as derivatives positions worth almost $6 billion get force liquidated by crypto exchanges. In the last 24 hours, $5.65 billion worth of open interest was liquidated by crypto exchanges, according to tracker Bybt.com. In other words, crypto exchanges liquidated traders’ overleveraged positions.
Stablecoin issuer and crypto exchange Paxos is applying to become a clearing firm with the U.S. Securities and Exchange Commission (SEC). Clearing firms act as intermediaries in the U.S. securities markets, facilitating payments and the transfers of securities for exchanges. If approved, Paxos would become one of just a handful of clearing firms in the U.S., joining the Depository Trust Company (DTC), Options Clearing Corporation and others.
Galaxy Digital is growing its ranks, and as part of that effort, the firm is building out a research unit that will provide resources for both in-house staffers as well as clients.
AI-powered SaaS investment management and asset servicing enterprise platform FundGuard has raised $12 million in a Series A funding round joined by several heavyweight Wall Street executives. The round is led by Team8 and existing investors Blumberg Capital and LionBird Ventures with participation from former BNY Mellon management committee member Jack Klinck, HSBC board member and former JP Morgan International president Heidi Miller, and ex head of strategy at JP Morgan Chase Jay Mandelbaum.