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Sports on TV for Sunday, August 27
Aug 27, 2023Philadelphia Phillies and St. Louis Cardinals play in game 2 of series
Aug 29, 2023Washington Nationals pitcher Stephen Strasburg, the 2019 World Series MVP, has decided to retire, an AP source says
Aug 22, 2023Lancaster County Challenger team ready to take Little League World Series stage
Aug 31, 2023Blue Jays host the Guardians to start 3
Aug 15, 2023XRP Trader Made Millions Today Thanks to This 'De
Jul 05, 2023Pseudonymous trader who goes by @DefiSquared, the most successful trader on the Bybit exchange and the top wallet of DeBank, shared the story of one insane opportunity that happened today amid the cryptocurrency carnage.
Trader @DefiSquared managed to make "seven figures" thanks to a mysterious imbalance in XRP pairs on Bybit. Today, Aug. 18, 2023, the prices between coin-margined and USDT-margined XRP-based derivatives on Bybit were trading with 45% difference. This created an amazing arbitrage opportunity explored by the trader.
For anyone curious, the arb today was between the XRPUSD and XRPUSDT contracts on Bybit. A 45% discount occurred that closed after 10-20 minutes.Most likely, algo market makers ran out of spot XRP needed for the coin margined contract amidst the large liquidations that occurred https://t.co/58RI9y1IHs pic.twitter.com/CpEiPFwAPQ
The dicsount "window" only lasted for 10-20 minutes. It might have happened due to large and unpredictable liquidations of XRP traders' positions.
As explained by the trader, algorithmically backed market-makers faced a shortage of spot XRP cryptocurrency needed for coin-margined derivatives trading.
Their colleagues who were trading USDT-margined contracts were not affected by the issue.
Just like all major altcoins, XRP is badly affected by the ongoing panic-driven sell-off. In almost no time, the token plunged from $0.57 to $0.47, losing over 17.5% of its value.
The collapse was surrounded by record-breaking liquidations on cryptocurrency markets. In total, 175,252 traders were liquidated in the last 24 hours, while the aggregated losses eclipsed $1.04 billion in equivalent.
When it comes to XRP, the total volume of liquidations is estimated at $27.92 million; almost 90% of this sum were the long positions of XRP bulls.
Out of this whopping amount, Bybit is responsible for $7.8 million, while Binance (BNB), the largest cryptocurrency exchange globally, is in charge for $7.4 million in equivalent.
The net market capitalization of crypto markets dropped by 6% overnight.
Blockchain Analyst & Writer with scientific background. 6+ years in IT-analytics, 3+ years in blockchain.
Worked in independent analysis as well as in start-ups (Swap.online, Monoreto, Attic Lab etc.)
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