Bithumb Recovers Majority of $43 Billion in Bitcoin After Promotional Distribution Error
Bithumb accidentally distributed approximately 620,000 BTC (worth ~$43 billion) due to a system configuration error during a rewards event.
The glitch credited 2,000 BTC per user instead of the intended 2,000 Korean won ($1.40).
Localized Bitcoin prices on the exchange plunged 17% as recipients immediately attempted to liquidate the unexpected windfall.
The exchange has recovered 99.7% of the assets and pledged to compensate users affected by…
Bitcoin Reclaims $71,000 as Relief Rally Triggers Short Squeeze and Equity-Led Recovery
Bitcoin surged over 11% to reclaim the $71,000 level after hitting a 16-month low near $60,000 during a volatile Thursday session.
The rebound was fueled by a recovery in tech stocks and significant short liquidations in the crypto futures market, totaling over $1 billion in the last 24 hours.
Crypto-tied equities like MicroStrategy and Coinbase saw double-digit gains, with MSTR jumping 25% to lead the Nasdaq.
Analysts at JPMorgan highlighted…
Bitcoin Drops Below $70,000 as Liquidations Trigger ‘Full Capitulation’
Bitcoin fell below the $70,000 support level for the first time since late 2024, hitting a session low of $69,074.
Total market liquidations exceeded $830 million in 24 hours, with leveraged long positions bearing the brunt of the volatility.
Analysts cite the nomination of Kevin Warsh for Federal Reserve Chair and high miner production costs as primary bearish catalysts.
Bitcoin plummeted below the critical $70,000 mark on Thursday, sending…