U.S. Senate votes to repeal IRS's controversial regulation, Trump expected to sign into law
🟢 The U.S. Senate just voted 70-28 to repeal a controversial tax regulation from the IRS, which required DeFi platforms to operate as securities brokers, collecting and reporting users' transactions. 🟢 This regulation was issued at the end of President Biden's term, but was strongly opposed by the crypto community, claiming it threatens privacy and could hinder the industry's growth.
🟢 President Trump announces a 25% tariff on all vehicles not made in the United States. 🟢 The state of Wyoming will launch a state-issued stablecoin 😁 🟢 French company The Blockchain Group buys 580 Bitcoin for €47.3 million. 🟢 GameStop $GME raises $1.3 billion to buy Bitcoin. 🟢 BlackRock's $BUIDL fund surges to $1.87 billion in three weeks, driven by increasing institutional demand for crypto assets.
Summary of the JELLY Whale Drama Causing Millions of USD in Losses for Hyperliquid
🟢 The story is that yesterday, on March 26, a 'whale' holding 124.6 million JELLY (~4.85 million USD) opened a Short position on this meme with a volume of 6 million USD on Hyperliquid. Afterwards, the whale purchased a large amount of $JELLY tokens on other exchanges, causing the price to surge by 429% within an hour, leading to the liquidation of that Short position. Hyperliquid had to take over the position, but due to the short time frame and the rapid price increase, the exchange faced an unrealized loss of between 10.6 to 12 million USD. If the price of $JELLY continues to rise, the losses could reach 230-240 million USD, posing a risk of the exchange's collapse.