99% gone in 60 seconds: How a Polkadot trader may have crashed DOT futures
Polkadot (DOT) futures at Binance flash-crashed by 99.5%, potentially generating an $8.3 million profit for the 'trader’ if they used this clever strategy. On March 5, Polkadot (DOT) experienced a flash crash at Binance perpetual futures which resulted in the contract trading as low at $0.20. While this could have been an honest fat-finger trading mistake, a number of indicators point to a planned-attack.While no hard evidence will likely ever emerge, the open interest increase just 24 hours ahead of the event indicates that an attacker could have generated a $8.3 million profit by....
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Polkadot (DOT) enthusiasts may be in for a bullish week as healthy demand for the cryptocurrency is observed in the futures market, according to a recent tweet by Huobi. With a 24-hour trading volume of $162 million and a market capitalization of over $7.7 billion, Polkadot’s rally is showing no signs of slowing down. In fact, the coin has gained 3.1% against the US dollar since yesterday, indicating that the market is actively participating in its upward momentum. With such promising developments, it’s no wonder that Polkadot is quickly becoming one of the most sought-after....
DOT price crashed both times after its futures open interest clipped $1 billion. Should traders expect a correction now that OI is over this figure? Whenever there is relevant growth in the number of derivatives contracts currently in play (open interest), it usually means that more traders are involved. In futures markets, longs and shorts are balanced at all times, but having a larger number of active contracts allows the participation of institutional investors that require a minimum market size.However, in Polkadot's (DOT) case, price crashes have often been anticipated by this....
The open interest of Polkadot futures soared to $1 billion, eclipsing Litecoin and XRP to make DOT the third-largest futures market. On March 24, the price of Polkadot's DOT token corrected by 23% in a brief six-hour period, resulting in $174 million in liquidations across the futures market. This swift downside move also cut the aggregate open interest by 26%. Now that DOT's open interest is climbing to a new record high at $1 billion, investors may be worried that another price crash is on the way.DOT/USDT on Binance. Source: TradingViewAlthough the event severely hurt leveraged longs at....
Polkadot raced past Litecoin to become the fourth largest futures market as its open interest reached $573 million this week. Polkadot (DOT) has been raising eyebrows for the past couple of months as the interoperability-focused altcoins has gained 625% in the past three months. The promise that interoperability between blockchains will be a viable solution to the high Ethereum gas fees plaguing the crypto market has made Polkadot’s development of parachains attractive and the number of projects choosing to build on DOT continues to grow alongside it’s popularity as a staking....
BitMEX is soon to offer futures contracts for DeFi project yearn.finance (YFI), Polkadot (DOT) and Binance coin (BNB).