Crypto traders lost more than $1 billion, and the adviser to the American president bought bitcoins

Crypto traders lost more than $1 billion amid falling market

Over the past 24 hours, the losses of cryptocurrency traders amounted to more than $1 billion amid the collapse of the digital asset market, according to the bybt service. During the day, the positions of 162 thousand users of cryptocurrency platforms were forcibly liquidated.

The largest number of closed positions in the amount of $480 million fell on pairs with BTC. Next on this indicator is ETH ($276 million), XRP ($ 70 million) occupies the third place. More than 85% of transactions canceled in the past 24 hours were opened in anticipation of the growth of the crypto market.

According to information from Coinmarketcap on June 8, the price of bitcoin has decreased by almost 10% over the past 24 hours. The BTC cost is at the time of publication $33,010.

Joe Biden’s Advisor invests in bitcoin

White House technology advisor Tim Wu has invested in a major crypto coin. He invested most of his fortune in Vanguard mutual funds.

In Wu’s investment portfolio, bitcoins amount from 25% to 43% of assets. The media write that the adviser to the President of the United States stores from $1 million to $5 million in BTC, as well as up to $250,000 in the native token of the Filecoin blockchain platform.

Interestingly, Wu had previously criticized the first crypto coin. In 2017, he called BTC a “bubble”.

Indian billionaire believes digital assets are good for preserving value

Nandan Nilekani, Indian billionaire, the co-founder of Infosys, expressed the opinion that cryptocurrencies are unnecessarily “energy-intensive” for making settlements. But they can become a convenient tool for preserving values.

The entrepreneur emphasized that cryptocurrency assets do not have the functions of ordinary money. In addition, given the volatility of digital currencies, they cannot be a complete settlement tool.

“Just like you have some of your assets in gold or real estate, you can have some of your assets in crypto.I think there’s a role for crypto as a stored value but certainly not in a transactional sense,” Nandan Nilekani told the Financial Times.