Bybit lifts curtain on liquidation data following underestimated figures

🔥 Crypto Chaos: Bybit Reveals Shocking Liquidation Figures 🔥

As the curtains of secrecy lifted, Bybit, the enigmatic cryptocurrency exchange, revealed a tale of woe and wonder. Like a Russian novel, the story of liquidation data unfolded, a labyrinth of numbers and figures that left even the most seasoned traders agog.

Once shrouded in mystery, Bybit’s API now spews forth liquidation data with the frequency of a Moscow clock tower, every 500 milliseconds. The CEO, Ben Zhou, a man of few words, yet many secrets, acknowledged the previous API limitations, a confession that echoed through the halls of crypto history.

Like a ghostly apparition, the liquidation crisis of early February haunted the cryptocurrency market, a specter of $2.24 billion in liquidations, with over 730,000 traders fleeing in terror. CoinGlass, the liquidation data provider, attributed about $333 million to Bybit, a figure that paled in comparison to the exchange’s true tally of $2.1 billion within 24 hours.

“The real spirit of crypto is transparency,” Zhou declared, a phrase that rang hollow to some, like a tinny bell in a crowded marketplace. Bybit, it seemed, was taking a proactive approach, a move that would either bring the community closer together or drive them further apart.

Not all public demands fly by Bybit

Bybit, it seems, has a penchant for the unexpected. The exchange has taken a step into the unknown, refusing to list the Pi Network token despite community demand. Like a Russian aristocrat, Bybit has chosen to ignore the pleas of the common folk, opting instead for the counsel of Chinese police, who deemed the token a scam.

The Pi Network users, a group of enthusiasts who have been “mining” the token for years, were left to ponder the meaning of Bybit’s decision. Like a flock of sheep, they were led astray, their options limited, their hopes dashed.

Bybit’s topsy-turvy regulatory journey

Bybit, a tale of two cities, founded in Singapore, but relocated to Dubai in 2022, like a Russian émigré. The exchange has navigated the treacherous waters of regulation, halting operations in Malaysia and India, like a ship in a storm.

Yet, in France, Bybit has found solace, its name removed from the local regulator’s blacklist, a reprieve that will allow it to apply for the European Union’s Markets in Crypto-Assets Regulation license. Like a phoenix rising from the ashes, Bybit will emerge, phoenix-like, from the regulatory fires.

2025-02-21 16:18

Not all public demands fly by Bybit

Bybit’s topsy-turvy regulatory journey

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