Insights

Roughly $220M in liquidations driven by Kraken settlement with SEC

exchange68September 13, 2024

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Quick Take:

Crypto exchange Kraken will discontinue its staking services for U.S. customers as part of a settlement with the SEC, according to a press release from the regulator on Feb. 9.
The settlement triggered a sell-the-news event and caused panic in the crypto industry.
This triggered mass liquidations, roughly $200 million worth of long and $20 million of short liquidations, the highest amount since mid-January.

Analyst

James Van Straten

Former Lead Analyst at CryptoSlate

James fervently appreciates data, technology, and trend-spotting. As a tech and liberty maximalist, he hails Bitcoin as the 21st century’s paramount invention.

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