Crypto News, April 12: Liquidated Longs, Ethereum’s Shadow Fork and a Metaverse Splurge

Crypto News, April 12: Liquidated Longs, Ethereum’s Shadow Fork and a Metaverse Splurge

Created 3mo ago, last updated 3mo ago

Bitcoin longs and ICHI token holders got hammered by liquidations yesterday. Elsewhere, Ethereum successfully shadow-forked and Epic Games raised a huge sum to build the metaverse.

Crypto News, April 12: Liquidated Longs, Ethereum’s Shadow Fork and a Metaverse Splurge

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Breaking: Robinhood Lists SHIBA INU

Major U.S. trading platform Robinhood has listed SHIB, the well-known dog memecoin. Along with SHIB, altcoins Solana, Polygon’s MATIC and COMP have also been added to the trading platform. Just last year, Robinhood CEO Vlad Tenev had said that the platform had no real plans to list SHIB anytime soon. SHIB supporters have long called for Robinhood to add the dog-themed coin — a petition reached over half a million signees in 2021.

Crypto Liquidations Hammer Bulls

Bitcoin saw its biggest day of liquidations since late January, with inflation fears dragging down equity markets across the board. Over $440 million of longs were wiped out only five days after another $400 million longs had been liquidated. With the market anxiously awaiting new CPI figures, commentators on social media dismissed the idea of the war in Ukraine as the main culprit for surging inflation.

Ethereum Launches First Mainnet Shadow

Ethereum successfully completed its first shadow fork as the network nears The Merge — its long-awaited switch to proof-of-stake. With the price of ETH having rallied against BTC over the last few weeks, investors and the community expect The Merge to be highly bullish for Ethereum. Still, its exact date for the PoS upgrade is still unclear.

Epic Games Raises an Epic Amount to Build the Metaverse

Fortnite developing studio Epic Games raised $2 billion — $1 billion each from Sony and LEGO — to build metaverses in cooperation with both firms. This marks already the second investment from Sony into the company, while LEGO is dipping its feet into building a metaverse for children. This big investment is further evidence of a booming market for the metaverse overall, which is expected to grow to up to five billion users this decade.

Coinbase to Create a Bored Ape Film Trilogy

Coinbase and Yuga Labs revealed plans that will see the crypto exchange launch a film trilogy starring the Bored Apes and Mutant Apes NFT collections. "The Degen Trilogy" will be an opportunity for Bored Ape holders to have their NFTs become movie stars, and will launch in June at NFT.NYC. Two further films are planned, with the spin-off Mutant Apes starring in the sequel.

ICHI Drops More Than 90% in Liquidation Cascade

ICHI, a stablecoin protocol, was collateral damage of the wider market downturn. Its Rari Fuse Pool got wiped out — the token lost over 90% of its value in only 24 hours, as traders rushed to the exit door. While some on crypto social media were not surprised by yet another liquidation cascade, other influencers were caught red-handed, having promoted the token only days before.
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