Articles by Khal
Latest from Khal
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254,000 crypto traders liquidated in 24 hours as leverage wipeout tops $1B
A single 24-hour liquidation event wiped out over 254,000 crypto traders across major exchanges, with total losses between $1.17 billion and $1.31 billion. Long positions absorbed the bulk of the damage, highlighting the dangers of extreme leverage in perpetual futures trading.
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BitMEX Co-Founder Hayes Dumps Worldcoin Stake Over SpaceX Pre-Listing Decline
Arthur Hayes, co-founder of BitMEX and chief investment officer of Maelstrom, sold the firm's entire Worldcoin stake a day after saying it would hold, blaming a decline in SpaceX pre-listing quotes on Hyperliquid despite the company not going public until June 12.
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Cardano ADA drops below $0.16 as Hoskinson takes social media break
ADA fell to its lowest level since December 2020, shedding 70% year-to-date, as founder Charles Hoskinson announced a break from social media and warned of an impending wave of ecosystem failures in 2026.
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Convalt Energy commits $6.2B to build hydropower plant and AI data center in Lesotho
Convalt Energy signed a $6.2 billion memorandum of agreement with Lesotho to build a 1,200 MW hydropower facility and AI data center in Mokhotlong District, marking the country's largest foreign direct investment and positioning the US to compete with Chinese infrastructure dominance in Africa.
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Russia's Central Bank Limits Retail Crypto to Bitcoin, Ethereum, USDT
Russia's central bank has rejected calls to expand crypto access beyond Bitcoin, Ethereum, and USDT for retail investors, citing volatility and market risk. New regulations are expected to take effect next month after the State Duma's first reading in April.
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Range Intelligent seeks $3B for Hong Kong's largest data center
Range Intelligent Computing Technology Group Co., listed on the Shenzhen stock exchange, is pursuing HK$20 billion in financing to build the Sandy Ridge Supercomputing Hub in Hong Kong's northern New Territories, marking a major private-sector investment in the region's Northern Metropolis development zone.
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Bitcoin recovers to $61,000 after $1.6B liquidations sparked by jobs report
Bitcoin fell as low as $59,227 overnight before recovering to around $61,000 on Saturday, as a strong U.S. jobs report triggered a market-wide selloff that liquidated $1.6 billion in crypto positions across 308,000 traders in 24 hours.
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Bitcoin ETFs shed $1.7B as rate hike fears mount
Spot Bitcoin ETF investors withdrew $4.7 billion since mid-May as economic data shifted Federal Reserve expectations, pushing Bitcoin to its lowest level since October 2024 and raising concerns about broader digital asset adoption.
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India scraps taxes on foreign bond investments to stabilize rupee
India exempted foreign investors from income taxes on Indian government bond interest and capital gains, retroactive to April 1, 2026, aiming to attract capital inflows and stabilize the rupee amid currency weakness and energy cost pressures.
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Bank of Japan may need 50-75bp rate hike, Mitsubishi UFJ warns
Masayuki Koguchi, executive chief fund manager at Mitsubishi UFJ Asset Management, warned that the Bank of Japan may need to raise rates by 50 or 75 basis points to arrest the yen's slide, potentially amplifying global carry-trade unwinds.
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Xi Jinping visits North Korea for first time since 2019
Chinese President Xi Jinping is visiting North Korea on June 8-9, his first trip in nearly seven years, as Pyongyang expands its nuclear arsenal and deepens ties with Russia. The visit has no direct crypto agenda, though North Korea remains tied to major blockchain thefts.
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TSMC's $250B US investment shields Taiwan's chip dominance from geopolitical risk
Taiwan Semiconductor Manufacturing is funneling $250 billion into US chip production under a January 2026 trade deal while keeping its most advanced 2nm nodes at home, strengthening deterrence against military disruption and deepening Taiwan's economic ties with Washington.
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Nvidia Opens South Korea R&D Center, Strengthens Samsung and SK Hynix Ties
Nvidia announced hiring for a new research and development center in South Korea during CEO Jensen Huang's June 2026 visit, focusing on physical AI, robotics, and infrastructure solutions alongside discussions with the government and Hyundai Motor Group.
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White House Explores Equity Stakes in OpenAI, Anthropic
The White House is examining whether the federal government should own equity in leading AI companies, with proceeds potentially distributed to American households. President Trump confirmed the initiative on June 5, 2026, following Senator Bernie Sanders's proposal for a 50% government stake.
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Bitcoin Treasury Companies Lose $62B as Price Slides Below Acquisition Costs
Bitcoin treasury companies lost $62 billion in shareholder value as the asset traded below $63,000, leaving firms like Strategy Inc. with underwater holdings and forcing the first Bitcoin sale since 2022.
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Decibel Trade launches onchain perpetual futures for SPY, QQQ, EWY
Aptos-based Decibel Trade went live June 5 with perpetual futures contracts for three major index ETFs, offering 24/7 trading and leverage up to 50x—features unavailable on traditional stock exchanges.
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Forward Industries deposits $32M SOL to Coinbase Prime after month idle
Forward Industries, the largest corporate holder of Solana with 6.83 million tokens, transferred roughly $31.87 million worth of SOL to Coinbase Prime on June 5 after a month of inactivity, signaling potential shifts in its custody or trading strategy.
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South Korea stock market hit by $30.7B foreign investor exodus
Foreign investors yanked roughly $30.7 billion from South Korean equities across a 12-session selling streak through late May, hammering the KOSPI and currency as profit-taking and geopolitical tensions converge.
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Binance Research: Crypto Exchanges Could Channel $5T Into Equity Markets by 2031
Binance Research released a report projecting crypto exchanges could funnel up to $5 trillion annually into global stock markets over five years, with a base case of $2 trillion by 2031 and 300 million new investors from emerging economies.
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Trump confident on US-India trade deal after New Delhi talks
President Trump said on June 5 that he believes the US and India will reach a trade deal, citing a projected $500 billion in Indian purchases of American goods over five years. Four days of negotiations in New Delhi concluded with both sides describing talks as constructive.
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JPMorgan, Citi, BofA, Wells Fargo launch tokenized deposit network in 2027
JPMorgan Chase, Citigroup, Bank of America, and Wells Fargo are building a shared tokenized deposit network with The Clearing House, targeting a 2027 launch to compete with stablecoins by combining crypto speed with traditional banking security.
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House committee circulates seven crypto tax bills ahead of Tuesday hearing
The US House Ways and Means Committee released draft legislation addressing digital asset taxation, including proposals for de minimis reporting exceptions and reduced paperwork for crypto holders, ahead of a committee hearing chaired by Republican Jason Smith.
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Zcash Vulnerability Exposes Privacy-Auditability Tradeoff
A four-year-old vulnerability in Zcash that could enable undetectable counterfeiting was patched this week, triggering a 33% price drop and renewed debate over whether privacy-focused blockchains can ever achieve full transparency.
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Strategy Shares Hit 4-Month Low as Bitcoin Dips Below $60K
Strategy's stock fell to a four-month low on Friday alongside a sharp Bitcoin pullback. The firm's preferred stock STRC also declined, though analysts say the move is within normal range.