Cryptocurrency News Today TheBitTimes.com

Polymarket odds that Native Markets will win the bid for Hyperliquid’s USDH stablecoin have soared to 94.8% after Ethena Labs withdrew its application. That’s after the odds on the popular decentralized betting platform that Native Markets will win the bid jumped over 25% in the last 24 hours. USDH bidding odds (Source: Polymarket ) In a contract that asked which of the bidding issuers will win, traders on Polymarket also said there is a 5.2% vote that Paxos, a well-known stablecoin issuer that helped launch PayPal’s PYUSD token, will win the Hyperliquid stablecoin bid. Ethena Labs Withdraws From USDH Bidding The soaring confidence that Native Markets will win the Hyperliquid stablecoin bid comes after the founder of Ethena Labs, Guy Young, said his team “will respectfully be withdrawing” its proposal for the stablecoin launch. In an X post, the founder said that the decision followed “direct discussions with individuals in the community a...

Top cryptocurrency trader James Wynn has suffered a staggering loss after closing $1 billion worth of short positions on Bitcoin (BTC) in less than a day. Details of the trade indicate that the transaction occurred on the decentralized exchange Hyperliquid, where Wynn incurred a $15.86 million loss after closing a short position on Bitcoin, according to the latest on-chain data obtained by Finbold from HyperDash . James Wynn losing Bitcoin short position. Source: HyperDash The loss was recorded on May 25, following the closure of Wynn’s BTC short. He took a $15.53 million hit on the position itself, along with nearly $940,899 in fees, resulting in a net loss of $15.86 million. Notably, after the trade, data shows that Wynn had opened a $1 billion short position using 40x leverage, risking his entire $50 million wallet. This stands as the largest on-chain bet ever placed. The short position was entered at an average price of $107,077. If BTC rises above $110,446...