Russia's largest bank Sberbank gets crypto approval

00:00 Scott Melker

Bitcoin dropped all the way down to $81,000 last night with 800 million in crypto leverage wiped out.

00:09 Scott Melker

And then it bounced right back. But there's an interesting story about what assets were actually wiped out. We're going to talk about that and a lot more today on The Daily Wolf. Let's go.

00:30 Scott Melker

What is up everybody? Welcome to the Daily Wolf on Yahoo Finance. I am your host Scott Melker, also known as the Wolf of all streets. We're going to dive right in today and start with the story that I mentioned there in the intro.

00:44 Scott Melker

Tokenized SanDisk bets saw more liquidations than XRP as Asia's chip route wipes out $800 million.

00:54 Scott Melker

Okay. So that's not entirely how I would have framed that, but there is some really interesting info here. Let's start from the beginning.

01:02 Scott Melker

Overnight reporting put liquidations at approximately $800 million across a rolling 24-hour window in crypty crypto with roughly 86% of those involving bullish position positions.

01:17 Scott Melker

So first of all, people are getting liquidated on a move from 83 to 81 just to see Bitcoin bounce right back to 83 is completely nonsensical and should show you the wild risks of using leverage.