The US Department of Justice (DOJ) has issued subpoenas to Nvidia Corp. and other companies in its ongoing investigation into alleged antitrust violations.
DOJ Investigation
According to Bloomberg, the DOJ, which previously sent questionnaires to companies, has now issued legally binding subpoenas compelling recipients to provide information. Bloomberg cited people with knowledge of the investigation.
Market Impact
This move by the DOJ caused a sharp decline in NVDA stock and the Nasdaq market, as well as a decline in Bitcoin and the crypto market. Bitcoin, which shot up to $55,000, then reached $56,000, while Ethereum (ETH) fell below $2,400. Solana (SOL) fell 5.2% to $127, Toncoin (TON) fell 7.8% to $4.82, and BNB fell 3.6% to $513.
Liquidation of Positions
This decline caused a large number of long positions to be liquidated. According to Coinglass data, $194 million worth of leveraged trades were liquidated in the last 24 hours. $169 million of these were long positions and $25 million were short positions. In the last 24 hours, 73,571 investors were liquidated, with the largest single liquidation order occurring on Binance in the ETH/USDT trading pair. The value of the transaction was $2.94 million. The most liquidations occurred in Bitcoin and Ethereum, followed by Solana.
The DOJ investigation has already significantly impacted the market, causing price drops and liquidation of positions. The situation continues to develop and may lead to further market changes.
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