$150 million worth of short positions are liquidated as ETH pumps

💱 $150 million worth of short positions are liquidated as ETH pumps 🗃️ Sandbox partners with Tony Hawk to create a skatepark in the metaverse 🔨 Putin bans cryptocurrencies in Russia

GM. vEmpions! Welcome to our Newsletter that tells you what's going on in crypto every day!Here's a summary of some of the things that happened over the weekend.

💱 $150 million worth of short positions are liquidated as ETH pumps 🗃️ Sandbox partners with Tony Hawk to create a skatepark in the metaverse 🔨 Putin bans cryptocurrencies in Russia

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$150 million worth of short positions are liquidated as ETH pumps

The bears are having a hard time catching a break as Ethereum prices surge, a massive $150 million worth of short positions were liquidated, leading to even more buying pressure.

The largest liquidation order has happened on FTX, valued at $2.81 million.

Much to the delight of investors, the price of Ether has increased by 40% in the past few days, most likely after Ethereum devs suggested that after years of waiting, the long-awaited Merge is finally happening this September.

If you're an ETH holder, this is some good news for you, but this will unlikely change the bearish trend for now.

Sandbox partners with Tony Hawk to create a skatepark in the metaverse

Sandbox, the company that's been working on a decentralized virtual gaming world is teaming up with Tony Hawk Inc. and Autograph to create a Tony Hawk LAND in The Sandbox.

This will be the first time that Tony Hawk has entered the metaverse. Sandbox says Tony Hawk's 6x6 LAND virtual skatepark will be the largest one ever made, and in turn, Autograph will make Tony Hawk NFTs based on Tony and his most iconic equipment.

With all these partnerships, I'm curious to see what other kinds of LANDs we'll see in The Sandbox in the future. Will we see more celebrity LANDs? Or perhaps even LANDs based on popular video games? But one thing's for sure, The Sandbox is quickly becoming the go-to place for all things metaverse.

Putin bans cryptocurrencies in Russia

If you're a Russian citizen, you might want to start stockpiling Bitcoin now. That's because Vlad has announced a ban on cryptocurrency trading in the country.

The move comes as a surprise to many, given that Russia has been one of the more open-minded countries when it comes to cryptocurrencies. But it seems that Putin has had a change of heart, and is now cracking down on digital currency.

So what does this mean for Russians who own Bitcoin? Well, they'll have to find a way to cash out their holdings before the ban comes into effect. After that, it's anyone's guess as to what will happen to the cryptocurrency market in Russia. This news is sure to send shockwaves through the crypto world, and it will be interesting to see how things play out in the coming weeks and months.