Global trade war concerns ignited by US President Donald Trump’s import tariffs shook the crypto markets this week, amounting to over $10 billion worth of liquidations within 24 hours on Feb. 3.
Despite the downside volatility triggered by macroeconomic concerns, investments continued flowing into the crypto industry. Notably, 0G Foundation launched a $88.88 million ecosystem fund to accelerate projects creating AI-powered decentralized finance (DeFi) applications.
Crypto market liquidations likely reached $10 billion — Bybit CEO
The recent crypto market correction may have liquidated up to $10 billion worth of capital, eclipsing previous estimates, according to Bybit’s CEO.
More than $2.24 billion was liquidated from the crypto markets in 24 hours on Feb. 3, according to CoinGlass data.
Crypto liquidation heatmap. Source: CoinGlass
Bybit co-founder and CEO Ben Zhou, however, said the actual figure might be five times larger.
“Bybit’s 24hr liquidation alone was $2.1 billion,” Zhou wrote in a Feb. 3 X post.
“I am afraid that today’s real total liquidation is a lot more than $2 billion, by my estimation, it should be at least around $8 billion -10 billion,” he said.
Liquidation estimates. Source: Ben Zhou
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0G Foundation launches $88 million fund for AI-powered DeFi agents
0G Foundation, the organization overseeing the development of the 0G decentralized AI operating system, launched an $88.88 million ecosystem fund to accelerate projects creating AI-powered DeFi applications and autonomous agents, also known as DeFAI agents.
The fund received strategic backing from Web3 investment firms including Hack VC, Delphi Ventures, Bankless Ventures and OKX Ventures.
The fund’s launch comes at a “pivotal moment” for the convergence of blockchain and AI applications, according to Michael Heinrich, co-founder and CEO of 0G Labs.
“The rapid growth of AI capabilities, coupled with the need for trustless, transparent systems in finance, makes this the ideal time to accelerate the development of autonomous agents,” Heinrich told Cointelegraph.
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