Crypto Price Mayhem: Data Reveals Bitcoin Is Braced For A ‘Short Squeeze’

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Bitcoin traders and investors are still reeling from a steep sell-off that’s wiped around $1 trillion from the combined cryptocurrency market.

The bitcoin price has crashed from almost $65,000 per bitcoin to under $40,000 despite a flood of positive bitcoin news in recent weeks—including Twitter TWTR +0.2% chief executive Jack Dorsey teasing a bitcoin payments plan.

Now, analysis of bitcoin trading data has suggested the bitcoin price could be hit by a so-called “short squeeze”—when the price of an asset increases rapidly due to an excess of bets against it.

“Given bitcoin’s past market performance, when traders use excessive leverage to short the market during a horizontal price adjustment, there will often be a short squeeze phenomenon,” Flex Yang, the chief executive of Hong Kong-based crypto lender and asset manager Babel Finance, wrote in analysis seen by this reporter and pointing to market data that shows recent capital inflows are “from short-sellers and that leverage has greatly increased.”

Since the bitcoin and crypto market crashed in mid-April, the volume of bitcoin perpetual holdings on the crypto exchange Binance have increased by 110%, with the ratio of long to short traders reaching a new low of 0.89—pushing funding rates into the negative.

According to Yang, the reasons behind such excessive shorts include “many people are anticipating a bear market; bitcoin “holders are building hedges,” or “those who bought at high prices are locked in.”

Historical bitcoin price data between February and April 2018 and then again from June to late July 2020, suggests an increase in short-selling is often followed by a bitcoin price surge.

“In November 2020, there was a temporary sharp increase in the number of short-selling positions at a high price,” wrote Yang. “Afterwards, the price of bitcoin continued to rise, continuing its bull market position. No matter if the market outlook is trending downwards after rebounding or if bitcoin maintains its bull market status, short traders have always suffered the consequence of being squeezed out and liquidated.”

The early 2021 bitcoin price bull run was brought to a sharp halt in April when fears over a crypto crackdown in China and mounting concerns over bitcoin’s soaring energy demands sparked panic among investors.

Tesla TSLA +1.1% billionaire Elon Musk sent shockwaves through the bitcoin market when he announced Tesla would suspend its use of bitcoin for payments until the bitcoin network increased its use of renewable energy.

The bitcoin price has failed to recover its lost ground despite continued reports that Wall Street banking giants are increasingly offering bitcoin investment and trading services and the Central America country El Salvador revealed plans to adopt bitcoin as legal tender alongside the U.S. dollar.

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I am a journalist with significant experience covering technology, finance, economics, and business around the world. As the founding editor of Verdict.co.uk I reported on how technology is changing business, political trends, and the latest culture and lifestyle. I have covered the rise of bitcoin and cryptocurrency since 2012 and have charted its emergence as a niche technology into the greatest threat to the established financial system the world has ever seen and the most important new technology since the internet itself. I have worked and written for CityAM, the Financial Times, and the New Statesman, amongst others. Follow me on Twitter @billybambrough or email me on billyATbillybambrough.com. Disclosure: I occasionally hold some small amount of bitcoin and other cryptocurrencies.

Source: Crypto Price Mayhem: Data Reveals Bitcoin Is Braced For A ‘Short Squeeze’

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Critics:

Predictions of a collapse of a speculative bubble in cryptocurrencies have been made by numerous experts in economics and financial markets. Bitcoin and other cryptocurrencies have been identified as speculative bubbles by several laureates of the Nobel Memorial Prize in Economic Sciences, central bankers, and investors.

From January to February 2018, the price of Bitcoin fell 65 percent. By September 2018, the MVIS CryptoCompare Digital Assets 10 Index had lost 80 percent of its value, making the decline of the cryptocurrency market, in percentage terms, greater than the bursting of the Dot-com bubble in 2002.

In November 2018, the total market capitalization for Bitcoin fell below $100 billion for the first time since October 2017, and the price of Bitcoin fell below $4,000, representing an 80 percent decline from its peak the previous January. Bitcoin reached a low of around $3,100 in December 2018.From 8 March to 12 March 2020, the price of Bitcoin fell by 30 percent from $8,901 to $6,206.By October 2020, Bitcoin was worth approximately $13,200.

Bitcoin has been characterized as a speculative bubble by eight winners of the Nobel Memorial Prize in Economic Sciences: Paul Krugman, Robert J. Shiller, Joseph Stiglitz, Richard Thaler, James Heckman, Thomas Sargent, Angus Deaton, and Oliver Hart; and by central bank officials including Alan Greenspan, Agustín Carstens, Vítor Constâncio, and Nout Wellink.

The investors Warren Buffett and George Soros have respectively characterized it as a “mirage”and a “bubble”; while the business executives Jack Ma and Jamie Dimon have called it a “bubble” and a “fraud”, respectively. J.P. Morgan Chase CEO Jamie Dimon said later he regrets calling Bitcoin a fraud.

10 Largest Venture Rounds In Crypto And Blockchain

Venture capital

The cryptocurrency industry is steaming hot. The total market value of cryptocurrencies is approaching $2 trillion –  that’s bigger than the market caps of Amazon, Google and Microsoft. Bitcoin has been trading above $50,000 since March 8 and has a market value of $1.12 trillion, almost as much as all the silver in the world. FOMO-ed institutions keep pouring into the space.

Tesla will start accepting payments for its electric vehicles in bitcoin, adding the cryptocurrency to its $2.5 billion bitcoin trove. One of the oldest banks in America, BNY Mellon, has launched a digital assets unit, Goldman Sachs has relaunched its crypto trading operations, JPMorgan has introduced a structured note offering tied to a basket of stocks with exposure to bitcoin, Morgan Stanley and Goldman Sachs have become the first major U.S. banks to offer ther wealthy clients direct access to bitcoin.

But institutions and venture firms rushing to cash in on the surge don’t come empty-handed. Hoards of capital are pouring on crypto startups, minting new unicorns at a break-neck pace. Just in March, three crypto firms raised some of the largest capital raises in the industry’s short but rich history. There are now at least 18 crypto-native companies with unicorn status, according to data platform PitchBook.


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In the heyday of ICOs, companies raised billions but the hype was short-lived. Low-quality projects, multiple scams, and the lack of institutional and regulatory oversight led to what is now known as the Great Crypto Crash of 2018, when an index that tracks the performance of the 10 largest and most liquid digital assets plunged by 80%.

Crypto bulls are hoping that this time it is truly different. Publicly listed companies like MicroStrategy and Square have amassed sizable bitcoin positions on their balance sheets and are seeing it as an alternative to gold.  Meanwhile applications for a U.S. bitcoin ETF are piling up at the SEC’s doorstep and the market is buzzing in anticipation of Coinbase’s direct listing slated for April 14, the first major public offering for a cryptocurrency company. Amid the frenzy, Forbes analyzed data from PitchBook and compiled a list of the 10 largest venture capital deals for blockchain and crypto-native firms.

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Inside Bitmain, the world’s largest Bitcoin mine. The rush to mine Bitcoin and other crypto currencies has gripped the world. China is home to most of the world’s bitcoin mines, and Inner Mongolia has one of the largest. Today, we take a look inside the Bitmain mine and how it works. If you enjoyed, please, like, comment and subscribe, it helps us a lot! Thanks for watching this video: Inside The World’s Largest Bitcoin Mine Check Out These Videos:
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Bitmain: $422 million

Deal date: August 7, 2018

VC round: Series B1

Notable investors: Crimson Capital China, Bluebell (Asia), Jumbo Sheen Group, Lioness Capital, Palace Investment Company, Pavilion Capital

Post-money valuation: $15 billion

Previous valuation: $12 billion

The world’s leading bitcoin mining hardware manufacturer, Bitmain also operates Antpool, one of the top bitcoin mining pools, accounting for more than 12% of bitcoin’s network hash, or computational, power. Shortly after the $422 million capital raise, the Beijing-based company filed for an IPO on the Hong Kong Stock Exchange in September 2018, but the offering fell through amid the bitcoin crash and market cooldown.


BlockFi: $350 million

Deal date: March 11, 2021

VC round: Series D

Notable investors: Bain Capital Ventures, partners of DST Global, Pomp Investments, Tiger Global, Susquehanna Government Products

Post-money valuation: $3 billion

Previous valuation: $435 million

Founded in 2017, New-Jersey based BlockFi is now one of the leading cryptocurrency lending providers. Its products span multiple categories including crypto-collateralized loans and interest-bearing accounts through which investors can earn interest on their crypto holdings. Rumors of BlockFi’s potential IPO started to circulate last July following reports of a job opportunity, part of which involved helping the company go public.

Dapper Labs: $305 million

Deal date: March 30, 2021

VC round: 5th round

Notable investors: Coatue Management, Andreessen Horowitz, Michael Jordan, Kevin Durant

Post-money valuation: $2.6 billion

Previous valuation: N/A

The Vancouver-based startup is best known as the developer of NBA Top Shot, an NFT marketplace for basketball video highlights or “moments.” The project, which has already surpassed the $400 million mark in trading volume, is largely responsible for the boom of non-fungible tokens (NFTs), essentially digital proofs of ownership trackable on a blockchain. Earlier, Dapper Labs developed a popular Ethereum game of breedable collectibles called CryptoKitties.


Blockchain.com: $300 million

Deal date: March 24, 2021

VC round: Series C

Notable investors: DST Global, Lightspeed Venture Partners, VY Capital

Post-money valuation: $5.2 billion

Previous valuation: $3 billion

Blockchain.com provides a variety of crypto services to retail and institutional clients but is most famous for its non-custodial digital wallets. Unlike its counterparts controlled by third parties, these wallets give users full control over their private keys that represent ownership of crypto assets. The London-based company claims it has processed 28% of all bitcoin transactions since 2012.


Bakkt: $300 million

Deal date: March 16, 2020

VC round: Series B

Notable investors: Intercontinental Exchange (ICE), BCG Digital Ventures, PayU

Post-money valuation: N/A

Previous valuation: N/A

In February 2020, the crypto venture of ICE (the New York Stock Exchange owner) announced the acquisition of Bridge2 Solutions, provider of loyalty programs, to power Bakkt’s one-stop shop retail platform. Called Bakkt App, the service lets users aggregate various digital assets, including loyalty points, rewards programs, gaming assets, and cryptocurrencies, all in one wallet. In January, Bakkt announced it is going public via a SPAC merger with VPC Impact Acquisition Holdings at an enterprise value of about $2.1 billion. Upon the deal’s closure in the second quarter of 2021, the combined company will list on the New York Stock Exchange as Bakkt Holdings, Inc.


Coinbase: $300 million

Deal date: October 30, 2018

VC round: Series E

Notable investors: Tiger Global Management, Andreessen Horowitz, Government of Singapore Investment Corporation (GIC), Polychain Capital

Post-money valuation: $8.04 billion

Previous valuation: $1.71 billion

On February 25, the largest cryptocurrency exchange in the U.S. filed for a direct listing on the Nasdaq stock exchange. Coinbase was valued at $68 billion, based on the recent filings. On March 19, the company was fined $6.5 million by the Commodity Futures Trading Commission (CFTC) over allegations of false transactions reporting and wash trading between 2015 and 2018 on its GDAX platform, later rebranded as Coinbase Pro. The exchange’s direct listing is scheduled for April 14.


Bitmain: $292.7 million

Deal date: June 19, 2018

VC round: Series B

Notable investors: Sequoia Capital, Coatue Management, China Taijia, Blue Lighthouse Services

Post-money valuation: $12 billion

Previous valuation: $100 million


Hangzhou Qulian Technology: $235 million

Deal date: June 4, 2018

VC round: Series B

Notable investors: Xinhu Zhongbao Company,  China Gaoxin Investment Group, State Development and Investment Corporation

Post-money valuation: $470.25 million

Previous valuation: $40.33 million

Qulian Technology provides blockchain products for China’s major organizations and institutions, including the Ministry of Industry and Information Technology, the State Administration for Market Regulation, the State Grid, and local governments. Its one-stop blockchain open service BaaS platform, FiLoop, is used by some of the largest banks in China, including China Construction Bank, Agricultural Bank of China, and China Merchants Bank, according to the company. Qulian Technology’s partners also include Google and Microsoft.


Bithumb: $200 million

Deal date: Apr 19, 2019

VC round: 2nd round

Notable investors: Vidente, ID Ventures (South Korea), ST Blockchain Fund

Post-money valuation: N/A, valued at $888.27 million as of January 2021

Previous valuation: $868.42 million

In September 2020, the Seoul Metropolitan Police Agency has reportedly raided the offices of one of South Korea’s largest crypto exchanges on fraud allegations, linked to a $25 million token sale that never materialized and led to losses for investors.


Ripple Labs: $200 million

Deal date: Oct 1, 2020

VC round: Series C

Notable investors: Tetragon Financial Group, SBI Holdings, Transform Capital, 10X Capital

Post-money valuation: $10 billion

Previous valuation: $410 million (2016)

In December, Ripple Labs and its top executives were accused by the U.S. Securities and Exchange Commission of selling $1.3 billion of XRP, the native asset of the payments network developed by the company, as an unregistered security. Following the charges, multiple exchanges and trading platforms, including Coinbase, Binance.US, and eToro, delisted XRP and suspended its trading. In January, U.K.-based investment firm Tetragon Financial Group filed a lawsuit to redeem its equity in Ripple but ultimately lost the case. Despite the fallout, XRP remains one of the top traded digital assets.

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I report on cryptocurrencies and emerging use cases of blockchain. Born and raised in Russia, I graduated from NYU Abu Dhabi with a degree in economics and Columbia University Graduate School of Journalism, where I focused on data and business reporting.

Source: 10 Largest Venture Rounds In Crypto And Blockchain

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Crypto Market Erases $200 Billion In Market Value In 24 Hours; Regulator Warns Investors Could ‘Lose All Their Money’

After a more than 100% surge over the past month, the cryptocurrency market is taking a massive hit Monday as regulators and other experts sound the alarm on bitcoin’s booming rally, but not everyone’s convinced the bearishness is warranted.

Key Facts

As of 10:30 a.m. EST, the value of the cryptocurrency market has tanked to about $900 billion from a high of $1.1 trillion early Sunday morning, according to crypto data firm CoinMarketCap.

The world’s first and largest cryptocurrency, bitcoin, is behind much of the decline, falling 17% over the past 24 hours—wiping out about $125 billion in market value.

Other top tokens are also plunging, with ether, XRP and litecoin down 21%, 16% and 25%, respectively.

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“As with all high-risk, speculative investments, consumers should make sure they understand what they’re investing in,” the United Kingdom’s Financial Conduct Authority, which regulates financials in the country, said Monday, also issuing a stark warning: “If consumers invest in these types of product, they should be prepared to lose all their money.”

The price plunge started Sunday after a report by the United Kingdom’s Sunday Times shed light on the enforcement measures banks, including HSBC, are taking to bar transfers from cryptocurrency exchanges in the country.

Venture capitalist and longtime bitcoin supporter Tim Draper railed against the measures, tweeting early Monday that “banks don’t like bitcoin because it makes them less relevant” before issuing a bullish forecast that bitcoin prices will hit $250,000 by early 2023; bitcoin is currently trading at around $32,750.

Crucial Quote 

“Bitcoin often exhibits large upside swings that tend to be followed by corrections—this is normal behavior for a new technology in the early stage of its adoption curve,” Anatoly Crachilov, the cofounder and CEO of crypto investment manager Nickel Digital, said Monday, adding that the market is positioned for expansion as institutional adoption soars. “Only professional investors with a long-term view on the underlying technology should have exposure to this asset class. They also need high-risk tolerance levels and, importantly, to never lose sight of the forest for the trees.”

Chief Critic

Bank of America Securities Chief Investment Strategist Michael Hartnett warned that bitcoin looks like “the mother of all bubbles,” on Friday, noting that its roughly 1,000% surge since the beginning of 2019 has been fueled by “violent” inflation, akin to the short-lived surges of gold prices in the late 1970s and tech stocks in the late 1990s.

Surprising Fact

Before crashing 80% by the end of 2018, the price of bitcoin, which first launched in January 2009, climbed fifteenfold in 2017 amid a flood of heightened attention and surging mainstream adoption, as retail trading became easier through pioneering bitcoin platforms like brokerage Coinbase.

Key Background

The cryptocurrency market’s massive rally has been fueled in large part by inflation concerns and institutional adoption. Investors have been eyeing regulatory approval of a bitcoin exchange-traded fund, but JPMorgan warned Friday that such a development may actually hurt bitcoin prices in the short term as investors cash out of the Grayscale Bitcoin Trust, an SEC-approved bitcoin price-tracking fund that many have turned to in lieu of an ETF. 

Further Reading

As Bitcoin, Ethereum, Ripple’s XRP And Litecoin Lose Billions, Watchdog Issues Stark Crypto Price Warning (Forbes)

SEC Charges Ripple With Selling $1.3 Billion In Unregistered Securities, XRP Loses $2 Billion In Market Value (Forbes) Follow me on Twitter. Send me a secure tip

Jonathan Ponciano

Jonathan Ponciano

I’m a reporter at Forbes focusing on markets and finance. I graduated from the University of North Carolina at Chapel Hill, where I double-majored in business journalism and economics while working for UNC’s Kenan-Flagler Business School as a marketing and communications assistant. Before Forbes, I spent a summer reporting on the L.A. private sector for Los Angeles Business Journal and wrote about publicly traded North Carolina companies for NC Business News Wire. Reach out at jponciano@forbes.com

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Business News

After a more than 100% surge over the past month, the cryptocurrency market is taking a massive hit Monday as regulators and other experts sound the alarm on bitcoin’s booming rally, but not everyone’s convinced the bearishness is warranted.”Bitcoin often exhibits large upside swings that tend to be followed by corrections–this is normal behavior for a new technology in the early stage of its adoption curve,” Anatoly Crachilov, the cofounder and CEO of crypto investment manager Nickel Digital, said Monday, adding that the market is positioned for expansion as institutional adoption soars.

“Only professional investors with a long-term view on the underlying technology should have exposure to this asset class. They also need high-risk tolerance levels and, importantly, to never lose sight of the forest for the trees.”Bank of America Securities Chief Investment Strategist Michael Hartnett warned that bitcoin looks like “the mother of all bubbles,” on Friday, noting that its roughly 1,000% surge since the beginning of 2019 has been fueled by “violent” inflation, akin to the short-lived surges of gold prices in the late 1970s and tech stocks in the late 1990s. Before crashing 80% by the end of 2018, the price of bitcoin, which first launched in January 2009, climbed 15-fold in 2017 amid a flood of heightened attention and surging mainstream adoption, as retail trading became easier through pioneering bitcoin platforms like brokerage Coinbase.

The cryptocurrency market’s massive rally has been fueled in large part by inflation concerns and institutional adoption. Investors have been eyeing regulatory approval of a bitcoin exchange-traded fund, but JPMorgan warned Friday that such a development may actually hurt bitcoin prices in the short term as investors cash out of the Grayscale Bitcoin Trust, an SEC-approved bitcoin price-tracking fund that investors have turned to in lieu of an ETF. As Bitcoin, Ethereum, Ripple’s XRP And Litecoin Lose Billions, Watchdog Issues Stark Crypto Price Warning (Forbes)SEC Charges Ripple With Selling $1.3 Billion In Unregistered Securities, XRP Loses $2 Billion In Market Value (Forbes) All data is taken from the source: http://forbes.com Article Link: https://www.forbes.com/sites/jonathan…#bitcoin#newsheadlines#cnnnewstoday#newstodaylocal#newstodayabc#newstodaybbc #

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Bitcoin Surpasses $15,000 To Reach Fresh 2020 High

Bitcoin prices extended their recent gains today, continuing to rally and breaking through the $15,000 level to hit a new high for this year.The world’s most prominent digital currency reached $15,306.84 at 11:15 a.m. EST on CoinDesk.

At this point, the cryptocurrency was up close to 10% over roughly the last 24 hours, additional CoinDesk figures reveal.The digital asset has been enjoying a great run this year, climbing more than 200% after falling below $4,000 back in March.

Ed note: Investing in cryptocoins or tokens is highly speculative and the market is largely unregulated. Anyone considering it should be prepared to lose their entire investment.

Price Drivers

When explaining bitcoin’s latest price movements, analysts pointed to several variables, including uncertainty surrounding the U.S. election.

“Bitcoin has broken through the $15,000 mark,” causing it to reach a multi-year high, said Charles Hayter, cofounder and CEO of digital currency data platform CryptoCompare. Recommended For You

“The surge comes at a time when Europe enters its second lockdown, the dollar continues to weaken and stock markets are rallying on the back of the US presidential election.”John Todaro, director of institutional research for TradeBlock, pointed to similar variables when interpreting bitcoin’s latest gains.

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“Equity markets have likewise risen alongside bitcoin as expectations of increased fiscal stimulus have risen—increased stimulus will devalue the dollar but push up equities and bitcoin as was expected in the event of a Biden win,” he stated.

Joe DiPasquale, CEO of cryptocurrency hedge fund manager BitBull Capital, offered a different point of view, describing bullish sentiment as the main driver of the digital currency’s latest gains.

The Path To $20,000

Now that bitcoin has broken through $15,000, analysts have started eyeing the $20,000 price level, speculating on when the cryptocurrency will reach a fresh, all-time high.Denis Vinokourov, head of research for London-based digital asset firm Bequant, commented on this situation.

“Bitcoin continues to grind ever so higher and, while calls for a re-test of the all-time high continue to grow ever so louder, parabolic price runs are not necessarily what the market needs for growth to be sustainable,” he stated.

“A correction and capital rotation into mid and small-cap assets, at this stage, would prove healthy for the overall marketplace.”“However, given the aforementioned FOMO and growing demand from retail, most signs point to a further squeeze higher,” said Vinokourov.

“Thus, ultimately, all eyes are on the elusive $20,000 price level, with little price discovery data to note any key levels – resistance or otherwise.”

Disclosure: I own some bitcoin, bitcoin cash, litecoin, ether and EOS. Follow me on Twitter or LinkedIn.

Charles Bovaird

 Charles Bovaird

I am a financial writer and editor with strong knowledge of asset markets and investing concepts. Currently, I serve as VP of Content for financial services firm Quantum Economics. I have worked for financial institutions including State Street, Moody’s Analytics and Citizens Commercial Banking. An author of more than 500 publications, my work has appeared in mediums such as New York Post, Washington Post, Fortune, CoinDesk and Investopedia. Previously, I created all the industrial finance training for a company with more than 300 people. I have spoken at industry events across the world and delivered speeches on financial literacy for Mensa and Boston Rotaract. I currently hold Bitcoin, Bitcoin Cash, Litecoin, Ether and EOS.

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The Crypto Analyst

Bitcoin flew through $10,000 today and set a new high! When wondering how high BTC can go? I do a Bitcoin technical analysis to show where I think this Bitcoin price prediction can really go to in 2020. Don’t Forget To LIKE, COMMENT, And SUBSCRIBE! Discord: https://discord.gg/DxuatMP TA COURSE: https://www.udemy.com/user/the-crypto… Patreon: https://www.patreon.com/user?u=10921422 Donate: https://streamlabs.com/thecryptoanalyst Donate Bitcoin: 15BJPmtMDVZVvep238TrXtTdyvJFj5tXQ8 Instagram: https://www.instagram.com/thecryptoan… Twitter: https://twitter.com/ACryptoAnalyst?la… Coinbase: $10 of FREE BITCOIN After Signing Up And Buying At Least $100 – https://www.coinbase.com/join/5a3e068… Binance: $10 of FREE BITCOIN After Signing Up And Buying At Least $100 – https://www.binance.com/?ref=16926559

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