Crypto

New U.S. Legislation Proposed to Regulate Stablecoins
Post

New U.S. Legislation Proposed to Regulate Stablecoins

Senators Kirsten Gillibrand of New York and Cynthia Lummis of Wyoming have introduced new legislation aimed at regulating the stablecoin market. The bill, known as the Lummis-Gillibrand Payment Stablecoin Act, was reported by Bloomberg on Wednesday, April 17. It seeks to establish clear regulations for payment stablecoins, which are dollar-pegged digital assets used for transaction...

Korean Crypto Markets Experience Surge in Trade Volume, Hitting 2-Year High
Post

Korean Crypto Markets Experience Surge in Trade Volume, Hitting 2-Year High

In the first quarter of 2024, Korean cryptocurrency markets achieved their highest trade volumes in over two years, with the Korean Won (KRW) surpassing the US Dollar (USD) in cumulative trade volume. This surge is attributed to an improved macroeconomic environment and increased competition among local exchanges, as detailed by blockchain analytics firm Kaiko. Historically...

Germany’s LBBW Bank to Launch Crypto Custody Services with Bitpanda
Post

Germany’s LBBW Bank to Launch Crypto Custody Services with Bitpanda

Landesbank Baden-Württemberg (LBBW), Germany’s largest federal bank, has announced its plans to launch crypto custody services, tapping into the increasing demand from its corporate and institutional clients. This move underscores a significant pivot towards integrating cryptocurrencies within traditional banking frameworks. In collaboration with Austrian-based Bitpanda, LBBW aims to introduce an “investment-as-a-service” infrastructure that will support...

Crypto Market Faces Sudden Downturn as Liquidations Approach $500 Million
Post

Crypto Market Faces Sudden Downturn as Liquidations Approach $500 Million

The cryptocurrency market witnessed significant turbulence, with total liquidations nearing the half-billion-dollar mark over the past 24 hours. According to CoinGlass, a crypto liquidations tracker, the total amounted to approximately $858.15 million, affecting 270,018 traders. The sudden price decline of major cryptocurrencies on Friday afternoon saw Bitcoin, Ethereum, and Solana experiencing sharp drops within a...

Hong Kong Set to Approve First Bitcoin and Ethereum ETFs
Post

Hong Kong Set to Approve First Bitcoin and Ethereum ETFs

Hong Kong regulators are reportedly on the brink of approving the first Bitcoin and Ethereum exchange-traded funds (ETFs) in Asia, with an announcement expected by April 15. This pioneering move could position Hong Kong as the inaugural Asian market with operational Bitcoin and Ethereum ETFs. Sources close to Bloomberg suggest that an international branch of...

Bitcoin Slumps as March US CPI Data Surpasses Expectations
Post

Bitcoin Slumps as March US CPI Data Surpasses Expectations

Bitcoin prices tumbled following the release of the U.S. Consumer Price Index (CPI) data for March, which revealed a hotter-than-expected inflation rate of 3.5%. This figure exceeded the forecasts of 3.4% and outpaced the previous month’s rate of 3.2%, signaling persistent inflationary pressures in the economy. The data, issued by the U.S. Bureau of Labor...

Mixed Signals in Bitcoin ETF Market Amidst Grayscale’s Record Outflows
Post

Mixed Signals in Bitcoin ETF Market Amidst Grayscale’s Record Outflows

The landscape of Bitcoin ETFs in the US is witnessing a paradox of flows, with the recent market activities reflecting a mixed sentiment among investors. After a sequence of inflows, the Bitcoin ETF market encountered a significant net outflow, primarily attributed to a massive withdrawal from Grayscale’s GBTC fund, which saw a record outflow of...

China Fund Eyes Q2 for Launch of Hong Kong’s First Spot Bitcoin ETF
Post

China Fund Eyes Q2 for Launch of Hong Kong’s First Spot Bitcoin ETF

In a bold stride towards embracing cryptocurrency, the Hong Kong subsidiaries of leading fund companies, including Southern Fund and Harvest Fund, are spearheading the development of Bitcoin exchange-traded funds (ETFs). A recent report highlights the submission of a spot Bitcoin ETF application to the Hong Kong Securities Regulatory Commission by Harvest Fund, marking a significant...

Bitcoin Surges 2% Amid Anticipation of Interest Rate Cuts
Post

Bitcoin Surges 2% Amid Anticipation of Interest Rate Cuts

In a remarkable rebound, Bitcoin’s value soared to $67,510 on April 4th, marking a 2% increase following positive remarks from the US Federal Reserve about potential interest rate easing. This uptick aligns with the optimistic opening of Wall Street, contrasting with a dip in gold prices after they crossed the $2,300 threshold. Jerome Powell, the...

Tether Boosts Bitcoin Holdings with $618 Million Purchase
Post

Tether Boosts Bitcoin Holdings with $618 Million Purchase

Tether, the entity behind the widely-used USDT stablecoin, has significantly increased its Bitcoin investment, purchasing 8,888 BTC valued at $618 million on March 31. This strategic acquisition escalates Tether’s Bitcoin reserves to more than 75,000 BTC, equivalent to around $5.2 billion, positioning Tether as the seventh largest Bitcoin holder globally. This move underscores Tether’s commitment...