Approximately $50 million in inflows were reported during Friday’s spot bitcoin exchange-traded fund (ETF) trading sessions. The day’s total trade volume amounted to about $1.73 billion. Both Grayscale’s GBTC and Vaneck’s HODL registered outflows, with HODL’s being significantly smaller than GBTC’s. Among the 11 funds, only IBIT and FBTC experienced gains, with Blackrock’s Bitcoin Trust (IBIT) capturing the majority of the inflows.
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@CryptoMagazine
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Ethena Labs USDe stablecoin, also known as a 'synthetic dollar' which maintains its peg through arbitrage mechanics and a yield-returning cash-and-carry trade, has reached a supply of $3 billion tokens just four months following its public launch in February. Now, it's on track to challenge DAI as the largest algorithmic or decentralized stablecoin, though it'll have to add another $2 billion in supply to get there, according to data from The Block.
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@CryptoMagazine
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🇭🇰 Hong Kong Reveals 17 Crypto Trading Platform Applicants as New Regulations Take Effect
Hong Kong’s Securities and Futures Commission (SFC) has published a list of two licensed crypto trading platforms and 17 pending applicants under the new regulations that went into effect on June 1. The financial regulator stresses that operating without a license is a criminal offense and commits to taking appropriate actions against any legal breaches.
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@CryptoMagazine
Hong Kong’s Securities and Futures Commission (SFC) has published a list of two licensed crypto trading platforms and 17 pending applicants under the new regulations that went into effect on June 1. The financial regulator stresses that operating without a license is a criminal offense and commits to taking appropriate actions against any legal breaches.
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@CryptoMagazine
Global crypto investment products at asset managers such as Ark Invest, Bitwise, BlackRock, Fidelity, Grayscale, ProShares and 21Shares registered net inflows totaling $185 million last week, a fourth-consecutive week of positive inflows, according to CoinShares' latest report. The streak saw May inflows reach $2 billion, pushing year-to-date net inflows above the $15 billion level. However, volume fell over the past week, generating $8 billion in trading compared to $13 billion the week prior.
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@CryptoMagazine
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🇺🇸 Short seller hits Riot Platforms, says US bitcoin miners are 'competing in a global race they cannot win'
“Bitcoin mining is easily among the worst business models for a public company we have ever encountered,” Kerrisdale Capital analysts wrote in a 17-page report this morning. “[U]npredictable revenue, capital intensive, extremely competitive, a pure commodity product, and lately drawing intense regulatory scrutiny even in crypto-friendly places like Texas where Riot has 100% of its bitcoin production.” Riot Platforms' stock is falling in Wednesday’s session after a short seller released a new report on the company and the entire U.S. bitcoin mining industry.
Source
@CryptoMagazine
“Bitcoin mining is easily among the worst business models for a public company we have ever encountered,” Kerrisdale Capital analysts wrote in a 17-page report this morning. “[U]npredictable revenue, capital intensive, extremely competitive, a pure commodity product, and lately drawing intense regulatory scrutiny even in crypto-friendly places like Texas where Riot has 100% of its bitcoin production.” Riot Platforms' stock is falling in Wednesday’s session after a short seller released a new report on the company and the entire U.S. bitcoin mining industry.
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@CryptoMagazine
🇨🇳 Bybit seems to open up registration and authentication to Chinese users: report
The crypto exchange Bybit seems to have enacted services in a previously restricted jurisdiction: the People's Republic of China. Bybit enabled registration and authentication services for users in China, allowing them to provide their ID, passport, driver's license, or resident permit to proceed with know-your-customer protocols on the platform, reports to social media-based news outlet Wu Blockchain. The Block reached out to Bybit for confirmation.
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@CryptoMagazine
The crypto exchange Bybit seems to have enacted services in a previously restricted jurisdiction: the People's Republic of China. Bybit enabled registration and authentication services for users in China, allowing them to provide their ID, passport, driver's license, or resident permit to proceed with know-your-customer protocols on the platform, reports to social media-based news outlet Wu Blockchain. The Block reached out to Bybit for confirmation.
Source
@CryptoMagazine
Robinhood is set to acquire Bitstamp in a potential $200 million deal designed to better position the crypto and stock trading platform for expansion outside of the U.S. The cash deal is expected to close in the first half of 2025, according to a statement on Thursday, subject to customary closing conditions — including regulatory approvals — Robinhood said. Barclays Capital Inc. served as the exclusive financial advisor to Robinhood, and Galaxy Digital Partners LLC served as the exclusive financial advisor to Bitstamp, according to the statement.
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@CryptoMagazine
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Kraken is considering doing another funding round as it potentially eyes an initial public offering, Bloomberg reported Thursday, citing people familiar with the matter. The crypto exchange could raise north of $100 million in a pre-IPO round, as investors turn toward the crypto market amid a rally in token prices, sources told Bloomberg. If Kraken chooses to raise more funds, the round could be completed by the end of the year, according to one source who spoke with the publication.
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@CryptoMagazine
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JUST IN: 🇺🇸 Donald Trump calls himself a "crypto president" at San Francisco tech fundraiser.
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Media is too big
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Over 100 former federal prosecutors and federal agents joined forces to urge the prompt release of detained Binance executive Tigran Gambaryan in a letter sent to Secretary of State Tony Blinken, first seen by Axios. Gambaryan, who is also a former federal agent, has been held hostage in “deplorable conditions” for about three months without proper assistance to seek legal or medical help despite his declining health, according to the letter.
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@CryptoMagazine
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Global crypto investment products at asset managers such as Ark Invest, Bitwise, BlackRock, Fidelity, Grayscale, ProShares and 21Shares registered net inflows totaling $2 billion in the first week of June, a fifth-consecutive week of positive inflows, according to CoinShares' latest report. Last week’s net inflows matched those for the whole of May, bringing the five-week streak to a total of $4.3 billion and assets under management above the $1 billion level for the first time since March.
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@CryptoMagazine
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OP Labs has released fault proofs on the Layer 2 blockchain OP Mainnet — advancing the project to a stage 1 rollup in terms of decentralization. The fault proof system allows for ether and ERC-20 token withdrawals from OP Mainnet without the need for trusted third parties — enabling users to challenge and remove invalid withdrawals. Fault proofs serve as a mechanism for Ethereum Layer 2 networks, allowing users to contest potentially fraudulent or incorrect transactions.
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@CryptoMagazine
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🇳🇬 Nigerian Minister: Binance Fails to Pay Taxes on Over $20 Billion Turnover
In 2023, Binance generated revenues exceeding $20 billion in Nigeria; however, the company has not paid taxes, a government minister disclosed. The Nigerian official also seemed to refute U.S. lawmakers’ claims that Tigran Gambaryan, an imprisoned Binance executive, is being held hostage by his government.
Source
@CryptoMagazine
In 2023, Binance generated revenues exceeding $20 billion in Nigeria; however, the company has not paid taxes, a government minister disclosed. The Nigerian official also seemed to refute U.S. lawmakers’ claims that Tigran Gambaryan, an imprisoned Binance executive, is being held hostage by his government.
Source
@CryptoMagazine
The cryptocurrency market has experienced a notable selloff over the past two days, which has led to a surge in liquidations. Bitcoin, the largest crypto by market cap, was down 3.5% over the past 24 hours to $67,275, according to The Block’s bitcoin price data, while Ethereum was down 4.6% to $3,495. The selloff has led to the liquidation of about $270.4 million in leveraged positions over the past 24 hours, according to CoinGlass. A significant portion, $238 million, were long positions.
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@CryptoMagazine
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MetaMask developer Consensys has launched pooled staking for its popular web3 wallet, enabling users to stake any amount of ether to contribute to Ethereum network security and earn validator rewards. Before the launch, only users with at least 32 ETH (around $113,000), the minimum required by the Ethereum protocol, could stake natively in validators operated by the firm. MetaMask users can unstake their ether at any time, but the process is subject to waiting times that may vary depending on the current Ethereum validator exit queue.
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@CryptoMagazine
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Terraform Labs agreed to pay $4.47 billion in fines after reaching a settlement with the U.S. Securities and Exchange Commission over its algorithmic stablecoin that fell dramatically in 2022. The SEC filed a "proposed final consent judgment" on Wednesday, asking Judge Jed Rakoff of the U.S. District Court for the Southern District of New York to approve the plan.
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@CryptoMagazine
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U.S. Securities and Exchange Commission Chairman Gary Gensler gave comments related to the timeline of spot ether exchange-traded fund listing approval in a Thursday hearing at the United States Senate Committee on Appropriations. When U.S. Sen. Bill Hagerty (R-TN) asked Gensler about the approval process for ether ETFs, Gensler estimated the approvals to occur sometime this summer.
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@CryptoMagazine
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Bitcoin miner Bitfarms has reiterated the Riot Platforms takeover proposal would not be in the best interest of its shareholders and later announced it entered into an agreement to develop its first large-scale mining site in the United States, which will boost the miner's overall power capacity. As a result, this raises Bitfarms' 2025 power capacity to 648 megawatts, 170% growth from its current capacity and up 47% from its targeted year-end 2024 capacity.
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@CryptoMagazine
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