📊 Crypto Monthly Trading Volume Drops for First Time in Seven Months to $6.58T

Cryptocurrency trading volume cooled in April, registering the first decline in seven months as escalating geopolitical tensions and slower inflows into U.S.-listed spot ETFs weighed over the digital assets market. The cumulative volume in spot and derivatives markets fell by 43.8% to $6.58 trillion, a sharp retracement from March’s record high of $9.12 trillion, according to a report by London-based digital assets data provider CCData.

Source

https://www.tg-me.com/CryptoMarketTime

🇳🇬 Nigeria claims 🟠 Binance’s bribery allegations are ‘blackmail’

The Nigerian government has refuted bribery allegations made by crypto exchange Binance, which were described as baseless and an attempt to distract from the company’s legal challenges in the country, according to a press statement released on May 8. Binance CEO Richard Teng recently alleged that Nigerian officials demanded $150 million in crypto to settle an ongoing criminal investigation against the company.

Source

https://www.tg-me.com/CryptoMarketTime

💰 Bitcoin Advocate Says ASIC Devices’ Inflexibility Makes AI Involvement Unlikely for Bitcoin Miners

According to Joe Downie, the chief marketing officer at Nicehash, bitcoin miners struggling to stay afloat after the halving are unlikely to support or become involved with artificial intelligence (AI). This is because their application-specific integrated circuit (ASIC) miners now “only allow for mining on one algorithm.” Furthermore, Downie argued that bitcoin mining devices are not “designed for flexibility,” and hence, they cannot be used to support AI infrastructure.

Source

https://www.tg-me.com/CryptoMarketTime

🪙 Ethereum transaction fees hit record low as Layer-2 networks siphon activity

The average transaction fee on Ethereum has reached record lows as more activity moves to the Layer-2 (L2) networks on the chain. According to Ultrasound.money data, the average gas has dropped to 4.81 Gwei — the lowest level since the network completed the Merge event in 2022. Market observers attributed this decline to increasing activity on L2 networks following the completion of the Dencun upgrade. The Dencun upgrade significantly reduced fees for L2 networks, making transacting on the base layer less attractive.

Source

https://www.tg-me.com/CryptoMarketTime

🇺🇸 DOJ Said to Snub Sullivan & Cromwell, Appoint Competitor to Coveted 🟠 Binance Monitorship: Bloomberg

The Department of Justice (DOJ) has chosen a London-based consulting firm for a coveted three-year monitorship of Binance, according to a Friday report from Bloomberg citing anonymous sources. DOJ earlier this year, the crypto exchange agreed to pay $4.3 billion in fines and appoint an independent compliance monitor. The firm’s CEO and co-founder Changpeng “CZ” Zhao also agreed to step down as part of the agreement, and was sentenced to four months in prison.

Source

https://www.tg-me.com/CryptoMarketTime

⬜️ Founder of dYdX steps down as CEO of firm behind decentralized exchange

Antonio Juliano, founder and CEO of dYdX Trading Inc., the developer behind the decentralized derivatives exchange dYdX, has stepped down as CEO, citing personal and professional reasons. “The change wasn’t sudden to the internal team, employees, or stakeholders. It had been in discussion," a spokesperson told The Block.

Source

https://www.tg-me.com/CryptoMarketTime

💰 Bitcoin miners poised to offload BTC as mining revenue plunges: Kaiko data

A bitcoin selloff likely looms large as the token’s miners face pressure to offload their holdings amid a steep revenue drop-off, crypto research and analytics firm Kaiko’s data shows. Bitcoin miners largely rely on two revenue streams: mining rewards and transaction fees. April’s halving event, the long-ago coded reduction in mining rewards to 3.125 BTC from 6.25 BTC, posed a unique headwind for miners trying to cover their overhead.

Source

https://www.tg-me.com/CryptoMarketTime

🪙 Ether options traders eye calls above $3,600 for June expiry

The term structure of open interest in ether options reveals a concentration of calls expiring at the end of June, comprising over 617,000 contracts with a notional value exceeding $1.8 billion, according to Deribit data. The significant number of call contracts and their substantial notional value could reflect confidence in ether's potential to appreciate by the end-of-June expiry date.

Source

https://www.tg-me.com/CryptoMarketTime

🪙 Filing shows SEC potentially considering ETH a security in likely ETF denials, analysts say

Van Buren Capital General Partner Scott Johnsson unearthed Tuesday an overlooked detail in a March filing, resurfacing the suggestion that the U.S. Securities and Exchange Commission may consider ether a security ahead of expected spot exchange-traded fund denials this month. “The obvious purpose is to potentially deny on the basis that these spot filings are improperly filed as commodity-based trust shares and do not qualify if they are holding a security,” Johnsson added.

Source

https://www.tg-me.com/CryptoMarketTime

🪙 QCP expects current momentum to push the bitcoin price back to all-time highs

QCP Capital today stated that it expects the price of bitcoin to ride back to the highs of $74,000 after the latest Consumer Price Index print in the United States saw risk assets surge yesterday. "We expect bullish momentum here that could take us back to the highs of 74k," the institutional-focused firm wrote in the Telegram channel QCP Broadcast, citing buy-side demand.

Source

https://www.tg-me.com/CryptoMarketTime

🏦 Coinbase Shares Sink 9% on Report CME to Consider Listing Spot Bitcoin

Shares of Coinbase dropped nearly 8% to $202.49 during U.S. morning hours on Thursday after a Financial Times report that the Chicago Mercantile Exchange (CME) might soon offer spot bitcoin trading amid strong interest from clients. Cryptocurrencies were up on the day. The CoinDesk 20 Index, which tracks 20 of the largest digital tokens by market capitalization, is 0.91% higher over the past 24 hours.

Source

https://www.tg-me.com/CryptoMarketTime

💰 Senator Lummis Posts Bitcoin Laser Eyes After Passed Crypto Legislation

U.S. Senator Cynthia Lummis recently posted “Bitcoin laser eyes” on X, showing her support for laws supporting the cryptocurrency. U.S. Senator Cynthia Lummis, representing Wyoming, is well-known for her advocacy of Bitcoin. She views the asset as a dependable store of value and a safeguard against inflation. Serving on the Senate Banking Committee, she aims to enforce a regulatory framework that fosters crypto innovation while safeguarding consumers.

Source

https://www.tg-me.com/CryptoMarketTime

🟠 Binance Exec Tigran Gambaryan Denied Bail by Nigerian Court

Detained Binance executive Tigran Gambaryan’s bail application was denied by a Nigerian court on the grounds that there is a likelihood that he will manage to jump bail, the spokesperson for the executive’s family said on Friday. Binance and the executives’ money laundering, tax evasion and the exchanges detained Head of Compliance Tigran Gambaryans bail hearings all occurred on Friday in Nigeria.

Source

https://www.tg-me.com/CryptoMarketTime

🪙 Ether ETFs Filing Process Sees Abrupt Progress, Though Approval Not Guaranteed: Sources

The exchanges that want to list and trade shares of spot ether (ETH) exchange-traded funds are abruptly being asked by regulators to update key filings related to these products. Exchanges are being asked to update 19b-4 filings on an accelerated basis by the U.S. Securities and Exchange Commission, three people familiar with the situation told CoinDesk, suggesting they may be moving to approve these applications ahead of a key deadline this Thursday.

Source

https://www.tg-me.com/CryptoMarketTime

🪙 Tether mints $1 billion USDT on Ethereum amid ETF anticipation

Stablecoin issuer Tether minted $1 billion USDT tokens on the Ethereum blockchain, capitalizing on a market upswing driven by hopes that the US Securities and Exchange Commission (SEC) might approve a spot ETH ETF for trading this week. Market analysts suggested that Tether’s new minting is a strategic move ahead of a potential market rally triggered by an ETH ETF approval. Ivan Sherbakov, CEO of Cryptorobotics, said this minting “will be used as liquidity to pump the market ahead of ETF news.”

Source

https://www.tg-me.com/CryptoMarketTime

🪙 Ethereum futures ETF daily trading volume hits all-time high as spot approval anticipation grows

Daily trading volume for Ethereum futures exchange-traded funds hit a fresh all-time high yesterday amid increasing anticipation of spot approvals from the U.S. Securities and Exchange Commission. The Ethereum futures ETFs generated $47.75 million in trading volume on Tuesday — 40% more than the prior $34.18 million peak set on March 5 as ether was approaching the $4,000 mark — building on their $23.67 million spike on Monday.

Source

https://www.tg-me.com/CryptoMarketTime