Author: Coindesk
Ether (ETH) outperformed by a hair, falling 4% over the past day, but longer-term, the second-largest crypto has seen its price relative to bitcoin plunge 21% this year to its lowest level since April 2021. At $2,490 at press time, ether’s 2024 year-to-date advance has narrowed to just 9% versus bitcoin’s 39% rally. Read the full article here
However, the collapse of many key institutional lenders (e.g. BlockFi, Celsius, Voyager, Genesis) hampered the speculative demand these same lenders helped fuel. Though we’ve started to see signs of a recovery, with new entrants like Coinbase’s institutional financing business, this area remains tepid compared to just a few years ago. In addition, today’s higher rate environment offers less incentive to move money on-chain into a choppy market, especially when the alternative is getting paid 5% on your cash or stablecoin holdings to wait and see. Read the full article here
This morning, OpenSea said it had received a Wells Notice from the Securities Exchange Commission warning the agency was about to sue the leading NFT platform for violation of securities laws. The threatened action is the latest in a long line of similar moves from the SEC, and the reaction from the crypto industry has been fierce and near-uniform. Here is a small, representative sample. Read the full article here
Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.CoinDesk is an award-winning media outlet that covers the cryptocurrency industry. Its journalists abide by a strict set of editorial policies. In November 2023, CoinDesk was acquired by the Bullish group, owner of Bullish, a regulated, digital assets exchange. The Bullish group is majority-owned by Block.one; both companies have interests in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary with an editorial committee to protect journalistic independence.…
Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.CoinDesk is an award-winning media outlet that covers the cryptocurrency industry. Its journalists abide by a strict set of editorial policies. In November 2023, CoinDesk was acquired by the Bullish group, owner of Bullish, a regulated, digital assets exchange. The Bullish group is majority-owned by Block.one; both companies have interests in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary with an editorial committee to protect journalistic independence.…
TON OF TROUBLE. With Telegram CEO Pavel Durov set to appear in a French court on Wednesday, blockchain analysts are weighing the possible impact on the closely affiliated TON blockchain, officially called The Open Network. Alex Thorn, Galaxy Digital’s head of research, reminded investors in a report that the value of the TON blockchain and its native token, toncoin (TON), are “substantially dependent” on the project’s integration with Telegram. The TON price tumbled after the news that Durov was arrested on Saturday – detained as part of an investigation into crimes allegedly planned or broadcasted on Telegram. The TON blockchain…
Lombard has publicly launched LBTC, a “cross-chain, yield-bearing Bitcoin token designed for DeFi use.” According to the team: “The launch follows a successful private beta that attracted more than $165 million in deposits from over 600 institutional allocators. LBTC allows users to stake Bitcoin through Babylon and utilize it across various DeFi protocols. Initial integrations include major DeFi protocols such as Symbiotic, Morpho, Pendle, Corn, Gauntlet, Derive, EtherFi and Gearbox.” Read the full article here
Its first stop in Arizona will feature U.S. Sen. Kyrsten Sinema (I-Ariz.) and a top Republican state legislator, Arizona House Speaker Pro Tempore Travis Grantham, along with crypto businesspeople, according to the organization. After that event in Phoenix, Stand With Crypto will hit several other potential tossup states in the election, hosting similar events in Nevada, Michigan, Wisconsin and Pennsylvania. Read the full article here
For now, DeFi products will continue to compete with traditional products, but it is likely that the two will blend at some point. By leveraging DeFi’s technical components and CeFi’s KYC and AML requirements, we are looking at “CeDeFi”-based models becoming the most appropriate form that will be the underlying infrastructure of future finance. Read the full article here
It seems fairly obvious to fair-minded observers that after over a decade of the cryptocurrency currency trading makes it unlikely it’s going away anytime soon, as much as some may want that. Given that, you would think the reasonable person would say, “let’s properly regulate these products.” It is not true that crypto doesn’t face a myriad of state and federal regulations. What is true is that, as long as an enforcement-only regulatory approach is taken, the U.S. will see jobs move overseas, innovation will be hampered and crucial decisions will be left to the courts. Read the full article…