Author: Coindesk

Bringing more complex products to the network had the effect of using up more block space, and competition for this space drove up transaction fees. In fact, in May of 2023, during the height of the initial Ordinals craze, transaction fees accounted for a full 43% of the total income per block. Later in 2023, Ordinal demand again spiked and saw fees on individual transactions spike as high as $37, a level not seen in over two years prior. Read the full article here

A series of Fed members have made clear they’re not inclined to begin easing monetary policy until seeing a sustained path, i.e., more than just one monthly report, of inflation trending downward. Traders, meanwhile, have quickly whittled away their expectations of rate cuts, and prior to this morning’s report had priced in just two or three for the full year, according to the CME FedWatch Tool, with the first move coming in June or July. Following the new inflation data, the tool now shows September as the most likely time for an initial rate cut. Read the full article here

Crypto exchange WOO X has introduced a set of index perpetual contracts linked to meme coins, the top 30 cryptocurrencies and layer-2 (L2) tokens in partnership with market maker Wintermute and index provider GMCI. WOO X closed a $9 million funding round in January with participation from Wintermute and Amber. The firm is offering traders GMCI’s MEME index, which includes top meme coins like SHIB, PEPE and DOGE, and an L2 index that monitors scaling tokens like MATIC, IMX and OP, the companies said. Indexes are widespread in traditional finance, allowing traders to monitor and – through linked products –…

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In the three months since, GBTC has seen total outflows worth $15 billion, according to BitMEX Research. In March, these were hitting $600 million a day but have fallen significantly since. On Monday and Tuesday this week, they stood at $303 million and $155 million, respectively. Read the full article here

Indices are a popular product in traditional finance with the Chicago Mercantile Exchange, S&P Futures or Nasdaq Futures, allowing traders exposure to the whole market. The new products would soon be complimented by a copy trading option, as well as on-chain U.S. Treasury Bills, WOO X chief operating officer Willy Chuang said. Read the full article here

Friend.tech was earning in excess of $1 million per day in fees at its August peak after going viral on X and gaining more than 100,000 unique users, a significant number for crypto application standards. Shares of some crypto X personalities, such as @Cobie and @HsakaTrades, jumped to as much as three ether, or nearly $5,000, at the time. Read the full article here

“This integration will have a profound impact on the Sui community, fueling enhanced liquidity, expanding the network’s utility, and unlocking new possibilities for builders and users,” Greg Siourounis, managing director of ecosystem development organization Sui Foundation, said in an emailed statement. Read the full article here

“He spent his customers’ money and he lied to them about it. Where did the money go? The money went to pay for investments, to repay loans, to cover expenses, to purchase property, and to make political donations,” Roos said last year. During the sentencing hearing, he went further, saying, “the fact that Mr. Bankman-Fried spent the money on investments, rather than sports cars, or whatever you might expect for someone classically greedy, does not make him not greedy or does not express a motive of greed. The fact that he had ambitions that seem altruistic does not make him…

The strategy also mimics that of Tysons Corner, Virginia-based MicroStrategy, the software developer that in 2020 said it would start building up its holdings of bitcoin. Since then, its stock price has often mirrored the fluctuations in bitcoin’s price, reflecting investor sentiment toward the cryptocurrency market. It is now the largest corporate owner of bitcoin, according to bitcointreasuries.net, holding more than 214,000 valued at more than $15 billion. Read the full article here