Author: Coindesk
“The average weekday spot volume on CEXs during 1Q24 was $18.8 billion, more than eight-fold the $2.3 billion daily volume of U.S. spot ETFs over the same period,” the note said. “This discrepancy in activity leads us to believe that bitcoin’s price discovery still remains rooted in global demand trends.” Read the full article here
The CEO of CF Benchmarks, a unit of cryptocurrency exchange Kraken, predicts that despite an inauspicious beginning, crypto exchange-traded funds (ETFs) in Hong Kong will reach $1 billion in assets under management (AUM) by the end of 2024, Bloomberg reported on Friday. Read the full article here
The U.S. economy added 175,000 jobs in April, according to the government’s Nonfarm Payrolls report released Friday morning. That number stands against economist forecasts for 243,000 jobs and March’s 315,000 (which was revised from a previously reported 303,000). Read the full article here
About a third of the country’s local councils went to the polls on Thursday, with more than 2,600 seats up for grabs. With results in from 40 of the 107 councils, Labour had won 360 council positions, a gain of 62, while the Conservatives lost 147 for a total of 129, falling behind the Liberal Democrats, BBC data shows. Many of the other results, including the London mayoral election, may not be known until tomorrow or even Sunday. Read the full article here
“While we believe investors must remain level-headed around the ebbs and flows of enthusiasm into the industry, which often coincide with fluctuations in price, we see a number of underlying trends supporting our positive thesis that Coinbase will be a relevant player in virtually all aspects of the crypto economy,” JMP analysts led by Devin Ryan wrote. Read the full article here
“Most users got 10x less airdrop than what they were expecting, so they are not even claiming that airdrop, as its less than 200$ for most of the retail investors,” Malviya told CoinDesk in a direct message on X. “But at the same time few people ended up making crazy amount. So its a clear case of very concentred airdrop where leading creators took the most supply home through airdrop, leaving retail in disguise.” Read the full article here
As is the case with all emerging asset classes with a small market cap, the cryptocurrency is more likely to experience higher volatility due to new capital flows, the note said. “However, as the asset class matures and its total market cap grows, the inflow of capital is expected to have a smaller impact because it will be flowing into a larger capital base.” Read the full article here
Gambaryan, who is a U.S. citizen and Binance’s head of financial compliance, was detained in Nigeria alongside British-Kenyan regional manager for Africa, Nadeem Anjarwalla, in February. The company, alongside the executives, was given anti-money laundering charges as well as tax evasion charges from Nigerian authorities almost a month later. The EFCC brought forward the money laundering charges. Read the full article here
We are the first company to do this with PayPal, and it was a long process to get them comfortable,” Soto-Wright said in an interview. “We process billions of dollars on debit and credit cards in terms of cryptocurrency, and we think this is going to be a big step up for us in terms of helping us reach more customers, people that may have had their card declined from one of their banks. Nobody’s fault; it’s just the banks; banks sometimes reject crypto companies.” Read the full article here
Paragraph founder Colin Armstrong says that his product differed from Mirror, at least initially, in that it tried to appeal more to a Web2 audience. Armstrong, who has written for tech publications in addition to working as an engineer at Google and Coinbase, says he also focused his product more on referral programs and other features to help authors widen their distribution. Mirror, meanwhile, managed to develop a stronger brand and design language, said Armstrong. Read the full article here