Author: Coindesk

Bitcoin’s (BTC) price on CME futures dropped to a low of around $76,700 on Monday, officially filling the CME futures gap that was created on Nov. 5, when President Trump won the U.S. election.At the end of February, bitcoin (BTC) briefly fell to approximately $78,500, partially filling the gap, as the lowest point of the gap was $77,400. However, since CME futures only dropped to around $78,500 at that time, the gap remained partially open. With Monday’s decline to $76,700, the gap—ranging from $77,930 to $80,600—has now been fully closed.For context, CME bitcoin futures trade 23 hours a day, from…

Coinbase (COIN) is one step closer to fully returning to India after securing registration with the Financial Intelligence Unit (FIU), the crypto exchange said on Tuesday.The Nasdaq-listed company, which was active in the country several years ago, faced a number of issues due to regulatory pressure and eventually backed away from India. In 2022, it started operations in the country only to suspend them due to “informal pressure” from the Reserve Bank of India. The following year, the exchange shut off new user registration, while continuing to offer wallet services to Indian citizens.The FIU registration allows Coinbase to bring its…

The latest draft of the Guiding and Establishing National Innovation for U.S. Stablecoins (GENIUS) Act, introduced before a hearing Tuesday, proposes a significant shift in the approach to stablecoin oversight.The draft wants to split stablecoin regulation between state and federal authorities, while also introducing new enforcement and transparency requirements for issuers.The GENIUS Act is sponsored by Senators Bill Hagerty (R-TN), Tim Scott (R-SC), Chairman of the Senate Banking Committee, Kirsten Gillibrand (D-NY), Cynthia Lummis (R-WY), and Angela Alsobrooks (D-MD). It was first introduced by Hagerty in February.One of the most notable changes is the increased threshold for state regulatory authority…

It may be a coincidence, but the recent decline in the Nasdaq and bitcoin (BTC) coincides with a sharp rise in Japanese government bond yields and the strengthening of the safe-haven Japanese yen (JPY), reminiscent of the market dynamics seen in early August.There could be a causation here, as, for decades, the low-yielding yen propped up global asset prices. The ongoing rise in the Japanese yen may have had a hand in the recent risk aversion on Wall Street and in the crypto market.That said, the bullish positioning in the Japanese yen looks overstretched, with speculators holding record longs last…

Pakistan, one of the top 10 nations for remittances from abroad, may leverage blockchain technology to streamline the process, Bilal bin Saqib, chief adviser to the finance minister and a member of the recently established Pakistan Crypto Council (PCC), said Monday.Overseas Pakistanis sent over $31 billion in 2023-24 via traditional channels that are often slow and expensive, Saqib told CoinDesk in an interview. Fees can exceed 5%.Remittances are earnings that migrants send back home, either as cash or as goods. The cash from abroad is a lifeline in many countries, where it acts as a buffer during crises and a…

An ether (ETH) whale, who has held the token since its initial coin offering (ICO), made waves on Monday as it moved ETH worth millions to crypto exchange Kraken, according to blockchain sleuth Spot on Chain.The whale deposited 7,000 ETH, worth $13.8 million at press time, to Kraken as the token’s price plummeted along with the broader market on U.S. recession fears. Ether tanked to $1,760, reaching the lowest since October 2023, and last changed hands at $1,900.Large inflows into exchanges are said to represent investors’ intention to liquidate the asset or deploy the same as margin/collateral in derivatives trading.…

Thailand’s financial regulator the Securities and Exchange Commission (SEC) is expanding its list of approved cryptocurrencies with the two largest stablecoins, Tether’s USDT and Circle’s USDC as trading pairs on digital asset exchanges.Previously, only bitcoin (BTC), ethereum (ETH), XRP, stellar (XLM), and certain tokens used in the Bank of Thailand’s settlement system were approved by the regulator. The move comes after a public consultation in February, during which most respondents backed the proposal. The new rules from the will take effect on March 16.By recognizing USDT and USDC, Thailand is aligning itself with global trends where stablecoins play a key…

Investment managers Rex Shares and Osprey Funds have filed to list an exchange-traded fund (ETF) tracking the price performance of Movement Networks’ MOVE.The Ethereum layer-2 network’s mainnet, which is built using MoveVM, is expected to launch on Monday.The proposed REX-Osprey MOVE ETF would invest at least 80% of its assets in MOVE or related instruments, using a mix of direct holdings and derivatives, according to a recent filing with the U.S. Securities and Exchange Commission (SEC).Rex Shares, an ETF issuer, has in the past filed to launch funds with crypto asset manager Osprey Funds, including offerings with exposure to memecoins like…

Web3 wasn’t designed for humans at scale; it was built for machines. Its complexity has limited its adoption, but the “Post Web” stack is taking shape with AI agents emerging as autonomous economic actors.Smart contracts, decentralized networks, and verifiable computation will remain. But now they are being optimized for AI-driven execution, coordination, and intent-based automation.The question isn’t whether it’s happening but how fast we need to adapt.For the past decade, we have been beta-testing decentralized systems and applications. While millions of people engage with blockchain networks, DeFi protocols, and decentralized applications (dApps), the reality is that Web3 remains vastly underutilized.Despite…

The Cayman Islands, an autonomous British Overseas Territory in the Caribbean that has attracted many crypto firms over the past several years thanks to its friendly regulatory structure, now requires companies that provide custody and trading services to obtain a license.According to the country’s updated Virtual Asset (Service Providers) (Amendment) Regulations, the new law will go into effect on April 1, 2025, and firms already operating in the country will be required to submit their application before June 29, 2025.The application process asks custodians to disclose the types and amount of crypto they plan to hold on behalf of their…