Author: Coindesk

“There could be some pronounced effects,” David Shuttleworth, partner at Anagram, told CoinDesk, noting that the amount of tokens being unlocked is multiple times larger than the average daily trading volume between $50 million and $200 million over the past month. “The broader timing, however, is favorable,” he added, with bitcoin (BTC) trading near all-time highs and other majors including ether (ETH) and solana (SOL) also performing well. Read the full article here

Gambaryan, head of financial crime compliance at Binance, was released on humanitarian grounds last week, eight months after he was first taken into Nigerian custody and subsequently charged with money laundering and tax evasion as a proxy for his employer, which the Nigerian government accused of tanking the value of the naira. The Nigerian government has since dropped both charges against Gambaryan, though Binance still faces tax-evasion charges in the country. Read the full article here

Bitcoin has been in a consolidation phase for multiple grueling months since its March 14 peak , dropping to as low as just under $50,000 at one point over the summer, but mainly sitting in roughly the $60,000-$65,000 range. The action tested investors’ patience and left many concerned that the bull market cycle begun in early 2023 had already topped out. Multiple attempts for new highs were met with heavy selling from bitcoin miners and long-term investors, while breakdowns were quickly arrested and bought up. Read the full article here

Ether, the second-largest cryptocurrency by market cap, has been trading in the rough range of $2,330 to $2760 since August, with the current price at $2624 as of press time. In the months from April to June, that range was much higher, at $3,503 to $3,368. Read the full article here

It’s unclear whether the vice president’s office would have had any say in the Treasury’s latest strategy, though it would seem to contrast with the crypto openness her campaign has been signaling. While Harris’ election opponent, former President Donald Trump, has made his recent crypto enthusiasm a prominent part of his 2024 campaign, his own administration’s Securities and Exchange Commission was the first to bring a major case that attacked the legal foundation of Ripple. Read the full article here

Perhaps having discounted some of the bitcoin rally with strong gains over recent days, crypto stocks for the most part aren’t posting major advances thus far on Tuesday. Most notably, MicroStrategy (MSTR) – which has vastly outperformed bitcoin prices in recent months – is up just 0.9% for the session. Crypto exchange Coinbase (COIN) is up 1.2%. Checking miners, MARA Holdings (MARA) is ahead 1.4%, Riot Platforms (RIOT) 3% and Hut 8 (HUT) 3%. Read the full article here

Henry Duckworth, co-founder and CEO of AgriDex, said that growing up in Zimbabwe where waves of currency devaluation has plagued the country’s economy and his experience as a commodities trader at trading behemoth Trafigura inspired him to build AgriDex to streamline cross-border payments for agricultural goods producers. Read the full article here

Consensys, one of the main supporters of the Ethereum network, is laying off 20% of its workforce, blaming broader macroeconomic conditions and ongoing regulatory uncertainty, including the Securities and Exchange Commission’s (SEC) “abuse of power” in the space. Read the full article here

DOGE futures interest is nearing record levels, thanks to increasing confidence of Donald Trump winning next week’s presidential election. Traders view DOGE as an election play thanks to Elon Musk’s endorsement of the Republican candidate, and by extension the possibility of Musk running a “Department of Government Efficiency,” abbreviated as D.O.G.E. DOGE-denominated futures have risen 33% since Sunday to 8 billion tokens as of European morning hours Tuesday. “Elon is memeing the idea of a ‘Department of Government Efficiency’ into reality and is able to tie it to DOGE somehow,” influential X account @theunipcs told CoinDesk. A Trump victory next…

High open interest can lead to increased volatility, especially as contracts near expiration. Traders might rush to close, roll over, or adjust positions, which can lead to significant price movements. Research firm Kaiko said in an X post that while futures showed strong interest from traders, the funding rates for such positions remain well below March highs which indicate tempered demand. Read the full article here