Binance price feed11/16/2023 ![]() "With tightening regulations in the earlier part of this year, we're seeing a lot of traditional institutions that used to provide fiat ramp channels pull away."Ī U.S. "Today, to be very frank, it's actually fiat ramps," CZ said in comments reported by Insider, referring to how people move money from traditional banks to crypto exchanges. Furthermore, Genesis Global Capital announced the discontinuation of its crypto spot and derivatives trading operations, while Bybit announced its decision to vacate the UK market, in preparation for more stringent regulations from the UK regulator in October.Appearing at a Singapore crypto conference, CZ was asked what the biggest challenges would be in bringing the next 100 million users into the bitcoin, ethereum and crypto market. Former FTX CEO, Sam Bankman-Fried (SBF) failed in his attempt to be released from jail, while Binance.US announced the resignation of its CEO, amid increasing regulatory scrutiny. While this bodes well for the future of the asset, we also continue to grapple with the legacy issues of the past. In sum, the US economy is at a crossroads and increasingly complex to read.Ĭrypto headlines in the past week were dominated by the latest traditional asset manager – Franklin Templeton – seeking approval for its Bitcoin spot ETF, mirroring previous applications by Blackrock, Fidelity, Invesco, and Ark Invest. Retail sales, however were also up 0.6 percent and the labour market showcased resilience, indicating confidence in the economy. These upswings flag the potential roadblocks in attaining subdued inflation in the coming months. Producer prices on the other hand rose by 0.7 percent, the steepest rise since June 2022, also driven by gasoline costs. While Consumer Prices for August rose by 0.6 percent, largely propelled by a 10.6 percent leap in gasoline prices, core inflation posted a more tempered growth of 0.3 percent. Economic surveys report i nflationary pressures, hiring struggles, and fluctuating consumer sentiment. The economic outlook continues to be finely poised and for this reason we do not expect any movement on rates at the FOMC this week. ![]() It continues the trend within BTC markets of greater LTH accumulation. Such ‘time capitulation’ by STHs is typical of this cohort. Current metrics, however, depict STHs offloading these assets, with LTHs capitalising on the opportunity to buy in again. As Bitcoin navigated $28,200 last month, Long Term Holders (LTHs) were divesting, with STHs stepping in. ![]() Bitcoin’s average realised price hovers around $20,500, establishing this as a strategic level for the asset. Total Value Locked (TVL) of assets on Ethereum has remained stable at approximately $21.45 billion, while assets locked on L2 scaling solutions have more than doubled to $9.56 billion.īitcoin, in the meantime, has seen its recent narrative shaped by Short-Term Holders (STH), who have dispensed 1.3M BTC in transactions, worth $35B, since January. ![]() Ethereum’s L2 networks, such as Polygon, Arbitrum and others are processing transactions at a rate quintuple that of the mainnet. On-chain activities on Ethereum’s Layer 2 (L2) networks, are hovering close to bull market peaks.
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