The launch of the crypto trading platform in Hong Kong comes a few days after the introduction of Bitcoin and Ethereum spot ETFs in the market.
Novel protocols like Bitcoin Ordinals and Runes have been bringing in more activity to the world’s first blockchain.
Bitcoin ETFs in the US saw $34.4 million net outflow on May 2nd, a significant drop from the previous day’s record $563.7 million. Interestingly, BlackRock and Fidelity’s Bitcoin ETFs, ranking 2nd and 3rd in terms of total net assets, saw zero net flows on Thursday
The Australian Securities & Investments Commission (ASIC) has reached a significant legal milestone in a case concerning non-cash crypto payments.
Railgun researchers said that US regulators and prosecutors haven’t unleashed a crusade against crypto privacy protocols and were largely positive and genuinely interested in understanding developments in the broader crypto market.
In a significant development within the bankruptcy proceedings involving the defunct exchange FTX and its debtors, Ryan Salame, former co-chief executive of the company, has agreed to forfeit his $5.9 million Bahamas property as part of a plea deal in a criminal case.
In their latest crackdown, the Thai police recovered 690 units used for Bitcoin mining machines vaued at 2.54 million SGD. The police is also conducting raids at multiple locations.
Hayes claims that the rise in BTC price will be driven by increased dollar liquidity from the Federal Reserve’s quantitative tightening taper and the US Treasury’s debt issuance plans.
The Federal Reserve’s decision had immediate repercussions in the financial markets, including the crypto sector.
BNP Paribas, the second-largest European bank, holds a modest amount of spot Bitcoin ETFs. According to a 13F filing submitted by the company, the bank acquired 1,030 units of BlackRock’s iShares Bitcoin Trust (IBIT), representing an investment of approximately $41,684.
As the US continues to intensify its crackdown on the crypto industry, Senator Cynthia Lummis remains a vocal advocate for the asset class calling for clear regulatory guidelines to be established for the crypto industry.
In addition to the decreased demand for Bitcoin ETFs, analysts also pointed to a slowdown in Bitcoin demand among institutional investors as a contributing factor to the market downturn.
Bitcoin market dominance drops fast as BTC price decreases all the way to $56,500. The Bitcoin demand growth and the whale interest have also been on the decline since March end.
Grayscale’s move to shift over 4000 BTC to Coinbase follows the steady fall in BTC price today.
Popular coal miner Alliance Resource minted 425 Bitcoins by the end of Q1 by using the excess power generated at its facilities. The company has only those Bitcoins on its balance sheet that it minted and has not been actively involved in BTC buying.