Markets

Friday’s NFP release will be a pivotal event in shaping market sentiment and determining the near-term trajectory of Bitcoin and other cryptocurrencies, according to Bitfinex analysts. In a statement to CryptoPotato, the macroeconomic dynamics, including the ECB’s rate cut and the potential for increased liquidity, add further complexity to the equation, making it crucial for market participants to closely monitor these developments and their potential impact on the crypto...

In a report released by Bybit on June 4, memecoins have become highly likeable assets for institutions on its platform, reflecting the same elsewhere. Beyond the attractive characters that retail users get behind, meme coins represent the ability to multiply wealth quickly, especially during bull runs. Institutions are all for it. According to the report, institutional interactions with memecoins through spot holdings were up by 226% in March, taking their holdings to a whopping $204 million....

Kraken, one of the oldest and largest cryptocurrency exchanges in the United States, is orchestrating a large funding round before a potential initial public offering next year, according to a new report from Bloomberg. Sources contacted by the outlet say the exchange likely aims to raise $100 million before the move. Kraken To Go Public? If Kraken were to follow through, it would become the second publicly traded pure-play crypto exchange in the world after Coinbase, its...

SEC Chair Gensler has voiced concern over unethical conduct within crypto exchanges, noting that the introduction of spot Ethereum ETFs will require additional time. Gensler’s comments were made during a June 5 interview on CNBC, where he also responded to Jim Cramer’s inquiries about potential exchange-traded products for cryptocurrencies beyond Bitcoin and Ethereum. Gensler Criticizes Crypto Exchanges Gensler stated that while the SEC had approved the associated 19-4b...

Robinhood, the stock trading platform, has agreed to acquire Bitstamp, a massive UK-based crypto exchange. The deal is set to close next year for a whopping $200 million. It will elevate Robinhood’s crypto arm to new markets, taking its presence outside the US and allowing it to service customers in the UK, Europe, and many other jurisdictions where the exchange holds licenses. Bitstamp is one of the most used exchanges in Europe, and its acquisition will help Robinhood strategically grow in...

Following the recent recovery in the market, certain altcoins have become appealing to buyers, with wealthy investors even beginning to stockpile these assets before prices potentially surge. Cardano (ADA), Shiba Inu (SHIB), and JasmyCoin (JASMY) are experiencing notable price surges, each seemingly driven by increased whale activity. Whales Pile In This week, transactions exceeding $100k on these networks have more than doubled compared to their average figures for 2024,...

The volatile nature of the cryptocurrency market has prompted many smart investors to adopt the age-long investment strategy of diversifying their crypto holdings to reduce risk. This diversification, however, poses a new problem as users find it difficult to keep track of their crypto assets, especially as they grow in value. Crypto portfolio trackers have become essential tools for everyone looking to prevent the possible consequences of losing track of their investments....

Turkey is not going to impose taxes on profits from trading crypto assets and stocks, clarified an official from the country’s finance ministry. The clarification comes after news reports mentioning Ankara’s plans to impose crypto taxes started making rounds few days ago. According to news reports from earlier this week, Mehmet Simsek – Turkey’s treasury and finance minister announced plans to put the country on the path of economic recovery.  Taxing income from cryptocurrency and stock...

Paxos Trust Company, the issuing entity behind famous stablecoins PayPal USD (PYUSD), Pax Dollar (PUSD), Pax Gold (PAXG), and the now defunct Binance USD (BUSD), has introduced its new stablecoin – the USD Lift (USDL). The stablecoin will be distributed by Paxos’ UAE-based affiliate, Paxos International. USDL is a yield-generating stablecoin that allows users to accrue interest as they hold the asset, thus working as a “savings product than a checking account product,” said Charles...

A group of U.S. lawmakers has called on President Joe Biden to intervene in the detention of Tigran Gambaryan, a high-ranking executive at Binance, who has been held by Nigerian authorities for nearly three months. The appeal, led by House Foreign Affairs Committee Chair Michael McCaul (R-Texas) and supported by 11 other congressional leaders, demands that the situation be treated as a hostage crisis and that immediate action be taken to secure Gambaryan’s release. U.S....