BetterX Recap: Updates this weeks Crypto News – 22 Mar 2024
BetterX Recap: Updates this weeks Crypto News – 22 Mar 2024
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The BetterX Trading Desk is pleased to share this week's crypto market update.
Major Crypto Highlights
Bakkt Faces NYSE Delisting - Crypto custody and trading platform Bakkt receives a warning from the NYSE for failing to maintain its share price above $1 for 30 days.
Dogecoin Soars on Musk’s Nod - Following billionaire Elon Musk’s endorsement, Dogecoin experiences significant gains, suggesting it may become a future Tesla payment method.
Coinbase Plans $1B Bond Offering - Coinbase, a leading cryptocurrency exchange, announces its intention to raise $1 billion through a convertible bond offering, targeting qualified institutional buyers. The funds raised will be allocated towards various corporate purposes.
U.S. Orders Passport Surrender from Binance’s Former CEO - As part of ongoing legal proceedings, the US instructs Binance's former CEO Changpeng Zhao to surrender all active and experienced passports to a designated third party.
Grayscale Seeks Approval for Bitcoin Mini Trust -
A 'Grayscale Bitcoin Mini Trust' is filed by Grayscale, the world's largest digital asset manager.
JPMorgan CEO Supports Citizens’ Right to Buy Bitcoin - Jamie Dimon, CEO of JPMorgan, affirms that individuals have the right to buy Bitcoin, despite concerns about its illicit associations.
Hong Kong Considers Ethereum ETF - The Hong Kong-based entities are exploring the possibility of launching spot Ethereum exchange-traded funds amid the rise in demand for cryptocurrency investment products.
Tether Launches USDT on Celo Network - In collaboration with Celo, Tether is launching USDT on the carbon-negative Celo network, aiming to enhance transaction efficiency and streamline dApps focused on payments, lending, and other fin services.
Trading Desk Insights:
Prime brokers are a new source of liquidity in this cycle, which could be good and bad in the long-run.
After a staggering crypto rally, primarily led by Bitcoin, it is fair to say that the approval of spot bitcoin U.S. ETFs in January approval was a game-changer. Since January 10, crypto’s total market cap has surged from $1.5 trillion to $2.4 trillion, a 60% increase. Nonetheless, crypto remains a nascent and niche asset class – its size is only a fraction of gold (10%) and smaller than Microsoft ($3.1 trillion).
Organizations and Institutions Prefer Institutional Crypto OTC Desks to Centralized Exchanges. For obvious reasons like privacy, liquidity, and the prevention of price slippage, many institutional crypto traders prefer to trade at OTC desks instead of centralized exchanges. A whopping 80% of OTC crypto desk respondents reported an increase in their client base in 2023 compared to 2022.
Sources: https://www.coingecko.com/, https://coinpedia.org, https://www.coindesk.com/ and https://www.techinasia.com/
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