First Mover Americas: Cryptocurrency Trading Volumes Increase for First Time in 3 Months
The latest price moves in crypto markets in context for July 5, 2023.
This article originally appeared in , CoinDesk’s daily newsletter putting the latest moves in crypto markets in context..
Crypto trading volumesin June for the first time in three months amid optimism following the filing of spot bitcoin exchange-traded-fund (ETF) proposals by BlackRock and other asset managers. The combined spot and derivative trading volumes on centralized exchanges climbed 14% to $2.71 trillion, according to a report by CCData. This was the first monthly increase in trading volume since March, said the report. Among other high-profile U.S. institutions that filed or refiled last month with the U.S. Securities and Exchange Commission (SEC) for spot bitcoin ETFs were Fidelity, Invesco and WisdomTree.
Bitcoin's fortune is no tied to movement in the U.S. stock markets. The 90-day rolling correlation of changes in bitcoin's spo t price to changes in Wall Street's tech-heavy equity index, Nasdaq and the broader SP 500 has declined to near zero, the lowest in two years, according to data tracked by crypto derivatives analytics firm Block Scholes. "It [the correlation] is now at the lowest level observed since July 2021, when BTC was between its twin peaks in April and November," Andrew Melville, research analyst at Block Scholes, said in an email.
Binance Australia’s office was searched by that country's financial regulator, the Australian Securities Investments Commission (ASIC), on Tuesday, according to a report in Bloomberg. The story, citing anonymous sources, comes after the company’s derivatives license was canceled in April following an investigation into how it classified clients as professional wholesale investors in order to be saddled fewer regulatory protections than if they were regular retail customers. "We are cooperating with local authorities and Binance is focused on meeting local regulatory standards in order to serve our users in Australia in a fully compliant manner,” a Binance Australia spokesperson told CoinDesk in an e-mailed statement.
- Omkar Godbole
Edited by Stephen Alpher.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
You may also like
Upbit's Plans for Nasdaq Listing Encounter Regulatory Challenges Amid South Korea's Stricter Crypto Regulations
- Upbit and Naver merge to form a $13.8B fintech group, aiming for a Nasdaq IPO with potential $34B valuation. - South Korea's FIU intensifies crypto regulation, fining Upbit's Dunamu $25.7M for AML/KYC violations and targeting rivals. - Regulatory scrutiny delays Bithumb's IPO plans as exchanges face strict compliance demands and surprise inspections. - Stricter crypto rules aim to align with traditional finance standards, balancing innovation with institutional trust requirements.
MemeX's Creator Buybacks: Could Community Incentives Bring Order to Meme Coin Chaos?
- MemeX introduces a 2.5% trading fee buyback model to redistribute value to meme coin creators and active traders. - The platform's Creator Rewards Program aims to stabilize volatile markets by linking liquidity provision with creator incentives. - With 2.5 million users and retroactive rewards planned, MemeX challenges traditional fee-capture models in crypto ecosystems. - Critics question if community-driven buybacks can counteract inherent meme coin volatility and speculative trading patterns. - Succes
Ethereum News Update: ECB Focuses on Stability Rather Than Regulation When Evaluating Stablecoin Risks
- ECB maintains stablecoin risks in eurozone remain low despite rising digital asset interest, emphasizing systemic risk management over preemptive regulation. - Lagarde advocates shifting Europe's export-driven model to internal resilience, citing vulnerabilities in supply chains and critical technology dependencies. - ECB's 2026 rate stability stance aligns with Japan's 21.3T yen stimulus, stabilizing EUR/JPY at 181.40 while monitoring crypto market volatility. - Ethereum faces short-term headwinds but r
Ethereum Updates Today: BitMine's Digital Currency Dilemma: Could This Be a Bretton Woods Turning Point for U.S. Financial Markets?
- BitMine Immersion (BMNR) challenges Coinbase's crypto dominance with $11.2B reserves and 3.63M Ethereum holdings. - Regulatory shifts like GENIUS Act and SEC's Project Crypto create competitive frameworks, paralleling 1971 Bretton Woods reforms. - BMNR's $1.6B 5-day trading volume and Wynn Las Vegas shareholder meeting signal growing market influence. - Global stablecoin expansion (QCAD, Bitkub) and Ethereum staking strategies intensify competition for U.S. crypto leadership.
Trending news
MoreCrypto prices
More
