Crypto trading/market thread

[pmbug]

...
The indicator powered by CryptoCompare tracks real-time data of more than 5,300 digital currencies and categorizes tokens by their trends on a scale of 1 to 5. A score of 5 means the coin is in a strong uptrend, while zero represents a strong downtrend.

At press time, just 4.7% of tokens are in a strong downtrend, the lowest since January. It shows market breadth is expanding, with more coins participating in the bitcoin rally.

Expanding market depth reflects increased investor risk appetite and suggests the bullish momentum is healthier and more sustainable.

“Crypto breadth is improving, so much so that there are few downtrends left. Uptrends (blue) are on the rise, and you never know, but this could be the one. Halving is just six months away, and the Fed will have to start printing money again soon,” Charlie Morris, founder and chairman of ByteTree, said in a research note sent on Monday.
...

Crypto Market Breadth Widens, Signals Bullish Momentum

Market breadth is a technical analysis technique that gauges the number of tokens participating in bitcoin's rally.

www.coindesk.com

 

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Solana (SOL) is on a tear over the last few days.

 

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Billionaire investor Stanley Druckenmiller has become the latest veteran of the financial industry to speak positively about Bitcoin (BTC), likening the top crypto to gold and saying that it has now established itself as a brand that could survive for a long time.

Druckenmiller made the comments during an interview with fellow hedge fund manager Paul Tudor Jones, confessing that he is experiencing a serious case of FOMO (fear of missing out) after missing out on buying Bitcoin at lower levels.

“I don’t own any Bitcoin, to be frank, but I should,” he said, hinting at a possible shift in his investment strategy.
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While veteran investors have traditionally turned to gold and silver and times like these, the younger crowd has taken a liking to Bitcoin, which Druckenmiller said is a trend that is not likely to end anytime soon.

“I’m 70 years old, I own gold,” he said. “I was surprised that Bitcoin got going, but you know, it’s clear that the young people look at it as a store of value because it’s a lot easier to do stuff with; 17 years, to me, it’s a brand.”

While gold remains the personal choice for Druckenmiller, he acknowledged that younger investors with value to store are increasingly opting for Bitcoin in the digital age.

“I like gold because it’s a 5,000-year-old brand, but the young people have all the money, certainly the ones on the West Coast,” he said.

Acknowledging that he “should” hold Bitcoin is evidence that the investing landscape is beginning to shift towards the younger generations that grew up as digital natives and are looking to upgrade the way they make payments.

He also noted that he had previously held Bitcoin but sold it in response to tightening measures imposed by central banks. He said people could turn to blockchain and digital assets if they lose faith in the central banking system, praising the technology and highlighting the potential for a ledger-based system to replace the USD as the world’s reserve currency.
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Druckenmiller: Bitcoin is a store of value that could rival gold

Stanley Drukenmiller has become the latest veteran of the financial industry to speak positively about Bitcoin, calling it an established brand and likening it to gold.

www.kitco.com

 

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That Saylor is a bitcoin bull will not exactly come as breaking news, but he took note of a number of specific near- to medium-term catalysts.

First among them is what's soon be a sizable reduction in supply coming alongside a surge in demand. Bitcoin miners, said Saylor, need to sell bitcoin in order to keep the lights on, and he noted those sales are currently running at about $1 billion per month. The halving – expected to occur in April 2024 – however, means miners will soon have only half of that available to sell.

"You're going to see $12 billion of natural selling per year converted into $6 billion of natural selling per year," he said. At the same time, he noted, spot bitcoin ETFs are going to be a source of increased buying pressure.

Secondly, there are soon to be new rules implementing fair value accounting for company bitcoin holdings. "Long term," said Saylor, "this is going to open the door for corporations to adopt bitcoin as a treasury asset and create shareholder value with their balance sheets."
...

Here's Why Bitcoin Will 10X From Here: Michael Saylor

The MicroStrategy executive chairman appeared on CNBC on day after the company reported its Q3 earnings.

www.coindesk.com

I wasn't aware of the accounting rules change. Interesting.

 

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Nov 3 (Reuters) - The cryptocurrency market is starting to bounce back a year after the collapse of crypto exchange FTX and other big players in 2022 crushed prices, tarnished the industry and prompted a regulatory crackdown.

A jury in New York on Thursday found Sam Bankman-Fried (SBF), the former CEO of FTX, guilty of defrauding FTX's customers prior to its abrupt collapse in November 2022. He had pleaded not guilty and said that while he mismanaged the company, he did not commit fraud.

The crypto market bears the scars of FTX's collapse

The cryptocurrency market is starting to bounce back a year after the collapse of crypto exchange FTX and other big players in 2022 crushed prices, tarnished the industry and prompted a regulatory crackdown.

www.reuters.com

 

[pmbug]

Solana (SOL) is on a tear over the last few days.

Solana’s SOL has rallied over 50% in two weeks, with Nasdaq-listed digital assets exchange Coinbase (COIN) proving to be a significant source of bullish pressures for the cryptocurrency, according to data tracked by Paris-based Kaiko.

Since Oct. 25, SOL’s cumulative volume delta (CVD) has increased by nearly $1 million on Coinbase, indicating net capital inflows. CVD on Binance and Kraken turned positive early this week, while on the South Korean exchange Upbit, it has been negative and trending south for two weeks.

The CVD metric tracks the net difference between buying and selling volumes over time. It’s a running total of net bullish/bearish pressures in the market, with positive values indicating an excess of purchase volume. Negative values suggest otherwise.

According to Kaiko analyst, Riyad Carey, the median order size on Coinbase has been more significant than other exchanges, perhaps a sign of institutions bidding for SOL through the Nasdaq-listed exchange.

Coinbase’s leadership in the SOL market comes after VanEck, a multi-billion dollar institutional asset manager, published a report detailing a bullish case scenario that could take the cryptocurrency’s price as high as $3,200 by 2030.

The bullish prediction is based on a potential scenario where Solana becomes the first blockchain to accommodate applications with over 100 million users.
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Solana's Rally Marshalled by Buyers From Coinbase, Data Shows

SOL has gained over 50% in two weeks with buyers from Coinbase playing a major role in powering the cryptocurrency higher.

www.coindesk.com

Solana is currently trading at around $40. $3,200 would be an 80x increase (over ~6 years). Seems like crystal ball craziness, but that's how the crypto markets roll I guess.

 

[searcher]

Didn't know if here or America's War on Crypto thread so.................

The other crypto bosses in US authorities' crosshairs

Onetime crypto poster child Sam Bankman-Fried was on Thursday found guilty of defrauding customers of his now-bankrupt crypto exchange FTX, in a high-profile criminal case that rocked the industry.

www.reuters.com

 

[pmbug]

Didn't know if here or America's War on Crypto thread so.........

This thread is the best fit. The SEC, CFTC, FTC, DOJ, etc. efforts to prosecute individuals for fraud are not germane to the War on Crypto thread which is focused on government efforts to chill/choke/kill crypto as an industry.

 

[searcher]

LONDON, Nov 6 (Reuters) - The Bank of England told lenders on Monday that they must avoid any risk that customers might confuse new forms of e-money like 'stablecoins' with standard deposits which are guaranteed against bank failures.

Don't confuse customers over stablecoins, Bank of England warns lenders

The Bank of England told lenders on Monday that they must avoid any risk that customers might confuse new forms of e-money like 'stablecoins' with standard deposits which are guaranteed against bank failures.

www.reuters.com

 

[pmbug]

BoE is scared to death

 

[pmbug]

60k transfers per second x 60 seconds/minute x 60 minutes/hour x 24 hours = 5,184,000 transfers/day

For context, the ACH bank transfer system was processing 2.4 million transactions a day in 2021.

ACH Network Volume and Value Statistics | Nacha

The number of payments and value conducted on the ACH Network.

www.nacha.org

 

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A regulated product that allows U.S. investors to gain exposure to Chainlink’s LINK is trading at a 200% premium to spot prices, suggesting institutional demand.

Prices of Grayscale Chainlink Trust (GLNK) have rocketed nearly 100% in the past week, closing at $39 on Monday from the $21 level on October 31. Each share holds just $12 worth of LINK, making it nearly three times pricier than the actual value of held assets.
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LINK tokens were one of the top-performing major cryptocurrencies in the past 30 days, surging over 76% on the back of technical upgrades and institutional adoption of Chainlink’s services.

Some research firms have pegged LINK as the “safest bet” to profit from the growing real-world asset (RWA) tokenization hype, which may have helped boost the value of the tokens in recent weeks.

Grayscale Chainlink Trust Zooms to 200% Premium, Indicating Institutional Demand for LINK

The trust is one of the only ways for institutional investors to gain exposure to LINK tokens through a regulated product.

www.coindesk.com

I could have had a V8 bought more LINK.

 

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NEW YORK, Nov 9 (Reuters) - Crypto lender Celsius Network received U.S. bankruptcy court approval for a restructuring plan that will return cryptocurrency to customers and create a new company owned by Celsius creditors.

U.S. Bankruptcy Judge Martin Glenn in Manhattan signed off on the restructuring in an order published on Thursday. The reorganized business will be managed by Fahrenheit LLC, a consortium that includes hedge fund Arrington Capital, and it will focus on mining new bitcoin and earning "staking" fees by validating blockchain transactions.

Crypto lender Celsius Network cleared to exit bankruptcy

Crypto lender Celsius Network received U.S. bankruptcy court approval for a restructuring plan that will return cryptocurrency to customers and create a new company owned by Celsius creditors.

www.reuters.com

 

[searcher]

The surging price of bitcoin (BTC) has pushed the asset’s largest public holder, business software company MicroStrategy (MSTR), to unrealized gains of over $1.1 billion, 25% more than their cumulative investment.

Michael Saylor’s Massive Bitcoin Bet Crosses $1B in Unrealized Profit

Saylor’s business software company, MicroStrategy, held more than 158,000 bitcoins as of Friday.

www.coindesk.com

 

[pmbug]

Michael Saylor is like the character Morpheus from The Matrix. He believes 100% with every fiber of his being that Bitcoin is "the one" and nothing is going to dissuade him. He puts his money where his mouth is at - even when he was underwater for a good while. Based upon everything that I'm reading, he's just starting to realize the payoff for his convictions. Bitcoin is going to explode once the SEC's spot ETF approvals and the BTC halving event are actually realized.

 

[Voodoo]

The ETF is a nothing burger. Lol, like every single commodity has an ETF. Several have even shutdown due to lack of interest or more sinister reasons. And look what they do with SLV and GLD. Those are tools of manipulation only.

 

[pmbug]

The ETF is a nothing burger. ...

Blackrock (et al) is setting up these spot ETFs (not futures ETFs) because there is institutional demand for them. Institutional investors want exposure to BTC and ETH without having to mess with token custody (wallets, security, etc.). Market analysts are predicting billions to flow into these ETFs once they are approved.

 

[pmbug]

Solana (SOL) is on a tear over the last few days.

Still ripping. It's up 166% over the last month.

 

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Grayscale's Solana Trust (GSOL) is trading at a premium of 869% to its underlying assets amid a surge in institutional interest in the cryptocurrency industry, CoinGlass data shows.

The trust's shares are priced at $202 following a 653% rise since the start of September, while the SOL token trebled to $58 from $19. CoinGlass shows it holds 115,900 tokens ($6.78 million) on behalf of its clients.
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Grayscale's Solana Trust Trades at 869% Premium as Institutions Flock to SOL

The rise in premium comes as CME Group overtook Binance in share of the crypto derivatives market, a sign of institutional interest.

www.coindesk.com

Holy shit! So is this trust supposed to buy more SOL to bring the premium back down to Earth? Sounds like there is tremendous institutional interest in SOL.

Grayscale Solana Trust

www.grayscale.com

 

[Voodoo]

Institutions have MORE ability than individuals to buy cryptos and hire IT experts to figure it out. No reason to wait for an ETF.

 

[pmbug]

Institutions have MORE ability than individuals to buy cryptos and hire IT experts to figure it out. No reason to wait for an ETF.

They don't want to deal with the risks associated with self custody.

 

[Voodoo]

A lot better than letting someone else "hold" your cryptos for ya.

 

[pmbug]

For me personally, I prefer self custody. I'm not an (investment, pension, retirement, etc.) fund though. Institutional investors aren't stackers. They just want to profit on the underlying asset and ETFs will be well regulated products/options that fit within their existing investment frameworks.

 

[searcher]

Nov 14 (Reuters) - Bitcoin miners are making hay while the sun shines.

The business has been yanked out of the doldrums by the cryptocurrency's recent rally - and now mining companies are racing to lock in profits before bitcoin's "halving", when rewards for producing the tokens are cut in half.

The next halving is expected in April 2024, a process designed to slow the release of bitcoin, whose supply is capped at 21 million - of which 19 million have already been mined.

Cryptoverse: Bitcoin miners make money ahead of 'halving'

Bitcoin miners are making hay while the sun shines.

www.reuters.com

 

[pmbug]

^^^ Lot's of people said the price the BTC should drop again before the halving event does it's real takeoff. If the miners dump holdings, that seems to track. However, the logic espoused there doesn't really make sense to me. After the halving, miners will be reaping fewer tokens (half the rate as present), but holding on to BTC already mined seems like the smart thing to do as the price of BTC is set to rise. The longer they can hold off selling for cash flow purposes, the more profit they stand to realize for already mined BTC when the halving price begins rising in earnest.

~~~

Ethereum spot ETF commentary:

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Guy Gotslak, co-founder and president of My Digital Money, was more bullish on the development.

“Billions are bout to pour into the industry's favorite altcoin,” Gotslak said. “According to the 2023 State of the Union in Numbers, the top 1% has as much wealth in stocks and mutual funds as the rest of the top 20%, and the top 20% has more than 10 times as much wealth in stocks/mutual funds as the next 20%, and more than 15 times than the bottom 20%.”

“That is $30.62T of the top 20%'s wealth in stocks and funds,” he noted. “That is the market you are opening to.”

Gotslak said these facts, combined with his expectation that the “economy will really unravel in 2024,” could result in Ether climbing “back to its all-time high of $4,644 by next year.”
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BlackRock's spot Ether ETF application could unlock billions from institutional investors - analysts

Analysts weigh in on BlackRock’s spot Ether ETF application and its potential impact on the market, with some saying it will propel ETH to a new all-time high in 2024.

www.kitco.com

It's not clear (to me at least) when the SEC would be ruling on the Blackrock spot Ether ETF. But if it gets approved by 2nd quarter, I could see the bullish case playing out.

 

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analysts at VanEck see even greater gains in Solana’s future and have suggested that it could reach a price of $3,211 by 2030.

“By 2030, our Solana valuation scenarios project a SOL price ranging from a bearish $9.81 to a bullish $3,211.28, anchored by varied market shares and revenue estimations across key sectors,” said Patrick Bush, senior investment analyst at VanEck, and Matthew Sigel, VanEck’s head of digital assets research.
...

Even after a 550% increase in 2023, this altcoin still has 57x potential - VanEck

Despite increasing 550% so far in 2023, analysts say this altcoin still has the potential to see a 57-fold increase in price as blockchain adoption advances.

www.kitco.com

Well... That narrows it down!

 

[searcher]

Tax Week 2023 ( for anyone interested here's a link to 9 articles on crypto taxes )

Tax Week 2023 - CoinDesk

Confused by crypto taxes? CoinDesk rounds up expert opinion and analysis on new IRS reporting requirements, what you should be paying in taxes, how to avoid paying too much, and what to do if you are unsure, sponsored by TaxBit.

www.coindesk.com

 

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November 15, 2023

Commerzbank granted Crypto Custody Licence​

• Commerzbank is first German full-service bank to be granted Crypto Custody Licence
• Licence allows for custody of crypto assets as enabling factor for further digital asset services
• Bank is aiming to establish secure custody platform for digital assets

Commerzbank is the first German full-service bank to be granted the Crypto Custody Licence pursuant to Article 1 Section 1a Sentence 1 No 6 German Banking Act (KWG). The licence will enable the Bank to build up a broad range of digital asset services, with particular emphasis on crypto assets.

The first step by the Bank is to establish a secure and reliable platform with full regulatory compliance to support its institutional clients by providing custody for crypto assets based on blockchain technology.

“Now that we have been granted the licence, we have achieved an important milestone. This highlights our ongoing commitment to applying the latest technologies and innovations, and it forms the foundation for supporting our customers in the areas of digital assets,” commented Dr Jörg Oliveri del Castillo-Schulz, Chief Operating Officer of Commerzbank.

Commerzbank AG - Press Release

Press Release Commerzbank AG

www.commerzbank.com

 

[pmbug]

More Solana (SOL) bullishness:

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SOL crossed $63, reaching a level previously seen in May 2022. Daily trading volumes also spiked to over $3.5 billion, up more than 70% from average levels of $2 billion at the start of November.
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Data suggests institutional investments into SOL tokens may have picked up in the past weeks. Last week, shares of the Grayscale Solana Trust (GSOL) hit a premium of nearly 900% to the spot SOL held in each share – indicative of rampant demand for the token among regulated funds.

Elsewhere, ARK Invest CEO Cathie Wood said in a CNBC interview on Tuesday that Solana was possibly a better bet than Ethereum, the world’s most used blockchain, in terms of technical capabilities.

"Ether was faster and cheaper than bitcoin," Wood said. "Solana is even faster and cost-effective than Ether."

Solana’s SOL Jumps 20% as Investors Turn Bullish, Fears of FTX Sales Wane

The tokens crossed $63, reaching a level previously seen in May 2022. Trading volumes spiked to over $3.5 billion, up more than 70% from average levels of $2 billion each day at the start of November.

www.coindesk.com

 

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Money management giant Fidelity is seeking to create an exchange-traded fund that owns Ethereum's ether (ETH), according to a Friday filing, joining rival BlackRock in strengthening its crypto embrace.
...

Fidelity Wants to Create an Ether ETF, Joining BlackRock in Doubling Down on Crypto

Fidelity, BlackRock and other financial firms want to list BTC and ETH ETFs, which could make it easier for investors to invest in crypto.

www.coindesk.com

SEC is going to be busy next year.

 

[searcher]

Interesting 9-minute podcast. Short ad mid-way through.

https://www.coindesk.com/podcasts/markets-daily/featured-story-congress-gets-the-runaround-from-regulators-again/

Today’s featured story is an opinion piece from Kristin Smith and Miller Whitehouse-Levine, titled: “Congress Gets the Runaround From Regulators, Again,” written as part of Consensus Magazine's Tax Week.​

 

[searcher]

CRYPTO REGULATIONS IN THE US: REGULATORY INTRICACIES AND ENSURING ADHERENCE TO APPLICABLE LAWS​

Cryptocurrencies represent a class of digital currencies that operate on decentralized computer networks, serving as a means of exchange without the oversight of central authorities, such as banks or governments.

The landscape of digital asset regulation, particularly for cryptocurrencies, has seen a significant uptick in attention from legal entities in recent years. This trend is projected to persist as the sector evolves. Legal experts specializing in blockchain technology are becoming increasingly vital for guiding through the sector’s regulatory intricacies and ensuring adherence to the applicable laws. Since the inception of the cryptocurrency market in 2009, the sector has witnessed a remarkable surge, securing over $55.3 billion in investment by 2019.

More:

Crypto Regulations in the US: Regulatory Intricacies and Ensuring Adherence to Applicable Laws | Cryptopolitan

Check out crypto regulations in the US, the role of different regulatory bodies, and the implications for those participating in the crypto market.

www.cryptopolitan.com

 

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Crypto exchange Kraken commingled customer and corporate funds while operating as an unregistered broker, clearing agency and dealer, the U.S. Securities and Exchange Commission (SEC) alleged in a new lawsuit Monday.

The federal regulator claimed that the San Francisco-based company violated federal securities laws in a repeat of its suits against other crypto trading platforms. Unique to Monday's lawsuit are claims that Kraken created a "significant risk" by commingling up to $33 billion in customer crypto with its own corporate assets, the regulator said, quoting Kraken's independent auditor.

"Similarly, Kraken has held at times more than $5 billion worth of its customers' cash, and it also commingles some of its customers' cash with some of its own," the suit said. "In fact, Kraken has at times paid operational expenses directly from bank accounts that hold customer cash."

The SEC claims that Kraken simultaneously operates an unregistered broker, clearinghouse and exchange echoes its complaints against Binance and Coinbase, two exchanges the agency sued earlier this year.

Those suits are continuing. The SEC previously settled similar allegations against Bittrex's now-shuttered U.S. wing.

The federal regulator, as it has with those previous suits, listed a number of tokens it deemed to be unregistered securities, including the Algorand token (ALGO), Polygon's MATIC and NEAR. According to the suit, Kraken took a direct role in promoting these tokens to the investing public.

The SEC filing asks to permanently ban Kraken from operating as an unregistered exchange. The agency says it's also pursuing a fine and for Kraken to give back ill-gotten gains.

Kraken Accused by SEC of Operating Unregistered Platform, Improperly Mixing Customer Funds

The U.S. crypto exchange is the latest targeted by the Securities and Exchange Commission in a series of similar actions being fought in court by other companies.

www.coindesk.com

I held some crypto in a Kraken account a long time ago (never connected the account to my bank or ever sent them money). I used the account just for staking and Kraken had a really good custodial staking system. But when the SEC shut down the custodial staking programs for exchanges, I made the move to self custody and that's when I learned how to stake crypto for real (self custody).

It will be interesting to see if this suit ends up invalidating the SEC's "unregistered security" claims against Algorand (ALGO), Polygon (MATIC) and NEAR (or any others) like their suit against Ripple (XRP).

 

[searcher]

LONDON, Nov 21 (Reuters) - Crypto investors have welcomed the prospect of a resolution of a long-running U.S. criminal investigation into Binance, reckoning any deal that allows the major exchange to continue operating would remove a nagging risk to the wider market.

The U.S. Justice Department (DOJ) is seeking over $4 billion from Binance as part of a proposed resolution of its probe, Bloomberg reported on Monday, citing people familiar with the discussions.

Crypto investors cheer talk of Binance criminal probe resolution

Crypto investors have welcomed the prospect of a resolution of a long-running U.S. criminal investigation into Binance, reckoning any deal that allows the major exchange to continue operating would remove a nagging risk to the wider market.

www.reuters.com

 

[pmbug]

The deal is done:

Former Binance CEO Changpeng Zhao on Tuesday named a new CEO of the cryptocurrency exchange he founded, after pleading guilty to federal money laundering charges and stepping down as the company's chief.

Zhao named Richard Teng, a former CEO of Abu Dhabi Global Market, the UAE capital's financial services regulator, as Binance's new CEO. Teng was most recently global head of regional markets at Binance. He was also previously director of corporate finance at the Monetary Authority of Singapore.

In a post on X, Zhao said he "must take responsibility," and that it was "not easy to let go emotionally." The controversial crypto entrepreneur, who was accused of violating the U.S. Bank Secrecy Act and sanctions violations, added that he was "proud to point out" U.S. agencies did not allege Binance had misappropriated user funds or market manipulation.

The case against Binance, which was unsealed on Tuesday afternoon, shows that the exchange faces three criminal charges, including conducting an unlicensed money-transmitting business, violating the International Emergency Economic Powers Act, as well as a conspiracy charge. The exchange has agreed to $4.3 billion in fines and forfeiture.

The former Binance chief will personally plead guilty to violating and causing a financial institution to violate the Bank Secrecy Act, according to the plea agreement. The DOJ is also recommending that the court impose a $50 million fine on Zhao.
...

Changpeng Zhao speaks out after pleading guilty to criminal charges, names Richard Teng as new Binance CEO

After stepping down and pleading guilty to federal money laundering charges, former Binance CEO Changpeng Zhao has named a successor.

www.cnbc.com

Binance will continue operations (assuming they stay solvent after paying their fines and dealing with possible customer flight).

 

[pmbug]

This report has more details on the Binance deal:

Crypto exchange Binance will leave the U.S., pay billions in fines and appoint a monitor for five years to settle charges with the Financial Crimes Enforcement Network (FinCEN) and Office of Foreign Asset Control (OFAC), the U.S. Treasury Department's money laundering and sanctions watchdogs, according to press releases shared Tuesday.

The exchange will pay $3.4 billion to FinCEN and $968 million to OFAC as part of these settlements, which saw both agencies accuse Binance of violating the Bank Secrecy Act and sanctions programs. Binance had already said it will pay $4.3 billion in fines and forfeitures to the U.S. Department of Justice to settle charges it violated sanctions law and failed to maintain a proper know-your-customer program. Changpeng "CZ" Zhao, the exchange's founder and CEO, is resigning from his role as part of that settlement.

In addition, Binance will make a "complete exit" from the U.S. as part of its settlement with FinCENand appoint a monitor for five years who will oversee the exchange's sanctions compliance program. The U.S. Treasury Department will have access to Binance's record and systems during that time.
...
The official clarified that the separate exchange called Binance.US, which is the operating name for BAM Trading Services, a U.S. affiliate for Binance, is a registered money services business and therefore is not affected by Binance's exit.
...

More:

Binance to Make 'Complete Exit' From U.S., Pay Billions to FinCEN, OFAC on Top of DOJ Settlement

The crypto exchange, which is settling charges with the Department of Justice, will appoint a monitor as well.

www.coindesk.com

I must say that I am a little bit confused on how the US had jurisdiction to pursue Binance as - AFAIK - they didn't operate in the USA.

 

[pmbug]

Some ripple effects from the Binance deal:

The loss of Binance's CEO and the leading digital assets exchange's $4 billion settlement of U.S. criminal charges on Tuesday failed to destabilize the wider crypto market in a big way. It has, however, impacted Binance's order book liquidity, complicating trading conditions for large traders.

Liquidity for top cryptocurrencies on the exchange, measured by 0.1% and 1% market depth indicators, has declined by 25% or more to less than $150 million and around $180 million, respectively, in the past 24 hours, data tracked by Kaiko show. Market depth is a collection of buy and sell orders within a certain percent of the mid-price, or the average of the bid and the ask prices.

In other words, moving the market by 0.1% and 1% in either direction is now 25% easier than it was 24 hours ago. It also means trading large orders on Binance at stable prices has become tougher, exposing so-called whales to slippage, that is movement between the price quoted when a trader places the order and what they actually pay when the order is filled.
...

More:

Trading Crypto on Binance Becomes Challenging as Order Book Liquidity Tanks 25%

Order book liquidity refers to the capacity to trade quickly at quoted prices.

www.coindesk.com

 

[pmbug]

This explains why liquidity dropped on Binance:

Crypto exchange Binance saw over $950 million in net outflows over the past 24 hours ...

“There are constant hourly net outflows of bitcoin and stablecoins after the CZ's resignation announcement,” Hochan Chung, head of marketing at CryptoQuant, told CoinDesk. “However, compared to the total reserves of Binance, the current volume is not yet significant at all.”
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Data from a Dune Analytics dashboard shows over $2.37 billion in various tokens left the exchange, but some $1.78 billion in tokens were deposited.
...
Binance's BNB tokens were the most deposited and withdrawn tokens, the data shows.
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Meanwhile, DefiLlama data shows the exchange sits on over $67 billion worth of tokens and stablecoins.
...

Binance Processes Nearly $1B in Net Outflows as Changpeng ‘CZ’ Zhao Resigns

Data shows the exchange sits on over $67 billion worth of tokens, easing concerns of a possible bank run.

www.coindesk.com

 

[Voodoo]

Well I haven't watched much of this yet but he seems super bullish on Bitcoin and crypto... Maybe I need to add a crypto equity like MSTR or MARA

 

[pmbug]

Well I haven't watched much of this yet but he seems super bullish on Bitcoin and crypto...

I haven't watched it yet either, but I've been posting the significant events on the horizon regarding Bitcoin in this thread and 2024 is set to be Uber bullish for BTC (and that implies bullish coattails for the rest of the crypto market).