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Liquid Staking Market in Flux: Withdrawals Hit Swell and Mantle, Reshuffling Landscape

Liquid Staking Market in Flux: Withdrawals Hit Swell and Mantle, Reshuffling LandscapeOver the past 18 days, 27 distinct liquid staking derivatives (LSD) protocols have experienced withdrawals amounting to approximately 50,000 ether, valued at $146.72 million. The most significant reductions occurred in the LSDs Swell and Mantle, with Swell’s ether holdings decreasing by 23,078 ether since April 28, 2024. LSD Protocol Reductions Continue Despite Minor Gains for […]

Crypto Exchange Kraken Mulls Pulling Support for Top Stablecoin USDT in the EU: Report

Hong Kong Bitcoin, Ether ETFs wipe 2 weeks of inflow in a single day

Net outflows for Hong Kong’s crypto ETFs reached a record $39 million on Monday with bleeding felt across all six funds.

Hong Kong’s Bitcoin (BTC) and Ether (ETH) exchange-traded funds (ETFs) posted the largest-ever net outflow on Monday, May 13 — wiping all gains they’ve made since launching under two weeks ago.

Bosera, ChinaAMC and Harvest Global’s spot Bitcoin ETF funds posted net outflows of $32.7 million, with ChinaAMC’s Bitcoin fund coming in as the biggest loser on the day with $15.5 million in outflows, according to Farside Investors data.

Meanwhile, spot Ether ETFs from the same issuers saw total joint net outflows of $6.6 million. Harvest Global and ChinaAMC tied for most outflows with $3 million each.

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Crypto Exchange Kraken Mulls Pulling Support for Top Stablecoin USDT in the EU: Report

Ethereum ‘speculatory divergence’ sees ETH price cling to $3K support

ETH price action currently focuses on a key line in the sand for Ethereum short-term holders.

Ethereum's Ether (ETH) has “underperformed” compared to Bitcoin (BTC) this cycle, and new holders now risk falling into losses.

In the latest edition of its newsletter, “The Week On-Chain” on May 7, analytics firm Glassnode revealed the role of speculators in ETH price support.

Both Bitcoin and Ether have seen downside price action following the former’s latest block subsidy halving in April.

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Crypto Exchange Kraken Mulls Pulling Support for Top Stablecoin USDT in the EU: Report

Latam E-Commerce Giant Mercado Libre Holds $40 Million in Crypto

Latam E-Commerce Giant Mercado Libre Holds  Million in CryptoMercado Libre, one of the biggest e-commerce platforms in Latam, has disclosed it holds over $40 million in cryptocurrency, according to its Q1 2024 filings. The company disclosed that it held 412.7 bitcoin (BTC) and 3,041.6 ethereum (ETH), by March 31. However, Mercado Libre does not own these holdings, as its CIO Richard Cathcart explained, […]

Crypto Exchange Kraken Mulls Pulling Support for Top Stablecoin USDT in the EU: Report

SEC’s Gary Gensler is getting irked being asked about crypto

SEC Chair Gary Gensler says he gets an “outsized ratio” of questions about crypto despite its relatively small size compared to the overall financial market.

The head of the United States securities regulator, Gary Gensler, appears to be getting fed up with answering questions about crypto — recently commenting he receives an “outsized ratio” of questions about it compared to traditional finance. 

“Crypto is a small piece of our overall markets,” Gensler said on CNBC’s Squawk Box on May 7 responding to a question on where the Securities and Exchange Commission’s priorities lie.

Gensler inferred a comparison between the “$110 trillion capital market” the SEC oversees and the $2.4 trillion crypto market — claiming much of the latter doesn’t comply with U.S. securities laws so it has “an outsized piece of the scams and frauds and problems in our markets.” 

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Crypto Exchange Kraken Mulls Pulling Support for Top Stablecoin USDT in the EU: Report

SEC punts Galaxy spot Ethereum ETF decision to July

The Securities and Exchange Commission has delayed making a decision on Invesco Galaxy’s application for an Ether ETF, with the next deadline on July 5.

The United States Securities and Exchange Commission has delayed its decision on Galaxy Invesco’s application for a spot Ether (ETH) exchange-traded fund (ETF).

In a May 6 filing, the SEC gave itself another 60 days to make a call on the Galaxy’s ETF, with the next deadline set to July 5.

“The Commission finds that it is appropriate to designate a longer period within which to issue an order approving or disapproving the proposed rule change so that it has sufficient time to consider the proposed rule change and the issues raised therein,” the SEC wrote.

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Crypto Exchange Kraken Mulls Pulling Support for Top Stablecoin USDT in the EU: Report

Hong Kong spot Bitcoin and Ether ETFs struggle to gain traction

The exchange-traded funds only managed to attract around $22.5 million inflows during their first week of launch.

Hong Kong spot Bitcoin exchange-traded funds (ETFs) are far underperforming their U.S. counterparts in the first week of launch. 

According to data compiled by Farside Investors, the three spot Bitcoin (BTC) ETFs that launched on April 30 in the East Asian City have attracted a total of $262 million in assets under management (AUM), the vast majority of which was subscribed to before the listing. Meanwhile, their asset inflows amounted to less than $14 million in the first week of launch, far below the billions that flowed into U.S. spot Bitcoin ETFs in January. 

“In our view, the launch of the Bitcoin and Ethereum ETFs in Hong Kong, is a far less significant moment that the US ETFs,” Farside Investors commented. Meanwhile, Hong Kong spot Ether (ETH) ETFs, the first of their kind in the world, also did not impress, with a cumulative $54.2 million in AUM and $9.3 million in total inflows as of May 6. 

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Crypto Exchange Kraken Mulls Pulling Support for Top Stablecoin USDT in the EU: Report

Liquid Staking Platforms See 60,000 ETH Outflow in 2 Weeks; Lido Dominates Reductions

Liquid Staking Platforms See 60,000 ETH Outflow in 2 Weeks; Lido Dominates ReductionsIn the last two weeks, liquid staking derivative (LSD) protocols have experienced a decline of 60,000 ether valued at over $198 million, with Lido accounting for 40,000 of the ETH withdrawn. LSD Sector Snapshot: $198 Million Ether Withdrawn in 2 Weeks Liquid staking has been witnessing a decrease; on April 15, 2024, the 27 distinct […]

Crypto Exchange Kraken Mulls Pulling Support for Top Stablecoin USDT in the EU: Report

Brazilian Neobank Nubank Introduces New Crypto Wallet Features for Bitcoin, Ether and Solana

Brazilian Neobank Nubank Introduces New Crypto Wallet Features for Bitcoin, Ether and SolanaNubank, a Brazilian neobank, has introduced new features for its cryptocurrency customers. The Sao Paolo-based organization recently enabled deposits and withdrawals of bitcoin, ether, and solana in its cryptocurrency service, broadening the use cases of its platform. Before, the company only allowed users to purchase, hold, and sell cryptocurrency assets. Nubank Enhances Cryptocurrency Features: Opens […]

Crypto Exchange Kraken Mulls Pulling Support for Top Stablecoin USDT in the EU: Report

Standard Chartered Updates Prediction: Doubts SEC Will Approve Spot Ether ETFs in May

Standard Chartered Updates Prediction: Doubts SEC Will Approve Spot Ether ETFs in MayStandard Chartered, which was previously optimistic about the U.S. Securities and Exchange Commission (SEC) approving spot ether exchange-traded fund (ETF) applications in May, has now revised its prediction. The bank still sees a positive long-term future for spot ethereum ETFs. Standard Chartered on Spot Ether ETFs Standard Chartered, previously optimistic about a May approval for […]

Crypto Exchange Kraken Mulls Pulling Support for Top Stablecoin USDT in the EU: Report