Bitcoin trades at a $600 premium on Binance.US exchange

Share Share on Twitter Share on LinkedIn Share on Telegram Copy Link Link copied Days after Binance Global, the world’s largest cryptocurrency exchange by client count, briefly suspended bitcoin (BTC) withdrawals, statistics show that its US arm, Binance.US, sold the coin at a premium on May 9. Bitcoin Price on Binance.US | Source: Binance.Us The bitcoin premium At 09:26 UTC on May 9, the BTC/USD pair traded at a $600 premium, significantly increasing from the $20 premium seen at the end of April. A premium in crypto trading occurs when a…

Previewing Congress’s Joint Crypto Regulation Hearing

From the House perspective, the next step toward legislation is still Wednesday’s hearing, kicking off at 9:30 a.m. ET and featuring former Commodity Futures Trading Commission Chair and current Harvard Research Fellow Timothy Massad, Republic Crypto Head Andrew Durgee, Wilmer Cutler Pickering Hale and Dorr Partner Matthew Kulkin, Kraken Chief Legal Officer Marco Santori and Web3 Foundation Chief Legal Officer Daniel Schoenberger. Source

Marathon Digital announces immersion crypto mining operations in Abu Dhabi

Crypto mining firm Marathon Digital Holdings has announced it partnered with digital assets infrastructure company Zero Two to create a large-scale immersion Bitcoin mining facility in Abu Dhabi. In a May 9 notice, Marathon Digital said the joint venture will be based in Mina Zayed and Masdar City in the United Arab Emirates, comprising two mining sites with a combined 250-megawatt capacity. According to the firm, Marathon and Zero Two plan to power the facilities with excess energy from Abu Dhabi’s grid, claiming it will increase its base load and…

SEC Blasted on Custody Proposal by JPMorgan, NYDFS, Bakkt And a Fellow Agency

And from the crypto sector, investment firm a16z said, “We believe this proposed prohibition to be illegal, infeasible, and dangerous.” The letter signed by several executives suggested investment advisers would find the rule almost impossible to comply with, because it “largely failed to consider the logistics of how custody works for many crypto assets, the economics underpinning crypto asset markets, and even the basic statistics and other data that should inform a considered regulatory approach.” Source

President Raisi Calls on Central Bank of Iran to Ditch US Dollar in Trade, Shift to National Currencies – Bitcoin News

Iranian president Ebrahim Raisi has called on the Central Bank of Iran to lay the groundwork necessary to ditch the U.S. dollar for bilateral trade settlements and to make the switch to use the Iranian real whenever possible. The Central Bank of Iran has already started implementing this policy, proposing to pay bilateral trades using Iranian reals in a recent high-level reunion with Oman’s minister of commerce. Raisi Calls on Central Bank of Iran to Ditch Dollar Iranian President Ebrahim Raisi has called for a policy shift when it comes…

Market Making Giants Jane Street and Jump Trading Retreating From Crypto Trading: Bloomberg

Both firms are still making markets and not abandoning the crypto industry entirely, Bloomberg said citing the person. However, Jane Street is scaling back its global crypto expansion plans, while Jump Crypto – the digital assets trading unit of Jump Trading – is pulling back from U.S. markets, although it’s still planning to expand internationally, the news outlet reported citing two people familiar with the matter. Source

ChatGPT and other AIs could play a big role in driving more users to crypto

It’s no secret that bear markets are challenging. A quick scan of top projects of any past market cycle will unveil how many once-promising projects have faded into oblivion. While these cycles are often discouraging, many fail to realize that with every market downturn comes the opportunity for innovation toward a stronger future for Web3. Just look at Uniswap and OpenSea’s success to see how real the potential is for “building in a bear market” to spark new bullish cycles. So, as we navigate the market climate, which is showing…

Aragon (ANT) Cancels Planned DAO Control of $200M Treasury Amid Battle With Arca, Others

“The Aragon treasury was established with the explicit mission of supporting builders to advance decentralized governance infrastructure. Based on Swiss regulations that mandate the use of Aragon’s treasury for its stated social purpose, fiduciary duty compels Aragon Association to secure these funds from those seeking to access them for their own financial gains. There is clear evidence that the entities involved in Aragon’s attack are pursuing that end.” Source

Grayscale moves to expand ETF business as legal fight over spot bitcoin fund continues

Grayscale Investments is forging ahead in its plan to transform itself into a major ETF player even as the firm’s potential flagship fund remains blocked by regulators. The crypto-focused asset manager announced on Tuesday that it has created the Grayscale Funds Trust to manage some publicly traded products, including ETFs, under its own roof as part of the rules of the 1940 Investment Companies Act. Grayscale also filed to create three new ETFs under the banner of the trust. “The formation of the Grayscale Funds Trust represents yet another important…

Galaxy Digital (GLXY) Posts $134M First-Quarter Profit on Strong Showing for Crypto Market

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