“We believe this is monetary policy related, with currently no clear end in sight to interest rate rises, leaving investors cautious,” said CoinShares. Regulatory policy no doubt played a role as well, with the SEC’s lawsuits last week against Coinbase and Binance the catalyst behind the latest leg down in crypto. Original
United States Congressman Warren Davidson has introduced the “SEC Stabilization Act” into the House of Representatives, announced June 12. One of the bill’s main provisions is to fire Securities and Exchange Commission (SEC) chair Gary Gensler. Davidson said in a statement: “U.S. capital markets must be protected from a tyrannical Chairman, including the current one. That’s why I’m introducing legislation to fix the ongoing abuse of power and ensure protection that is in the best interest of the market for years to come. It’s time for real reform and to…
Robinhood Markets, Inc. has disclosed selected monthly operating data for May 2023, which depicts a complex portrait of growth and decline in user engagement and trading activities. Robinhood reported an increase in net cumulative funded accounts (NCFA) to 23.1 million at the end of May, up roughly 20,000 from the previous month. Notably, however, the trading platform experienced a decrease in monthly active users (MAU), which fell to 10.6 million in May, representing a drop of approximately 900,000 from April 2023. The company’s assets under custody (AUC) exhibited positive growth,…
The company is excited to expand globally and wants to build in Abu Dhabi, Canada, Singapore, and get authorized with the U.K. under its upcoming crypto regime Tom Duff-Gordon Vice President of International Policy at Coinbase said. Source
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While the SEC’s designation of some cryptocurrencies as securities has shaken the market, the development companies behind these assets have strongly rejected the regulator’s characterization. The United States Securities and Exchange Commission’s (SEC) lawsuit against Binance and Coinbase has resulted in widespread volatility in the crypto market. As part of its legal actions, the regulator identified 19 new cryptocurrencies as securities. According to the SEC, “Coinbase makes these crypto assets available for trading without restricting transactions to those who might treat the asset as anything other than as an investment.” Market…
Crypto trading is 24/7, without borders, and it happens across a dizzying range of assets and markets. Even in the pre-AI status quo, humans struggle to keep pace with the always-on casino. That will get harder. Quant and algorithm-fueled trading “bots” have existed for years, of course, but they’ll get exponentially better. This could be lucrative for those who use them, death for those who don’t. The millions of “retail traders” could get squeezed. “AI is going to be the enemy of the stubborn-minded,” says Ahmed. “If a trader does…
For Adenza, the acquisition represents a significant milestone in the company’s growth trajectory. Just recently, Nasdaq Inc (NASDAQ: NDAQ), the leading US-based technology firm serving the global financial system announced the acquisition of Adenza, a software application provider. The deal, which is valued at $10.5 billion in cash and common stock, will see the complete takeover of the firm by Nasdaq from Thoma Bravo, an American private equity and growth capital firm. Interestingly, the acquisition is set to have significant implications for both Nasdaq and Adenza. For Nasdaq, the acquisition…
British Prime Minister Rishi Sunak recently announced that Google DeepMind, OpenAI, and Anthropic — three tech outfits widely considered the global industry leaders in generative AI technologies — have agreed to provide the United Kingdom with early access to their AI models. Sunak made the announcement during a speech opening London Tech Week, an event described by organizers as “a global celebration of tech, uniting the most innovative thinkers and talent of tomorrow in a week-long festival.” He made the comment while explaining a three-part plan to ensure AI systems…
A bearish trend formation has been pressuring cryptocurrency prices for the past eight weeks, driving the total market capitalization to its lowest level in more than two months at $1.06 trillion, a 2.4% decline between June 4 and June 11. This time, the move wasn’t driven by Bitcoin (BTC), as the leading cryptocurrency gained 0.8% during the seven-day period. The negative pressure came from a handful of altcoins that plunged over 15%, including BNB (BNB), Cardano (ADA), Solana (SOL), Polygon (MATIC) and Polkadot (DOT). Total crypto market cap in USD,…