Month: June 2023

Crypto Spot Volumes on Centralized Exchanges Hit Lowest Since March 2019

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The volume of cryptocurrency spot trading on centralized exchanges (CEXs) plunged by 21.8% in May to $495 billion, marking the lowest monthly trading volume since March 2019. Also, derivatives trading volumes slumped by 15.7% to $1.95 trillion, which is the lowest since December 2022. These figures are according to new data by digital asset data provider, CCData, previously known as CryptoCompare. CCData is also a benchmark administrator authorized by the UK Financial Conduct Authority. According to the firm, despite the decrease in derivatives trading volumes on CEXs, the market share…

Price analysis 6/7: BTC, ETH, BNB, XRP, ADA, DOGE, MATIC, SOL, DOT, LTC

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Bitcoin and most major altcoins are facing selling at higher levels, but there are no signs of panic selling at the moment. Bitcoin and altcoins have been volatile in the past two days, as the cryptocurrency markets come to terms with the actions of the United States Securities and Exchange Commission (SEC) against two of the biggest crypto exchanges, Binance and Coinbase. After the initial knee-jerk reaction to the news and the subsequent rebound, markets are likely to enter a range as traders reflect upon the uncertainty around the lawsuits.…

12 Ways Web3 Media Could Embrace AI

That being said, Whittemore imagines that in the Web3 space specifically, AI could be used to quickly summarize crypto-adjacent news. “CoinDesk is the destination website for a lot of people in Web3,” says Whittemore. But CoinDesk is not the destination for all business or financial news. So for areas outside of its core competence, why not use AI as a service to the readers? What happens to the S&P 500 is not exactly CoinDesk’s bailiwick, but it’s of interest to most in the space. So Bloomberg or Wall Street Journal…

Nifty Newsletter, May 31–June 6

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In this week’s newsletter, read about GameStop’s nonfungible token (NFT) platform partnership with game company Illuvium, and check out how NFTs can store digital assets, and how blue-chip NFT collaterals are being used in NFT lending. In other news, Nike’s NFTs are coming to EA Sports games, and don’t forget this week’s Nifty News, featuring upcoming blockchain games from Epic Games. GameStop NFT back in the spotlight after partnership with Illuvium GameStop has partnered with Web3 gaming project Illuvium to launch an NFT collection called Illuvitars. The drop will feature…

Opportunities and risks of the trillion-dollar VR market

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The metaverse continues to expand, with industry giants and upcoming players racing to seize a slice of the potentially trillion-dollar pie. Close to $2 billion was invested in blockchain-based metaverse deals in 2022, according to Cointelegraph Research’s VC database.  A 2022 report by McKinsey estimated the metaverse industry to potentially generate up to $5 trillion in revenue by 2030, an estimate overtaken by Citi’s forecast of $8 to $13 trillion. These estimations reflect significant growth from the global metaverse market of $65.5 billion recorded in 2022. To realize these optimistic…

Former NFL Team Owner Sentenced to Six Years in Prison for Providing ‘Shadow Bank’ Services to Crypto Exchanges

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The former owner of a National Football League (NFL) team has been sentenced to more than six years in prison for acting as a “shadow bank” and illegally processing more than $700 million worth of transactions for crypto exchanges. Reginald Fowler, who previously co-owned the Minnesota Vikings, established a company called Global Trading Solutions LLC in 2018. Using that company, he worked with Israeli nationals who operated a number of crypto firms, according to a press release from the U.S. Attorney’s Office for the Southern District of New York. The…

Robinhood Joins Coinbase in Saying It Tried to ‘Come In and Register’ Like U.S. SEC Wanted

“When Coinbase has attempted to do just that, to talk about how we could register as a broker-dealer or an [alternative trading system] or even as a [national securities exchange] after months and months of discussion, we’re simply dismissed with no response or any counter proposal or ideas coming back from the SEC,” said Paul Grewal, Coinbase’s chief legal officer. Source BitcoinCoinbasecryptoexchangeExchangesJoinsregisterRobinhoodSECU.SWanted CryptoX Portal

The U.S. SEC Is Fighting the Last Crypto War, Charging Binance (BNB) and Coinbase (COIN)

But the messaging surrounding the suits makes the SEC’s recent moves seem reactive, political and frankly, just beneath the bluster, weak. Specifically, the SEC seems to be trying to put Coinbase and Binance into the same bucket as the frauds of 2022, such as Luna, Celsius and above all FTX. The SEC has been widely viewed as giving FTX deferential treatment before it was revealed as a massive fraud, so now it’s demonstrating that it really can be a hard-nosed regulator – it’s just doing so a couple of years…