Eight exchanges handle 90% of crypto trading, Kaiko data shows

The majority of digital asset trading around the world is handled by just eight cryptocurrency exchanges, according to an analysis by Kaiko. The study revealed that only eight crypto exchanges handle 90% of the global crypto trading volume and hold as much as 92% of the market depth. ๐Ÿ””Introducing: The #Crypto Liquidity Concentration Report ๐Ÿ‘‰ 90% of liquidity is concentrated on just 8 exchanges๐Ÿ‘‰ liquidity has become more concentrated over time๐Ÿ‘‰ Binance accounts for 30% of global depth and 64% of volume Check it out:https://t.co/kInbfgGGkW โ€” Kaiko (@KaikoData) September 8,…

Coinbase increases USDC interest rate after SEC confirms stance on stablecoins

Coinbase has reportedly increased interest rates on USDC holdings to 5%, marking a notable improvement from the 4% rate introduced earlier in the year.ย  The San Francisco-based crypto exchange hiked the interest offered to holders of its USD Coin (USDC) to 5%, only months after effecting another increase that doubled the stablecoinโ€™s annual percentage yield from 2% to 4%. JUST IN: Coinbase are increasing the interest rate for their stablecoin, USDC, to 5%. โ€” Whale (@WhaleChart) September 10, 2023 Rewards for holding such coins are regulatory compliant. The increments have…

Harry Potter actors, Ripple exec feud over home renovation plans

โ€œHarry Potterโ€ actors Emma Thompson, Imelda Staunton, and Jim Broadbent arenโ€™t happy with proposed renovation plans put forward by their neighbor, Ripple executive Sendi Young. Harry Potter stars unite According to documents submitted to the UKโ€™s planning department and made available for public viewing on the councilโ€™s website, Young and her husband, Daniel โ€” a Web3 specialist โ€” have applied for permission to demolish a one-story building from the 1960s. The building, located adjacent to the Hampstead Cricket Club pitch, is to be replaced with a contemporary structure featuring aluminum…

FTX sues LayerZero Labs, seeks to recover over $21M moved prior to bankruptcy

Bankrupt crypto exchange FTX has filed a lawsuit against cross-chain protocol LayerZero Labs, seeking to recover $21 million in funds that were allegedly illegally withdrawn prior to FTX’s shutdown in November 2022, according to court documents filed on September 9. The case traces back to transactions made from January to May 2022, between Alameda Ventures โ€” the venture capital arm of Alameda Research, FTX’s sister company โ€” and LayerZero. According to the court filing, Alameda Ventures paid more than $70 million in two transactions to acquire a stake of roughly…

TON, XLM, XMR, and MKR could attract buyers if Bitcoin rises above $26,500

Bitcoin (BTC) traded in a narrow range this week and is on target to form the third consecutive Doji candlestick pattern on the weekly chart. The cryptocurrency markets did not receive any support from the United States equities markets, which ended the week on a negative note. The S&P 500 Index dropped 1.3% while the Nasdaq closed down 1.9%.ย  Bitcoinโ€™s weakness has dragged several altcoins lower, with many testing multi-week lows. This indicates that the broader crypto market is in a firm bear grip. Negative markets make it difficult for…

India considers regulating crypto with IMF-FSB guidelines

India is set to make a decisive move on cryptocurrency regulations following recent global discussions, leaning away from an outright ban. The nation plans to align its crypto regulations with recommendations of the International Monetary Fund (IMF) and Financial Stability Board (FSB). India rethinks ban India has consistently advocated for a unified global regulation for Bitcoin (BTC) and other cryptocurrencies, focusing on curbing tax evasion and money laundering. Initially, the Reserve Bank of India (RBI) pushed for an outright prohibition of cryptocurrencies, comparing the latter to gambling. However, authorities have…

DC doesn’t realize how powerful crypto voting is โ€” Brian Armstrong

Coinbase CEO Brian Armstrong has shared his predictions for the role crypto will play in next years’ elections in the United States, claiming that representatives in Washington, D.C. do not fully understand the crypto community’s voting power in the upcoming race. “I donโ€™t think everybody in DC actually fully realizes how powerful the crypto voting community block is. And I think 2024 is an election where the voters of America are really going to hold candidates’ feet to the fire and say, what is your position on crypto?,โ€ Armstrong said…

Crypto Liquidity Becoming More Concentrated Within Top Exchanges, Says Analytics Firm Kaiko

The top crypto exchanges in the world are eating up a bigger and bigger share of the industryโ€™s trading volume, new data suggests. Crypto insights firm Kaiko says in a new report that the eight biggest exchanges in the world account for over 91% of market depth and 89% of all volume. As it was several years ago, Binance still leads the pack. Says Kaiko, โ€œLiquidity is concentrated and has become more concentrated over time. In 2023, the top exchange, Binance, has accounted for 30.7% of global market depth and…

BlackRock denies buying crypto trading platform Voyager Digital

After rumors surfaced suggesting that BlackRock, the largest asset management firm, is poised to acquire Voyager Digital, crypto.news confirmed that the deal was fabricated. When crypto.news reached out to BlackRock to confirm the veracity of the alleged buyout, Carolyn Vadino, the firmโ€™s managing director of corporate communication, categorically confirmed that the press release was false. According to Chinese crypto reporter Colin Wu, these rumors propagated as โ€˜newsโ€™ were likely intended to artificially inflate Voyagerโ€™s native token (VGX), a tactic known as โ€˜pumping.โ€™ย  This misinformation was published as paid content on…