Author: Andrei Ionescu

U.S. spot Bitcoin exchange-traded funds (ETFs) recorded significant net outflows on Tuesday, continuing a streak of negative flows in the cryptocurrency market. According to data from SosoValue, 12 spot Bitcoin ETFs experienced net outflows totaling $287.78 million, marking the largest single-day outflows since May 1. Among the ETFs, BlackRock’s IBIT, the largest spot Bitcoin ETF by net assets, reported no inflows or outflows for the day. Grayscale’s GBTC, the second-largest spot Bitcoin ETF, saw $50.39 million in outflows, while Fidelity’s FBTC ETF suffered the largest hit, with $162.26 million in net outflows. Other ETFs also felt the impact of the…

Upbit, one of the leading global digital asset exchanges, has announced the addition of UXLINK (UXLINK) to its trading platform. UXLINK will be available for trading in KRW, BTC, and USDT markets. To celebrate the launch, Upbit will offer free withdrawal fees for UXLINK for the first 24 hours following the commencement of deposits and withdrawals. After this period, standard fees will apply. Upbit reminds users to carefully verify the network before making deposits, as only transactions on the UXLINK-Arbitrum One network will be supported. Transactions made through other networks will not be processed. Trading Restrictions and Guidelines Upbit has…

Bank of Japan (BOJ) Governor Kazuo Ueda has indicated that the central bank may continue raising interest rates if economic conditions and inflation trends meet expectations. Ueda’s remarks, made in a document submitted to a government panel led by Prime Minister Fumio Kishida on Tuesday, come as the BOJ navigates its first interest rate hike in decades, which took place in late July. The move has already triggered significant market reactions, including the unwinding of yen carry trades and a subsequent impact on risk assets such as cryptocurrencies. According to Ueda, Japan’s economic environment remains accommodative, with inflation-adjusted interest rates…

Traders on Polymarket, a leading prediction market platform, are overwhelmingly betting that the Federal Reserve will reduce interest rates by 25 basis points during its upcoming Federal Open Market Committee (FOMC) meeting scheduled for September 17-18, 2024. The prediction market has seen a significant trading volume of $10.9 million, with 77% of traders forecasting a 25 basis point cut in the federal funds rate. In contrast, 21% of participants anticipate a more substantial 50 basis point reduction, while only 3% believe the Fed will maintain current rates. This expectation is driven by several economic factors, including declining inflation and a…

Trading volumes on centralized cryptocurrency exchanges saw continued growth in August, building on the momentum from July after a multi-month low in June. Global spot market volumes across major exchanges, including Binance and Coinbase, reached $1.2 trillion in August, marking a 6.6% increase from July’s $1.12 trillion. Binance maintained its dominance in the market, capturing the largest share with a trading volume of $448.45 billion in August. Surge in U.S.-Based Crypto Exchange Volumes The upward trend was particularly strong among U.S.-based cryptocurrency exchanges. Monthly trading volumes across exchanges serving North American customers rose to $166.84 billion in August, a significant…

Global cryptocurrency investment products faced significant outflows last week, totaling $305 million, according to the latest report from CoinShares. This marks a sharp reversal from the previous week, which saw net inflows of $543 million. The outflows were observed across major asset managers, including Ark Invest, Bitwise, BlackRock, Fidelity, Grayscale, ProShares, and 21Shares. James Butterfill, CoinShares’ Head of Research, attributed the outflows to “widespread negative sentiment evident across various providers and regions.” This sentiment was primarily driven by stronger-than-expected economic data in the U.S., which reduced the likelihood of a significant interest rate cut by the Federal Reserve. “We continue…

Global cryptocurrency exchange OKX has announced that its Singapore subsidiary, OKX SG, has been granted a full Major Payment Institution (MPI) license by the Monetary Authority of Singapore (MAS). This license authorizes OKX SG to offer digital payment token services and cross-border money transfers, including spot crypto trading for Singaporean investors. In conjunction with receiving the full license, OKX SG has appointed Gracie Lin, a former official of MAS, as the CEO of its regional operations. Lin brings a wealth of experience from her time at MAS, Singapore’s sovereign wealth fund GIC, and ride-hailing giant Grab. According to OKX, Lin…

Cardano, the Layer 1 blockchain established by Ethereum co-founder Charles Hoskinson, has officially embarked on a historic transition with the implementation of the Chang hard fork. This marks the first major blockchain to shift from a centralized governance structure to a decentralized, token-based system. The initial stage of the Chang hard fork, which went live recently, sets Cardano on a 90-day path toward a fully community-led governance model. During this period, an interim committee will oversee the transition, ensuring the security and continuity of the network as the new governance bodies are established. These new bodies include a constitutional committee,…

OKX has announced plans to delist the FRONT/USDT margin trading pair and its associated perpetual futures contract as part of an effort to improve market liquidity and enhance the overall user experience. Key Details: During the delisting process, OKX will suspend margin trading and flexible loan services for the affected pair. Open orders for margin trading will be canceled, and users who have borrowings or collateral tied to the FRONT/USDT pair should ensure repayment before the delisting time to avoid forced repayment. Perpetual Futures: OKX will also terminate all relevant perpetual futures contracts for the FRONT/USDT pair. These contracts will…

OKX, a leading cryptocurrency exchange, has announced the upcoming listing of Hamster Kombat (HMSTR) on its spot trading market, scheduled for September 26. The precise timeline for the listing will be announced separately. Project Overview: Hamster Kombat Hamster Kombat is an innovative tap-to-earn game that combines elements of a crypto exchange simulator. In this game, players take on the role of the CEO of a growing cryptocurrency exchange within a fictional world of hamsters. The objective is to expand the exchange to unprecedented heights by tapping a golden coin to earn in-game currency, which can then be used to purchase…