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14 May 2024 | FXGT.com

Crypto News Catchup – Crypto Exchanges See First Decline in Trading Volume Since September

  • Spot trading volumes on centralized crypto exchanges fell to $1.6 trillion in April, the first month-to-month decline since September 2023. This drop coincided with a significant decrease in Bitcoin’s price by about 15%, impacting overall market activity. Binance maintained the highest trading volume at $700 billion. Additionally, U.S. spot bitcoin ETFs also saw reduced trading volumes compared to March.
  • Grayscale has withdrawn its application to the SEC for an Ethereum futures ETF. This decision is seen as a strategic move to avoid potential legal challenges similar to those it faced with Bitcoin ETFs. The withdrawal might also reflect Grayscale’s anticipation of future regulatory shifts and broader SEC reluctances regarding Ethereum securities classifications.
  • JPMorgan Chase has disclosed investments in several Bitcoin ETFs including offerings from Grayscale, ProShares, Bitwise, BlackRock, and Fidelity, as reported to the SEC. This filing also included a purchase of shares worth about $47,000 in Bitcoin Depot, a crypto ATM provider. This move by JPMorgan highlights growing institutional interest in cryptocurrency investments.
  • Mastercard has partnered with major U.S. banks like Citigroup, Visa, and JPMorgan to test a new tokenized settlement system called the Regulated Settlement Network (RSN). This shared-ledger technology aims to streamline settlements across different asset classes by tokenizing assets such as Treasurys and commercial bank money, enabling them to be settled on a single platform.
  • Harvest, a Hong Kong-based financial firm, plans to make its Bitcoin ETF available to mainland Chinese investors through the ETF Connect scheme, aiming to bridge financial markets between Hong Kong and mainland China. The company’s CEO, Han Tongli, is hopeful that within two years, their ETFs will be included in ETF Connect, potentially opening the cryptocurrency market to a broader Chinese audience.
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