9 April 2024 | FXGT.com
Crypto News Roundup – The trading volume for spot Bitcoin ETFs surged to $111 billion in March
- BlackRock has updated its Bitcoin ETF, adding five notable Wall Street firms as new authorized participants. These additions include ABN AMRO, Citadel Securities, Citigroup Global Markets, Goldman Sachs, and UBS Securities. This move enhances the ETF’s operational mechanism by allowing these participants to create and redeem shares, reflecting increased interest from major financial institutions in Bitcoin-related products.
- The trading volume for spot Bitcoin ETFs surged to $111 billion in March, almost tripling from February’s $42.2 billion. This surge was led by products from Grayscale and BlackRock, highlighting a rising investor interest in Bitcoin through ETFs. BlackRock’s ETF, IBIT, notably dominated the market.
- Binance’s spot trading volumes surged to a yearly high of $1.12 trillion in March, marking a significant increase and the highest level since May 2021. This rise is attributed to a 121% increase in spot trading volume, alongside a growing market share that reached 44.1% for the month.
- Several leading Chinese mainland-based equity funds have applied to issue spot Bitcoin ETFs in Hong Kong through their subsidiaries, motivated by a surge in cryptocurrency prices and Hong Kong’s ambition to become an international fintech hub. The earliest listings could occur in Q2, according to industry insiders. This move reflects the growing interest in cryptocurrency investments and Hong Kong’s efforts to establish itself as a major crypto center.
- Ripple is set to launch a US dollar-backed stablecoin, aiming to carve out market share in a domain dominated by Circle’s USDC and Tether’s USDT. With ambitions to broaden the stablecoin ecosystem, Ripple’s stablecoin will debut on both the XRP Ledger and the Ethereum blockchain. Emphasizing a compliance-first approach, Ripple seeks to ensure transparency in how its stablecoin is backed, directly competing with USDC on this front.
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