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ETF volumes are skyrocketing, Bitcoin is in the top 10 and Binance is facing a $10 billion fine in Nigeria, right? These stories and more, this week in crypto.
Cryptocurrency volatility is back
After a remarkable 20% rise in the price of Bitcoin, the sudden influx of short-term option buyers has increased Bitcoin's volatility to its highest level since last year, which could lead to rapid and significant fluctuations. Leverage also came back across various crypto sectors including NFTs, mining, and DeFi. Open interest on Bitcoin derivatives has increased by 90% since October.
Bitcoin enters the top 10 assets
In a resounding comeback, the total crypto market cap has exceeded two trillion dollars. Fueled by positive market sentiment and continued inflows into spot Bitcoin ETFs, the crypto market now exceeds the market capitalization of Amazon and Google parent company Alphabet. Surpassing a market capitalization of $1,000 billion itself, Bitcoin has joins the list of 10 largest assets in the world.
Bitcoin ETF breaks record
Seven weeks after SEC approval, spot Bitcoin ETFs now hold 344,000 BTC in assets under management, worth over $21 billion. BlackRock’s Bitcoin ETFIBIT saw a record inflow of $612 million in a single day, while the asset class reached $7.7 billion in trading volume, further proof that the success of the vaunted ETFs is no longer doubt.
Vanguard rethinks Bitcoin position
The sudden departure of Vanguard CEO Tim Buckley after 33 years has sparked speculation on the company's potential entry into the Bitcoin ETF space. Despite previously evaluating Bitcoin as an “immature asset class,” competitors like BlackRock and Fidelity, which have embraced ETFs, are reaping substantial profits, raising questions about what Vanguard, with $7 trillion under management, will do next.
Bitcoin HODLing pays off
Bitcoin's recent price surge highlights the impressive unrealized gains of the industry's biggest names. Although MicroStrategy The value of the holdings has doubled since the approval of spot Bitcoin ETFs, its president Michael Saylor has repeatedly reaffirmed that the company has no plans to sell. President Nayib Bukele El Salvador has also defended its country's Bitcoin strategy, with unrealized profits exceeding $173 million.
Binance faces $10 billion fine
While the The BBC reported Nigeria seeks nearly $10 billion fine from Binance, accusing crypto giant of manipulating exchange rates through currency speculation and rate fixing, Nigerian government official deny the accuracy of the report, saying it draws its conclusions from a misquotation of government statements. He says there is no final decision yet and the fine is only a possibility. Nigeria is facing a currency devaluation crisis, with the Naira losing 70% of its value, which has sparked increased interest in crypto.
Gemini faces heavy fines
Gemini, the crypto exchange owned by the Winklevoss twins, will return a minimum of $1.1 billion dollars to customers in a settlement with the New York Department of Financial Services. Additionally, the exchange faces a $37 million fine for “significant failures” of its Gemini Earn program during the November 2022 crypto crash.
Costly big finger mistake
A Bitcoin ordinal the trader was faced with a costly mistake, thinking he had paid $1,300 for an NFT that was actually listed at $13,000. Feeling embarrassed, the trader shared the incident on X, calling for caution from other Ordinals traders. Remarkably, the seller of the NFT, Dan Anderson, saw the post and offered to buy back the NFT, thereby returning the funds.
This is what happened this week in crypto, see you next week.
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