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Flowdesk, a leading market maker in the cryptocurrency space, strategically expanded its operations in the United States during a challenging period for the industry. Despite regulatory hurdles, the company’s bold move is now reaping significant rewards as the U.S. market evolves with new opportunities such as Bitcoin and Ether ETFs and supportive legislation in progress. Flowdesk’s Contrarian Bet on the U.S. Market In 2023, while the U.S. Securities and Exchange Commission (SEC) intensified its regulatory actions against major crypto entities, Flowdesk CEO Guilhem Chaumont made a bold decision to expand the company’s New York office. This move was contrary to…

Introduction of Stablecoin Bill to Legislative Council Hong Kong authorities are set to introduce a bill on fiat-referenced stablecoins to the Legislative Council by the end of the year. The Financial Services and the Treasury Bureau (FSTB) and the Hong Kong Monetary Authority (HKMA) have released the results of a public consultation, outlining their plans for a stablecoin regime. Focus on Decentralized Ledger Representations The proposed legislation will primarily focus on stablecoins that are represented on decentralized ledgers, where no single entity has unilateral control or the ability to significantly alter their functionality. This approach aims to ensure transparency and…

Strengthening the Institutional Crypto Infrastructure Zodia Markets, a cryptocurrency trading firm backed by the venture arm of Standard Chartered, has announced the acquisition of the over-the-counter (OTC) trading division of Elwood Technologies. This strategic move confirms earlier reports that Elwood’s trading unit was up for sale, with negotiations underway. Following this acquisition, Elwood, which has gained support from crypto-friendly billionaire Alan Howard, will focus on its core offering of trading technology software-as-a-service (SaaS) products. Focus on Institutional-Grade Solutions The acquisition aligns with the growing confidence in institutional crypto markets, as regulated bank-backed projects and qualified custodians continue to build trading…

Shift from Mega-Cap to Small-Cap Stocks Signals Potential Growth for Cryptocurrencies Wall Street is experiencing a notable shift in investment trends as investors move away from mega-cap stocks towards small-cap companies. This change, driven by cooling inflation and increased expectations of a Federal Reserve interest rate cut, could significantly benefit the cryptocurrency market, according to Marex Solutions. Market Trends: Small-Cap Stocks Outperform Mega-Caps Since July 8, the Nasdaq, known for its tech-heavy index of 100 stocks, including giants like Alphabet, Amazon, Apple, Meta Platforms, Microsoft, Nvidia, and Tesla (collectively known as the “Magnificent Seven”), has remained relatively stable around 2,270…

XRP Leads Crypto Market Gains with 12% Surge XRP, the cryptocurrency associated with Ripple, has experienced a significant 12% surge in the past 24 hours, outperforming major cryptocurrencies like Bitcoin (BTC) and the broader CoinDesk 20 (CD20) index. This rise is part of a broader trend that has seen XRP gain nearly 40% over the past week, making it the best-performing major cryptocurrency despite favorable regulatory developments for Ethereum (ETH) and increased interest in meme coins. Factors Behind XRP’s Surge The recent rally in XRP’s price is largely attributed to increased interest in XRP-tracked futures, which have seen open interest…

Deribit’s New Election Expiry Options Leading cryptocurrency options exchange Deribit has announced the launch of new options that allow traders to manage their bitcoin (BTC) and ether (ETH) positions in light of the upcoming U.S. presidential election on November 4. These new election expiry options have received positive feedback from traders, who see them as valuable tools for managing risk and capital amid anticipated market volatility. The Role of U.S. Elections in Crypto Markets The U.S. presidential election is considered a significant event for risk assets, including cryptocurrencies, due to its potential impact on fiscal policy and financial stability. Jeff…

OKX Wallet Integrates Toncoin Network OKX Wallet has announced the integration of the Toncoin (TON) network, which is associated with the popular Telegram messaging app. This development marks the 100th protocol added to OKX Wallet, underscoring its commitment to an “on-chain, any chain” philosophy. The wallet, a standalone Web3 product, operates independently from OKX’s centralized exchange (CEX) but is integrated into its decentralized exchange (DEX). Strategy for Protocol Support In an interview, Haider Rafique, Chief Marketing Officer of OKX, explained the company’s strategy for supporting a wide range of tokens and protocols. OKX aims to provide users with a curated…

Impact of Ether Spot ETFs on ETH Price The anticipated launch of spot ether (ETH) exchange-traded funds (ETFs) in the United States next week is set to drive the price of Ethereum to new all-time highs above $5,000, according to a report by Bitwise. However, the price action may initially be volatile due to potential outflows from the Grayscale Ethereum Trust (ETHE), which is in the process of converting to an ETF. Market Predictions and Analyst Insights Matt Hougan, Bitwise’s Chief Investment Officer, expressed confidence that ETH would reach new highs by the end of the year. “If flows are…

Bitcoin Price Expectations Bitcoin traders are optimistic about the cryptocurrency reaching $70,000 in the near future. This sentiment is driven by a positive outlook in the broader crypto sector, upcoming U.S. elections, and decreasing selling pressure from significant wallets. A trader commented, “BTC could hover around the 120-day moving average, and the price may have the momentum to go up to $68k or even $70k, but we need to continue to monitor closely the Fed policies and implications of Mt Gox.” Market Optimism and Political Influence According to Lucy Hu, a senior analyst at Metalpha, the recent rebound in Bitcoin’s…

Bitcoin exchange-traded funds (ETFs) have witnessed a resurgence in demand, reaching a six-week high in inflows. The price of Bitcoin has rebounded significantly, showing a 23% increase since its recent low of $53,500 on July 5. Surge in Bitcoin ETF Inflows On Tuesday, U.S.-listed ETFs that closely track Bitcoin’s spot price recorded a combined net inflow of $422.5 million. This marks the highest single-day inflow since June 5, extending the funds’ seven-day winning streak. The data, tracked by Farside Investors and Coinglass, highlights a renewed investor interest in Bitcoin. Key Players in the Market BlackRock’s IBIT ETF led the pack…