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☆ Bitcoin breaks above $27,000 for the first time in September
▼ + stars: | 2023-09-18 | by ( Tanaya Macheel | ) www.cnbc.com time to read: 1 min

Bitcoin is facing a number of headwinds including low liquidity which is contributing to volatility. Cryptocurrency prices rose broadly on Monday, with bitcoin climbing above $27,000 for the first time this month. Bitcoin was last higher by less than 1% at $26,685.97, according to Coin Metrics. The reason for the move wasn't clear, although there was a spike in trading volume during opening hours in the Asian market, said Dessislava Aubert, senior research analyst at crypto data provider Kaiko. "In the current low liquidity environment, relatively low buying and selling pressure could amplify spot price movements and spur liquidations on derivatives markets," she said.

Persons: Bitcoin, Dessislava Aubert Organizations: Metrics

☆ Altcoin trading volume is off its first-half highs. Here's what it will take to get it back
▼ + stars: | 2023-09-01 | by ( Tanaya Macheel | ) www.cnbc.com time to read: +4 min

Altcoin trading is limping along, despite initially getting a boost from a key July court ruling that gave Ripple a partial victory over the Securities and Exchange Commission. However, this is not a strong enough narrative to take over the broader theme of deterioration in crypto market structure, said Park added. "This has serious implications for altcoin trading, as the shift in focus to alternatives like FDUSD or TUSD has created a bottleneck for pairs trading that is often how altcoin liquidity is gauged and accessed," he added. "At its peak, there were over 300 BUSD trading pairs and the number is steadily decreasing as BUSD is ceasing its operations." Wolfe Research's Rob Ginsberg noted this week that weak price action and low trading volume largely define the trading of altcoins in the current market.

Persons: —, Jeff Park, Glassnode, altcoins, Binance Launchpad, Stablecoins, CryptoQuant, Changpeng Zhao, Wolfe, Rob Ginsberg, Seasonality, Crypto, Dessislava Aubert, Michael Bloom Organizations: Securities and Exchange Commission, Bitwise Asset Management, SEC, Polygon, CNBC, Binance, BTC Locations: Solana, New York, BUSD's, altcoins, China

Their new platform is cryptocurrency exchange Coinbase Global (COIN.O), which on Aug. 16 became the first crypto-focused firm to win approval to offer cryptocurrency futures to U.S. retail customers. Yet, trading volumes in derivatives decreased by nearly 13% in July to $1.85 trillion, the lowest monthly volume since December 2022 and second lowest derivatives trading volumes since 2021, research firm CCData reported. Derivatives made up 78.2% of the total cryptocurrency trading volume on centralized exchanges in July, CCData reported. Spot cryptocurrency trading volumes also fell 10.5% to $515 billion in the same period, CCData showed. This essentially means that there is potential for growth in derivatives trading.

Persons: Dado Ruvic, Lucas Kiely, languish, disinclined, Todd Groth, CCData, Dessislava Aubert, Lisa Mattackal, Medha Singh, Sumanta Sen, Vidya Ranganathan, Mark Potter Organizations: REUTERS, Derivatives, Research, Reuters, Thomson Locations: United States, Bengaluru

☆ Binance market share takes regulatory hit, its US affiliate shrinks
▼ + stars: | 2023-07-05 | by ( Medha Singh | ) www.reuters.com time to read: +1 min

July 5 (Reuters) - The market share of Binance, the world's largest cryptocurrency exchange, and its U.S. affiliate have shrank this year, as they battle an onslaught of regulatory crackdowns. Last month, Binance was hit by a lawsuit by the U.S. Securities and Exchange Commission for allegedly breaching the regulator's rules, pushing its global market share to 52% from 60% at the start of the year, according to data firm Kaiko. Binance had begun to cede market share in March after its move to end zero-fees transactions for some trading pairs, said Dessislava Aubert, an analyst at Kaiko. "Binance's market share has gone to a variety of exchanges with Bybit and OKX faring best," Aubert said. Crypto companies dispute that crypto tokens are securities and have repeatedly called for the SEC to create clear rules.

Persons: Binance, Dessislava Aubert, " Aubert, Binance.US, Aubert, Kaiko, bitcoin, Medha Singh, Maju Samuel Organizations: U.S, U.S . Securities, Exchange Commission, SEC, Fidelity, BlackRock, Thomson Locations: U.S, Bengaluru

Apparently they can in some parts of the world, such as Argentina and Turkey, where soaring prices and tumbling local currencies have forced people to seek refuge in digital coins. Trading volumes for spot bitcoin are highest during U.S. opening hours, with little change from 2022, Kaiko data showed. If dollar to crypto volumes are excluded, then the next most dominant currency is South Korea's won . Crypto trading volumes in South Korea are back to levels seen in first quarter and second quarters of 2022 after a weak fourth quarter in 2022, analysts at crypto investment firm Matrixport said. "This is in stark contrast to other crypto exchanges where bitcoin and Ethereum account for the majority of the volume."

☆ Bitcoin falls after CFTC sues crypto exchange Binance for allegedly breaking trading rules
▼ + stars: | 2023-03-27 | by ( Tanaya Macheel | ) www.cnbc.com time to read: +3 min

Cryptocurrencies dropped on Monday morning after the CFTC sued Binance, the biggest crypto exchange in the world, for allegedly violating trading rules. The price of bitcoin slid 2.5% to $27,142.29, according to Coin Metrics. In a court filing, the CFTC, or the Commodity Futures and Trading Commission, said Binance violated eight provisions of a commodities trading law "designed to prevent and detect money laundering and terrorism financing." It's the largest crypto exchange and any U.S. regulatory action against it will have huge implications for the industry," she said. "Many knew Binance had a bullseye on its back, but this is still unnerving some crypto traders," said Ed Moya, an analyst at Oanda.

Interest in this niche breed of cryptocurrencies, typically linked to sports teams like Barcelona or Brazil, has been charged up by the soccer World Cup which began on Nov. 20. The token of Lionel Messi's Argentina side slumped 25% to $5.26 following the team's shock defeat by Saudi Arabia in their opening World Cup game. The broader crypto market malaise is partly to blame for price drops, according to researchers who said the flighty assets were wilting as investors shunned risk. "But the first perception should never be that you're buying the fan token from a profit-generating standpoint." It facilitates trading of most fan coins, describing buying such tokens as joining a loyalty scheme with exclusive benefits and prizes.

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