Every Monday, we cover the latest developments and trends in the dynamic and ever-evolving world of cryptocurrency. From price movements, industry news and our favorite resources, we strive to provide our readers with a comprehensive overview of the crypto landscape.
Happy Monday, Ndaxers—Spring has sprung!
Last week, Bitcoin achieved an impressive milestone: The world’s largest computer network has now processed over 1 billion transactions totaling over $1T.
Wells Fargo disclosed investments in multiple Bitcoin ETFs through an SEC filing on Friday, joining institutions embracing crypto-based vehicles. The filing shows the banking giant purchased shares of Grayscale's GBTC spot Bitcoin ETF, has exposure to Bitcoin ATM provider Bitcoin Depot Inc., and invested in ProShares' Bitcoin futures ETF BITO. However, the exposures are relatively small —$141,817 in GBTC, under $1,200 in BITO, and just $99 in Bitcoin Depot. Cointelegraph
In light of recent polling numbers showing politicians’ stance on crypto to be a significant determinant of future voting behavior, 21 ‘young’ democrats crossed the aisle to support a new measure that would roll back controversial crypto accounting decisions unilaterally taken by the SEC: The House voted 228-182 on Wednesday, to pass a measure overturning an SEC bulletin establishing accounting standards for crypto custodians.
The 2022 bulletin requires firms to record customer crypto holdings as liabilities, raising industry concerns about hindering banks from safeguarding digital assets.
While approved by the House, the measure faces headwinds. The White House stated President Biden would veto it, warning it could "introduce substantial financial instability and market uncertainty." House committee leaders debated imposing excessive requirements versus enabling transparency.
The next steps include potential Senate Banking Committee consideration and a full Senate vote. With a companion Senate bill, it would need only 51 votes to pass under the Congressional Review Act providing oversight of agency rulemaking. However, the veto threat casts doubt on its prospects of becoming law. The Block
After weeks of outflows, Bitcoin ETFs experienced a positive turnaround on Friday, April 3rd, with all funds seeing net inflows for the first time. Data from Farside Investors revealed this unanimous green day was driven by investors adding more cash to Grayscale's Bitcoin Trust (GBTC) than was withdrawn. GBTC had previously seen persistent outflows as investors redeemed shares for lower-fee funds.
GBTC grew by $63 million, contributing to a collective $378 million inflow into Bitcoin ETFs that day. This remarkable reversal comes after the investment vehicles had their worst day with over $500 million in outflows the prior week amid waning interest. The SEC approved 11 spot Bitcoin ETFs in January, fueling initial popularity that drove Bitcoin's price to new highs in March. However, the hype slowed in April amidst macro headwinds. Sustained outflows put downward pressure on Bitcoin's price, which now trades below its 2021 and 2023 records. Decrypt
Market Summary
Performance
Top Weekly Movers at Ndax
Who were the top-performing assets on Ndax last week?
But week over week, the top performer at Ndax, in spot #27, up by over 30%, was the new Render protocol’s token RNDR. With a market cap of CA$5.8B, RNDR is currently trading around CA$ 14.55.
Prices as of 05/13/2024 2:00 AM EST
Keep an eye on the market here 👉 Cryptocurrency Prices
In the cryptocurrency community, there's always something going on. Here are a few events and happenings that you might be interested in:
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Disclaimer: This article is not intended to provide investment, legal, accounting, tax, or any other advice and should not be relied on in that or any other regard. The information contained herein is for information purposes only and is not to be construed as an offer or solicitation for the sale or purchase of cryptocurrencies or otherwise.