Welcome to the Daily Crypto News: A complete News Review, Coin Calendar and Analysis. Enjoy!
🗞 Market Wrap: Bitcoin Futures Premium Rises Again Despite Bitcoin’s Relatively Flat Performance
- Bitcoin (BTC) was trading around $58,246.41 as of 20:00 UTC (4 p.m. ET). Slipping 1.31% over the previous 24 hours.
- Bitcoin’s 24-hour range: $57,421.85-$59,484.20 (CoinDesk 20)
- BTC trades below its 10-hour and 50-hour averages on the hourly chart, a bearish signal for market technicians.
Bitcoin's futures premium creeps back up
Recently, bitcoin’s price movements have been, well, less exciting than the triple- and sometimes quadruple-digit-percentage gains witnessed in alternative cryptocurrencies, or “altcoins.”
An increased futures premium – the spread between futures prices and spot-market prices – indicates that more retail traders are looking at upside exposure of the market despite bitcoin’s relatively flat performance lately.
“Traders are expecting higher prices and taking on long positions,” Bendik Norheim Schei, head of research at Arcane Research, told CoinDesk.
“It is always concerning when these futures premiums climb too high, indicating an overly confident and leveraged market,” according to Arcane. “This usually leads to rounds of liquidations and sharp pullbacks, so traders should consider de-risking in this current environment.”
Ether and altcoins
Ether and other altcoins continue to outperform bitcoin. The No. 2 cryptocurrency by market capitalization has traded above $2,000 since it claimed a new all-time high a day ago.
Ether’s latest rally “follows Visa’s announcement that transactions can be settled using USD Coin (USDC), a stablecoin powered by the Ethereum blockchain,” Simon Peters, crypto analyst at eToro, wrote in an email.
🗞 Coinbase Active Users Grew by 117% in Q1 2021; Revenue Tops $1.8B
Cryptocurrency exchange Coinbase saw a whopping 117% quarter-over-quarter increase in monthly transacting users, the firm revealed Tuesday in its voluntary earnings report.
All those users helped Coinbase rake in $1.8 billion over the quarter, driving a net income of approximately $730 million to $800 million, according to a new filing that comes ahead of the company’s Nasdaq listing next week.
For example:
- Active users on Coinbase jumped from 2.8 million in the fourth quarter of 2020 to 6.1 million in the first quarter of 2021.
- Verified users – or the total number of people with Coinbase accounts – increased from 43 million at the end of 2020 to 56 million at the end of Q1 2021.
- Trading volumes topped $335 billion in Q1. For all of 2020, trading volume was $193 billion.
🗞 Ripple Wins Ruling to Expose SEC Docs on Bitcoin, Ethereum
- Ripple won a discovery motion.
- The SEC must hand over documents related to its internal thinking on crypto assets.
Since December, Ripple Labs has been fighting a $1.3 billion case brought against it by the US Securities and Exchange Commission (SEC), which accuses the digital payments company of offering an unregistered security in the form of its native XRP token.
The company today won a discovery ruling that will require the SEC to hand over internal documents about Bitcoin and Ethereum. As a result, the general public may soon get a peek behind the curtain of the SEC, which has been historically tight-lipped about crypto’s regulatory status.
“For almost a decade, the SEC watched as XRP grew and developed, all the while issuing no formal guidance that its sales may be illegal,” it wrote in the March 15 filing to US District Court Judge Sarah Netburn. “The SEC did, however, announce that sales of two similar digital assets — bitcoin and ether — were not securities offerings.”
🗞 Former BitMEX CEO Surrenders, to Face Trial in US
Arthur Hayes, who served as CEO of BitMEX up until he was charged in October with conspiracy to evade money laundering regulations, has surrendered to US authorities to face trial, according to a Bloomberg report.
Hayes, who had been living in Singapore, flew to Hawaii to turn himself in before being released on $10 million bail as part of a pre-arranged deal with US prosecutors.
The former CEO will face trial in New York along with his co-founders Benjamin Delo and Samuel Reed. The three stand accused of violating the Bank Secrecy Act, which requires financial institutions to take measures to prevent money laundering.
US prosecutors think that some of BitMEX's popularity may stem from trading policies that allegedly put it afoul of US law. "As a result of its failure to implement [anti-money laundering] and [know-your-customer] programs, BitMEX made itself available as a vehicle for money laundering and sanctions violations," the October indictment reads.
🗞 Daily Crypto Calendar, April, 7th💰
- Fetch.ai (FET)
"Get your $fet ready, $atmx distribution for $fet holders coming on 7th of April."
- e-Money (NGM)
"The e-Money NGM token and stablecoins will become available on the Ethereum mainnet."
- Measurable Data Token (MDT)
"To MyMDT data wallet users, we will be transferring your rewards directly to @TheRewardMe. The upgrade will happen on April 7th."
- MANTRA DAO (OM)
"Announcing Finminity's Zendit Offering! We Are Delighted to have Finminity, Join Us for their Token Launch !"
- Bancor Network Token (BNT), Binance Coin (BNB), Chainlink (LINK), DIA (DIA), Fetch.ai (FET), Polygon (MATIC), Ocean Protocol (OCEAN), Secret (SCRT), Sperax (SPA), Status (SNT), Tezos (XTZ), The Graph (GRT), SAND (SAND)
"The ultimate Open Metaverse online conference. Free Access on 7th & 8th April 2021."
- 🗞 Daily Crypto News, April, 6th💰
- 🗞 Daily Crypto News, April, 5th💰
- 🗞 Daily Crypto News, April, 4th💰
- 🗞 Daily Crypto News, April, 3rd💰
- 🗞 Daily Crypto News, April, 2nd💰
- 🗞 Daily Crypto News, April, 1st💰
➡️ Youtube
➡️ LBRY
➡️ Twitter
➡️ Hive
➡️ Publish0x
➡️ Den.Social
➡️ Torum
➡️ UpTrennd
➡️ Read.cash
➡️ Spotify
➡️ Be paid daily to browse with Brave Internet Browser
➡️ A secure and easy wallet to use: Atomic Wallet
➡️ Invest and Trade on Binance and get a % of fees back
➡️ Check out my video on Unstoppable Domains and get 10$ off a 40$ domain purchase
➡️ Get 25$ free by ordering a free Visa Card on Crypto.com using this link or using this code qs4ha45pvh
Helps us by delegating to @hodlcommunity