Matrixport report, Binance Australia’s AUD trading Pairs, CFTC considers overhauling risk management rules and more
Binance Australia has announced that it will halt Australian Dollar (AUD) bank transfers. Consequently, trading pairs with AUD on Binance have been suspended as of June 1.
> This move inhibits the ability of Binance users in Australia to make deposits or withdrawals in AUD through bank transfers. However, for any transactions or withdrawals post-June 1, users are given the option to convert their AUD balances to Tether (USDT), a popular stablecoin pegged to the US Dollar.
> Despite the interruption in bank transfers, customers can still carry out their buying and selling activities using their credit or debit cards.
> Moreover, the Binance peer-to-peer marketplace will continue its operations unhindered, thereby providing an alternative avenue for transactions. More here.
Coinbase Derivatives Exchange Launches BTC and ETH Futures: A Game-Changer for Institutional Clients
The futures division of cryptocurrency exchange Coinbase, known as Coinbase Derivatives Exchange, announced on Thursday that it will launch futures tracking Bitcoin (BTC) and Ethereum (ETH) for its institutional clients starting from June 5.
> This move comes in response to heightened institutional interest following the launch of its nano Bitcoin (BIT) and nano Ether (ETI) contracts last year.
> The future contracts, BTI and ETI, are sized at 1 Bitcoin and 10 Ether per contract respectively. These contracts will be settled in U.S. dollars on a monthly basis.
> This will enable institutional traders to hedge against market risks, establish long-term market positions, and implement complex trading strategies. Details here.[/title][body]
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CFTC Proposes Risk Management Overhaul: Navigating the Tides of Crypto Volatility
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In an effort to revamp its risk management regulations, the U.S. Commodity Futures Trading Commission (CFTC) has solicited public feedback on potential updates.
> CFTC Commissioner Christy Goldsmith Romero stressed that these modifications must account for the inherent volatility and potential risks associated with digital assets held by businesses.
> As a step towards modernizing its regulations, the CFTC released a proposal on Thursday, inviting commentary on suggested alterations to its risk management program.
> Romero, in her statement, pointed out that “emerging technologies, including digital assets, artificial intelligence, and cloud services, carry significant risk.”
> She further elaborated, “Such technological advancements, given their associated risks, warrant a reassessment of our regulatory oversight, including our risk management provisions.” Continue reading.
Uniswap Community Votes Against LP Fees in a Surprising Turnout
> The Uniswap community has witnessed a remarkable vote in which a large faction voted against imposing fees on liquidity providers (LPs) using the protocol. The voting concluded on Thursday.
> Close to half of the community, 45%, rallied against the introduction of fees. On the other hand, 42% were in favor of levying a fee equal to a fifth of the revenues garnered from Uniswap version 3 (V3) pools on LPs.
> A relatively more minor group, comprising 12% of voters, opted for charging LPs a tenth of the fees. A meager 0.04% voted for charging a quarter of the fees.
> Liquidity providers are substantial market facilitators, often securing millions or more in assets to facilitate user trading on Uniswap. Full report here.
Unraveling Binance’s Market Share Dip: Impact and Implications
Recent data indicate a decline in Binance’s share in the cryptocurrency market, a situation that correlates with the discontinuation of their zero-fee Bitcoin trading offer.
> The recent report released by CCData in mid-May shows that the trading platform’s market share fell for the second straight month in April, settling at 46.3%, which is the lowest it’s been since October 2022.
> Binance’s decision to terminate its zero-fee Bitcoin trading offer for most trading pairs appears to be the main trigger for the drop.
> “We anticipated a dip in our market share following the cessation of our zero-fee BTC trading offer for the majority of trading pairs. However, this isn’t a source of worry for us. We remain committed to our robust financial performance.” Details here.
Coinbase Takes Leap Forward With ‘Institutional-Sized’ Bitcoin And Ether Futures
In a significant move for the world of cryptocurrency, Coinbase Derivatives Exchange is set to launch ‘institutional-sized’ futures contracts for Bitcoin and Ether on June 5.
> This comes as the latest effort by the exchange to cater specifically to the needs of institutional investors in the rapidly evolving digital commodity landscape.
> Since its successful inception of nano Bitcoin (BIT) and nano Ether (ET) contracts, the exchange has noted a surge in institutional interest, driving demand for advanced derivatives products.
> The forthcoming launch of the ‘institutional-sized’ USD-settled contracts is aimed at enhancing institutional participants’ capability in managing crypto exposure more precisely, expressing directional views, or tracking Bitcoin and Ether returns more efficiently. Continue reading.
Bitcoin Rises Slightly Despite Strong Jobs Report, Debt Ceiling Turmoil
> Bitcoin rose slightly on Sunday but largely ignored an unexpectedly strong jobs report, as well as a week of turmoil over the U.S. debt ceiling, end-game negotiations, and renewed inflation concerns.
> The largest cryptocurrency by market capitalization was recently trading at around $27,200, up 0.6%. BTC briefly rose above $27,000 shortly before U.S. stock markets opened on Friday, after spending much of the previous two days well below this level, largely due to the same inflationary anxiety that has hampered prices over the past 18 months.
> Ether was recently trading at just over $1,907, up nearly 0.7% over the past 24 hours.
> The second-largest cryptocurrency had spent much of the past seven days below this level, as ETH investors also grappled with macroeconomic headwinds.
> With the exception of a few minor dips, other major cryptocurrencies spent the day solidly in positive territory, with ADA and SOL, the tokens of the Cardano and Solana smart contract platforms, rising more than 4% and 3.5%, respectively.
> Meanwhile, a number of small DeFi-focused protocols were the big winners over the past seven days, according to the CoinDesk Market Index, a measure of overall crypto market performance, with Lido (LDO), Synapse (SYN), and PancakeSwap (CAKE) rising 15%, 13%, and 12%, respectively.
> The CMI was recently up 1.6%.
