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Waning institutional demand is forcing high-yield crypto accounts to slash rates

The returns available on crypto holdings have fallen to their lowest levels in more than a year on some platforms as institutional demand to borrow recedes, diminishing one of the market’s most attractive selling points for smaller investors.  Crypto lending platforms such as BlockFi and Celsius have experienced staggering growth since 2020, attracting millions of customers by providing yields to individual investors that have ranged from a few percent to as high as 17%.  These platforms take deposited funds and …

Bitcoin mining stock report: Thursday, May 19

Some bitcoin miners saw their stocks go up on Thursday, while others continued on a slower downwards path. Notably, Iris Energy was up +20.36%, BIT Mining +28.05%  and Argo Blockchain +14.58%. Bitfarms, TeraWulf, and Hut 8 were down slightly by the end of Thursday’s trading session. Here’s how crypto mining companies performed on Thursday, May 19: Trending Stories

Is the 24/7 crypto market good or bad for traders? Experts disagree.

As the TerraUSD stablecoin was losing its peg to the dollar last week, one high-profile crypto critic posted a tweet warning about one of the crypto market’s signature features. “Crypto trades 24/7. This is not necessarily a good thing and we may soon find out why,” said Ben McKenzie, an actor best known for his role in the crime drama Gotham, who is now working on a book about crypto and fraud. McKenzie is of course correct that, unlike equities …

Bored Ape Yacht Club floor price has fallen 50% in dollar terms this month

Quick Take BAYC’s floor price is down by more than 50% in dollar terms since the beginning of May. Sale volumes have also fallen throughout the month. The floor price of the popular NFT collection Bored Ape Yacht Club (BAYC) fell below $200,000 on Wednesday as the NFT market continues to slide.  BAYC has seen its floor price — a measure of the cheapest NFT in the collection — fall significantly in May. It’s currently at around $198,000, according to …

Algorithmic stablecoins need payments adoption to succeed, Goldman argues

For algorithmic stablecoins to have a long-term future they’ll need to find wider adoption for payments in the real economy, according to analysts at Goldman Sachs.  “Stablecoins have limited use as a payments medium at this time. If that real-world use case were to grow over time, it could create a more stable demand base for these assets,” the investment bank wrote in a research report dated Monday. “Hypothetically, an algorithmic stablecoin could survive in the long-run, if it were …

BitMEX launches spot market in hopes of revival

BitMEX — one of the longest-running exchanges in digital asset futures space — is hoping that the launch of a spot new market will help it lure retail customers in the midst of the crypto trading doldrums.  The firm, which has made headlines thanks to the legal woes of its founder Arthur Hayes, unveiled on Tuesday its new spot market, offering the trading of cryptocurrencies like bitcoin, ether, Bored Ape Yacht Club’s APE token, and Uniswap’s governance token UNI.  Since …

Bitcoin mining stock report: Monday, May 16

As a new week of trading commenced, most bitcoin miners’ stocks went down during Monday’s trading session. Iris Energy, in particular, fell by 36.45% on Nasdaq. Riot, Marathon and Core Scientific also saw their stocks drop by between 9% and 10%. After announcing declining revenues in the first quarter of 2022, Bitfarms’ stock went down by 5.41% on the Toronto Stock exchange and 7.88% on Nasdaq. Here is a look at how other crypto mining companies did in the markets …

Celsius announces plans for an IPO of its bitcoin mining subsidiary

Quick Take Celsius Network announced plans to IPO its wholly-owned bitcoin mining subsidiary on Monday.  Crypto lending platform Celsius has announced plans to take its bitcoin mining subsidiary, Celsius Mining, public. Celsius has submitted a Form S-1 with the Securities and Exchange Commission, which companies must file before going public in the US, according to a statement on Monday. The Initial Public Offering (IPO) process typically takes up to six months from filing the S-1. Celsius allows retail investors to …

Nigeria’s markets regulator publishes set of rules for digital assets

Nigeria’s markets regulator has published 54 pages of regulations for digital assets, as the country may be stepping back from an earlier ban on cryptocurrencies. Last February, the Central Bank of Nigeria (CBN) issued a letter telling regulated financial institutions in the country to “immediately” close accounts connected to cryptocurrency-related activities, The Block reported at the time. Still, Nigeria’s young, tech-savvy population has eagerly adopted cryptocurrencies, often using peer-to-peer trading offered by crypto exchanges to avoid the ban, Reuters noted …

Australia’s first Bitcoin and Ethereum ETFs launched by Cboe Australia and ETF Securities

Australia’s first cryptocurrency exchange-traded funds met a muted reception in their debut on Thursday as global crypto markets were being battered by the collapse of two digital tokens. Securities and derivatives exchange Cboe Australia introduced the ETFS 21Shares Bitcoin ETF and the ETFS 21Shares Ethereum ETF, the first exchange traded funds to offer Australian investors direct, regulated exposure to the world’s biggest digital tokens by market capitalization, Bitcoin and Ethereum, it said in a statement. The Cosmos Purpose Bitcoin Access …