Big Players Exit:Jane Street & Jump Trading Quit US Crypto Trading Scene

 

Hey there! Want to know what’s happening in the crypto world? Here’s a quick take on cryptocurrency prices Today:

Bitcoin, the oldest and most valued crypto, struggled to surpass the $27,500 mark, while Ethereum remained within the $1,850 range with a minor dip. On the other hand, other popular altcoins like Dogecoin, Ripple, Litecoin, and Solana managed to see minor gains across the board. But the biggest gainer of them all was Bitcoin SV, with a 24-hour jump of over 38 percent!

So what does this mean for the global crypto market cap? It currently stands at $1.14 trillion, with a 24-hour dip of 0.24 percent. Stay tuned for more updates on Coinpedia!

Latest News

Bitcoin Shorts Surge to Two-Month High: Will it Bounce Back?

  • Bitcoin shorts on BitMEX have reached a two-month high, indicating a potential bounce back in price according to on-chain data provider Santiment.
  • $27,000 is a crucial support level for Bitcoin, and a drop below this could lead to the next immediate support level of $24,000.
  • Despite recent drama, Bitcoin gas fees continue to remain high, with an average cost of $30.91 per transaction and strong demand for Bitcoin Ordinals driving up fees.
  • The future trajectory of Bitcoin prices will continue to be influenced by key macroeconomic factors, including monetary policy decisions.

SEC’s Custody Proposal Under Fire: JPMorgan, Crypto Firms, and a Fellow Agency Slam the Agency’s Plan

  • The SEC proposed a new rule that would require investment advisers to store all customer assets, including cryptocurrency, with approved custodians.
  • Critics, including financial giant JPMorgan, the Small Business Administration, and the Securities Industry and Financial Markets Association, have argued that the proposal goes too far and could threaten smaller investment advisers and disrupt financial markets.
  • The proposed rule states that assets entrusted to investment advisers must be held with qualified custodians, such as a chartered bank, trust company, or broker-dealer.
  • Some in the crypto industry, such as Anchorage Digital Bank and Coinbase’s Custody Trust Co., have argued that they would qualify as proper custodians, but SEC Chair Gary Gensler has said that investment advisers cannot rely on them as qualified custodians.

Paypal Reveals its Crypto Holding — Here’s How the Portfolio Looks Like

  • PayPal holds almost $1 billion worth of Bitcoin, Ethereum, Bitcoin Cash, and Litecoin, signaling a trend among payment providers to offer cryptocurrencies.
  • The rise in holdings by payment providers demonstrates increasing recognition of the potential of cryptocurrencies by mainstream players, potentially leading to further adoption and investment in the future.
  • High interest rates are limiting expensive purchases for many low-income customers, threatening business for PayPal.
  • Other payment providers, such as Stripe, Visa, Mastercard, and Circle, are also entering the crypto market with new offerings and projects.

Ex-Coinbase Manager Gets 2 Years In Prison For Insider Trading

  • Ishan Wahi, former Coinbase product manager, has been sentenced to two years in prison for insider trading charges related to providing insider information about upcoming crypto listings to his brother and another man, resulting in over $1 million in illegal profits.
  • This is the second crypto-related insider trading case brought by the DOJ, and it highlights the increasing scrutiny that regulators are placing on the crypto industry.
  • Wahi’s lawyers had requested a sentence of no more than 10 months in prison, but the former Coinbase product manager has been sentenced to two years.
  • The case serves as a warning to others who may be considering engaging in similar illegal activities.

Big Players Exit: Jane Street and Jump Trading Quit US Crypto Trading Scene

  • Market makers Jane Street and Jump Trading are reportedly exiting US crypto trading operations as regulatory scrutiny in the industry increases.
  • Jane Street is said to be scaling back its global cryptocurrency expansion plans while Jump Crypto, the digital asset trading arm of Jump Trading, is completely exiting the US market.
  • The companies have not completely abandoned the crypto industry and still continue to make markets.
  • US regulators have been stepping up their crackdown on the crypto industry, with recent actions against FTX, Binance, and its founder Changpeng Zhao.

That’s a wrap for today’s crypto scoop from Coinpedia! Stay tuned for more electrifying updates in the world of cryptocurrencies.

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