fromcrypto – Retail traders are returning to crypto markets after an April hiatus, driving standard cryptocurrencies like Ether to multi-week highs, in line with JPMorgan strategists.
The JPMorgan report additionally highlighted that the 14-day common each day buying and selling volumes for Bitcoin reached $28.9 billion, in comparison with $20.7 billion. Over the previous two weeks, common each day Bitcoin commerce volumes have elevated by 12.0%, whereas Ethereum commerce volumes have elevated by 86.4%. commerce volumes elevated by 39.2%.
Moreover, buying and selling quantity development in main cryptocurrencies, excluding Binance USD, has been sturdy over the previous six months and yr. A JPMorgan analyst famous, “The substantial enhance in buying and selling quantity for Bitcoin and Ethereum highlights rising investor curiosity and market exercise in these main cryptocurrencies.”
On Might 30, Franklin Templeton President and CEO Jenny Johnson spoke on the Consensus 2024 convention in Austin and highlighted the advantages of blockchain ledger know-how. Johnson highlighted its potential to supply a single “supply of reality” to reconcile knowledge between techniques, which may assist scale back prices and administrative burdens. Johnson famous, “Blockchain know-how can streamline our processes and considerably scale back administrative burdens.” The corporate is actively concerned within the blockchain area and operates 30 validator nodes on 12 totally different blockchains.
Grayscale Investments introduced on Might 20 that CEO Michael Sonnenshein will step down after ten years with the cryptocurrency supervisor. Peter Mintzberg, at the moment world head of technique for asset and wealth administration at Goldman Sachs, will assume the position of CEO on August 15. Till then, CFO Edward McGee will function chief government officer. Reflecting on his tenure, Sonnenshein stated, “Main Grayscale has been a outstanding journey and I consider in Peter's imaginative and prescient for the longer term.”
On Might 20, New York Legal professional Normal Letitia James introduced a $2 billion settlement with bankrupt cryptocurrency lender Genesis to repay defrauded traders. Genesis, which has neither admitted nor denied the allegations, is banned from working in New York. The settlement establishes a fund for victims, together with 29,000 New Yorkers who invested over $1.1 billion by way of the Gemini Earn product. “This settlement ensures that victims are compensated and holds Genesis accountable,” James stated.
Institutional cryptocurrency lending firm Maple Finance unveiled a brand new lending platform known as “Syrup” on Might 28, together with a rewards token of the identical title. Syrup guarantees customers returns of 15% by depositing stablecoins into the platform. A consultant of Maple Finance emphasised: “Syrup is designed to supply enticing returns whereas sustaining security and reliability.”
The worldwide crypto market has seen a 12% enhance since Might 15, 2024, with a market capitalization of $2.53 trillion as of June 1, 2024. The highest 5 cryptocurrencies by market capitalization are Bitcoin, Ether, Tether, and , the JPMorgan report concludes.
