Bitcoin is expected to trade within a narrow range this quarter, according to Michael Novogratz, founder of Galaxy Digital Holdings Ltd. “Bitcoin, ethereum and everything else, solana will consolidate,” he said last week, adding that it means BTC will probably trade “somewhere between ,000 and ,000 until the next set of circumstances, the next set […]
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Report: CME Group to Launch Bitcoin Trading Amid Rising Demand From Wall Street
CME Group, the world’s largest futures exchange, is planning to launch bitcoin trading to capitalize on the surging demand among Wall Street money managers for exposure to the cryptocurrency sector, according to a report from the Financial Times. The Chicago-based group has reportedly been in discussions with traders interested in buying and selling the cryptocurrency […]
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US Bitcoin ETFs See $166.5M Inflows in Early Week Trading Sessions
U.S. spot bitcoin exchange-traded funds (ETFs) experienced two consecutive days of net inflows on Monday and Tuesday, totaling 6.5 million across both sessions. U.S. Bitcoin ETFs Record 2 Days of Net Inflows The week began positively for U.S. spot bitcoin ETFs, with notable inflows seen during the initial two trading days. On Monday, the collective […]
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dYdX Trading Inc Founder Antonio Juliano Steps Down As CEO, Token Takes a Hit
Antonio Juliano, the founder of dYdX Trading Inc., has announced his decision to “step down” as Chief Executive Officer (CEO), citing a mix of “personal and professional reasons.”
This move marks a significant change for the company behind the decentralized derivatives exchange dYdX. Juliano will transition to the roles of Chairman and President, with Ivo Crnkovic-Rubsamen set to take over as CEO.
Juliano Reflects On His Tenure And The Evolution Of dYdX
Juliano’s tenure as CEO saw dYdX grow into a prominent player in the decentralized finance (DeFi) sector, especially in derivatives trading.
Reflecting on his journey since the dYdX whitepaper in 2017, Juliano shared in the announcement that moments of “overwhelming” pressure made him consider stepping aside.
Juliano noted:
For my own part in this journey, I too have come far. I feel as though I’ve been gifted (and endured) a lifetime’s worth of adventure and growth since solo founding dYdX at 24. Chris Dixon once told me “founding is an emotional challenge disguised as an intellectual one”. I have now lived this, and know it to be true. dYdX has given me the rollercoaster of intense experiences from ibar, to excitement, to elation, to desolation. There have been times, many of them, when l’ve felt so overwhelmed I wanted to leave.
Notably, Juliano’s decision to change roles, as highlighted in the announcement, comes from a place of “personal satisfaction” and the “realization” that while he is irreplaceable as the founder, the role of CEO can be handed over to someone else.
Today, @AntonioMJuliano, announced that he is transitioning from CEO of dYdX Trading Inc. to the role of President and Chairman. Antonio’s product vision, leadership, and relentless dedication over the past 7 years have transformed dYdX from an idea into one of the largest DeFi… https://t.co/iUdSmjtQ5T
— dYdX (@dYdX) May 13, 2024
Impact Of The CEO Transition – Token Sees Sudden Drop
Ivo Crnkovic-Rubsamen, a long-time friend and collaborator of Juliano, is set to become the new CEO. Juliano expressed confidence in Crnkovic-Rubsamen’s ability to lead, noting that he has been “progressively” stepping back over the past two years, preparing for this transition.
Juliano will continue influencing “major decisions” and strategy at dYdX, working closely with the new CEO to oversee day-to-day operations.
He emphasized that dYdX’s mission is far from complete, pointing to the growing importance of DeFi and derivatives in the crypto landscape, noting:
dYdX is not finished. Not even close. The opportunity is bigger than ever now. It’s becoming incredibly obvious that DeFi will be the dominant way crypto is used, and derivatives will pily a large part in that.
Following the announcement of Juliano’s step-down, the price of the dYdX’s token experienced a decline, dropping by approximately 1.2% in the past 24 hours to a trading price of .01, with a 24-hour low of .94.
This downturn contrasts with the general recovery in the crypto market, highlighted by a 2.8% increase in Bitcoin over the same period.
Despite the dip in token price, dYdX’s total value locked (TVL) has remained stable, with a slight increase of 2.37% over the past month. It has maintained a level above 0 million since March.
Featured image from Unsplash, Chart from Tradingview
Revolut Launches Stand-Alone Crypto Trading Platform in the UK
Revolut, the London-based fintech firm, has announced the launch of a new product, Revolut X. This stand-alone crypto exchange is specifically designed for professional crypto traders and marks a major step in the company’s expansion into the crypto market. Revolut X allows trading of over 100 tokens and offers competitive fees of 0% for makers […]
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Crypto Derivatives Exchange Bitmex Ventures Into Options Trading
On Wednesday, the cryptocurrency exchange and derivatives trading platform Bitmex declared its introduction of new trading options. Users now have the opportunity to engage in a broad selection of crypto options, which are margined in bitcoin, USDT, or USDC. Bitmex Introduces Options Trading On Wednesday, the crypto firm Bitmex, established in 2014 by Arthur Hayes, […]
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Nigerian SEC to ‘Delist’ Local Currency From P2P Crypto Trading Platforms
The Director General of Nigeria’s Securities Regulator has announced plans to delist the local currency from peer-to-peer cryptocurrency trading platforms in the coming days. He insisted that the decision to delist the naira aims to eliminate the manipulation of the local currency by P2P cryptocurrency traders. P2P Crypto Transactions Ban The Nigerian Securities and Exchange […]
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Cardano (ADA) Trading Activity Goes Quiet: Will This Drag Down The Price?
Cardano (ADA), the third-generation blockchain platform, has been mirroring a mountain climber clinging to a precarious ledge. After a brief ascent earlier this month, the price has dipped back down, leaving investors questioning the strength of the current uptick.
While a recent surge in active addresses hints at renewed interest, technical indicators and declining trading volume paint a picture of an uncertain future.
Cardano At A Crossroads
Cardano’s current price action presents a complex picture. The recent uptick offers a glimmer of hope, but the technical indicators and declining volume suggest a possible continuation of the downtrend.
Though its impact is still unknown, the increase in active addresses is a promising indication of possible rekindled interest. It will take time to see if ADA can emerge from the gloomy clouds and start its ascent with greater assurance.
Cardano’s Uphill Battle: Price Struggles For Traction
For holders of ADA, May started off with a ray of hope. After a rally of three days, the price increased to .46 from .45. Nevertheless, a series of losses soon erased these gains, returning the price to the .45 region, which is where it was previously. This pattern of stops and starts emphasizes how ADA suffers from a lack of consistent propulsion.
As of today, a small uptick has brought ADA back to the .45 zone, offering a temporary respite. But lurking beneath the surface is the persistent bear trend, a fact confirmed by the Relative Strength Index (RSI) hovering just above 40. This metric suggests weak buying pressure and the potential for further price slides.
Making matters worse, a technical indicator known as a “death cross” looms on the horizon. This ominous pattern occurs when the short-term moving average crosses above the long-term average, often signaling a bearish price trend.
With ADA currently trading below both these averages, the threat of a death cross adds another layer of uncertainty to the price trajectory.
Cardano’s Quiet Streets: Trading Volume Dampens Enthusiasm
Trading activity on the Cardano network hasn’t exactly been bustling. The volume, which surged to over 0 million at the beginning of May, has since dwindled to around 5 million. This significant drop suggests a decline in investor interest, which can act as a drag on price increases.
Typically, a healthy increase in volume accompanies sustained price hikes, indicating strong buying and selling activity. In Cardano’s case, the muted volume paints a concerning picture of a market lacking conviction.
Active Addresses Show Tentative Rise
A lone bright spot emerges in the form of Cardano’s active addresses. This metric tracks the number of unique addresses participating in transactions on the network. There’s been a recent uptick in seven-day active addresses, with the number rising from around 155,000 to over 160,000.
While this increase is encouraging, some analysts believe it might not be substantial enough to significantly impact trading activity and trigger a sustained price reversal.
Featured image from InspiredPencil, chart from TradingView
Nigeria Mulls Over Banning P2P Crypto Transactions; Labels Crypto Trading as National Security Concern
Nigerian authorities are reportedly planning to prohibit financial institutions from facilitating peer-to-peer cryptocurrency transactions. According to a report, Nigeria’s Office of the National Security Adviser has classified cryptocurrency trading as a national security concern. Three fintech startups, known for enabling such transactions, have been directed to block and report peer-to-peer cryptocurrency transactions to law enforcement […]
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MultiBank.io: A Revolutionary Leap in Cryptocurrency Derivatives Trading
PRESS RELEASE. MultiBank Group, a prominent global financial institution, proudly announces the launch of MultiBank.io, its state-of-the-art cryptocurrency derivatives trading platform. This significant initiative heralds a transformative milestone in the progression of cryptocurrency trading, driven by MultiBank.io’s advanced technological infrastructure and pioneering product portfolio. Facilitating Traders with Unparalleled Leverage and Diversity The MultiBank.io platform presents […]
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