02 May 2024

Crypto companies post record profits; markets tumble

The crypto markets have soured, at least temporarily, crypto companies report record Q1 results, and the former Binance CEO received his prison sentence. Also, the Metamask creators challenge the SEC, and Blackrock goes further into tokenization.
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A bad week in the markets
Crypto prices have taken a tumble over the last ten days, with bitcoin going from $67,000 to $59,000 currently. The souring prices have been accompanied by increased net outflows from the U.S. spot bitcoin ETFs. All trading days since April 24 have seen net outflows from the spot bitcoin ETFs, and the outflows reached a new height on Wednesday when $560 million (9,800 bitcoin) left the ETFs. Spot bitcoin and ether ETFs debuted in Hong Kong on Wednesday. The first day of trading showed that flows will likely be small compared to the U.S., with only $11.2 million traded on the first day, compared to the $4.5 billion first-day volume in the U.S.
Tether posts $4.5 billion profit in Q1; others doing well too
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