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Market Digest

Market Digest

Circle Stock Soars After NYSE Debut

Circle Stock Soars After NYSE Debut

CW23. Circle (CRCL) surged over 200% in its NYSE debut, reflecting renewed interest in stablecoins. Meanwhile, Singapore restricts crypto firms from serving overseas clients, as Hong Kong positions itself as a regional hub. JPMorgan will accept crypto ETFs as loan collateral.

Arkham Unmasks $54.5B in MicroStrategy Bitcoin Holdings

Arkham Unmasks $54.5B in MicroStrategy Bitcoin Holdings

CW 22. Alpaca Finance announced its shutdown, raising questions about the future of its smart contracts post-closure. FTX begins a second round of creditor repayments totaling $5B, with recovery rates up to 120%. Arkham has identified MicroStrategy’s BTC wallets, revealing $54.5B in holdings.

U.S. Introduces GENIUS Act to Regulate Stablecoins

U.S. Introduces GENIUS Act to Regulate Stablecoins

CW 21. The GENIUS Act proposes a U.S. regulatory framework for stablecoins, focusing on transparency, reserve backing, and oversight. Meanwhile, crypto exchanges and stock brokers are converging, offering cross-asset trading. The SEC has acknowledged BlackRock’s Ether ETF proposal.

Coinbase Joins S&P 500, Shares Surge 24%

Coinbase Joins S&P 500, Shares Surge 24%

CW 20. Coinbase will join the S&P 500, replacing Discover, marking a milestone for the crypto industry. Its shares rose nearly 24% on the news. Binance launched a new Alpha Points usage mechanism for TGEs and airdrops. CoinMarketCap unveiled its own launchpad, CMC Launch.

Coinbase to Acquire Deribit for $2.9 Billion

Coinbase to Acquire Deribit for $2.9 Billion

CW19 Market Digest: Coinbase plans a $2.9B acquisition of options platform Deribit, pending approvals. Hong Kong broker Futu introduces BTC, ETH, and USDT deposits for accredited investors. Ripple settles SEC lawsuit for $50M, ending prolonged litigation and potentially benefiting XRP holders.

Deribit Eyes US Expansion Amid Crypto Push

Deribit Eyes US Expansion Amid Crypto Push

CW18 Market Digest. Merchants in Cannes plan crypto payments by summer, aiming at affluent clients. Deribit, the largest crypto options exchange, considers US expansion amid M&A rumors with Coinbase. Kraken launches "Embed," simplifying crypto trading integration for financial institutions.

CME Group Introduces XRP Futures Contracts

CME Group Introduces XRP Futures Contracts

CW17 Market Digest. SGX plans to launch Bitcoin perpetual futures for institutional clients in late 2025, as the CFTC seeks market feedback on perpetual derivatives. CME announced new XRP futures contracts. Binance introduced Alpha Points, a scoring system for users to access rewards.