currencyjournals — Retail buyers are returning to the cryptocurrency market after a hiatus in April, serving to standard cryptocurrencies like Bitcoin and Ethereum hit multi-week highs, in accordance with strategists at JPMorgan.
The JPMorgan report additionally highlighted that Bitcoin's 14-day common buying and selling quantity is $28.9 billion in comparison with $20.7 billion for Ethereum. Over the previous two weeks, Bitcoin's common buying and selling quantity has elevated by 12.0%, whereas Ethereum's buying and selling quantity has surged by 86.4%. Ethereum's buying and selling quantity elevated by 39.2%.
Moreover, buying and selling volumes for the foremost cryptocurrencies, excluding Binance USD, have grown robustly over the previous six months and 12 months. “The numerous will increase in Bitcoin and Ethereum buying and selling volumes spotlight rising investor curiosity and market exercise in these main cryptocurrencies,” JP Morgan analysts famous.
Franklin Templeton President and CEO Jenny Johnson highlighted the advantages of blockchain ledger know-how on the Consensus 2024 convention in Austin on Could 30. Johnson highlighted its potential to offer a single “supply of fact” for information reconciliation between techniques, decreasing prices and administrative burdens. “Blockchain know-how can streamline processes and considerably scale back administrative burdens,” Johnson mentioned. The corporate is actively concerned within the blockchain house and operates 30 validator nodes on 12 completely different blockchains.
Grayscale Investments introduced on Could 20 that CEO Michael Sonnenschein will step down after 10 years on the firm. Peter Mintzberg, at the moment world head of technique for wealth and asset administration at Goldman Sachs, will take over as CEO on August 15. Till then, Chief Monetary Officer Edward McGehee will function Chief Working Officer. Trying again on his tenure, Sonnenschein mentioned, “It has been an ideal journey main Grayscale and I’m assured in Peter's imaginative and prescient for the longer term.”
New York Lawyer Common Letitia James introduced a $2 billion settlement with bankrupt cryptocurrency lender Genesis on Could 20 to repay defrauded buyers. Genesis, which has neither admitted nor denied the fees, is barred from working in New York state. The settlement will set up a fund for victims, together with 29,000 New York residents who invested greater than $1.1 billion via its Gemini Earn product. “This settlement will permit victims to obtain compensation and maintain Genesis accountable,” James mentioned.
On Could 28, Maple Finance, an institutional cryptocurrency lending firm, introduced a brand new lending platform referred to as “Syrup” and a reward token of the identical title. Syrup guarantees customers a 15% yield by depositing stablecoins on the platform. A Maple Finance consultant emphasised that “Syrup is designed to supply engaging yields whereas sustaining safety and reliability.”
The worldwide cryptocurrency market has grown by 12% since Could 15, 2024, with a market capitalization of $2.53 trillion as of June 1, 2024. A JP Morgan report concluded that the highest 5 cryptocurrencies by market capitalization are Bitcoin, Ether, Tether, and .
