• 22/07/2024 08:10

In Argentina, local authorities will be able to issue their own crypto-assets: what's new on the market

The main thing on the cryptocurrency market.

In Argentina, local authorities will be able to issue their own crypto assets: what's new on the market

Binance has expanded the functionality of copy trading for futures

The Binance cryptocurrency exchange has expanded the functionality of copy trading for futures trading in a response to “steady demand” from users. This was reported by the company’s press service.

“The product got off to a great start: in the first three months, the average weekly trading volume exceeded $2 billion. This highlights the high demand for social trading features among Binance users,” the message says.

New features include:

    Mock Copy Trading is a strategy testing tool that does not require the use of “real money”; private chats available in more than 150 countries in 14 languages; indicator “Sharpe ratio”, showing how well the profitability of a financial instrument compensates for the risk taken by the investor.

The platform supports more than 100 futures contracts. The amount of funds required to start copy trading starts from $10.

In Argentina, local authorities will be able to issue their own crypto-assets

Argentine President Javier Miley has publicly stated that he has no intention of preventing the issuance of crypto assets at the local level. At the same time, he criticized this approach, since, according to the politician, this leads to destabilization of the economic situation.

“Those who will receive payments in quasi-currencies from irresponsible governors will clearly notice a loss in income… Then “What will not be taken away from them due to budget adjustments will be taken away by the inflation of these quasi-currencies,” the president noted.

According to Miley, the market itself will determine the viability of such assets. At the same time, the head of state does not plan to introduce any “legal obstacles” to such a practice.

Trading volume for spot bitcoin ETFs approached $10 billion in three years day

The daily trading volume of spot Bitcoin ETFs for the first three days approached the $10 billion mark, Bloomberg analyst Eric Balchunas reported.

He noted that on January 16, the daily trading volume of the spot Bitcoin ETF was $1.8 billion. According to Balchunas, it was three times the trading volume of all 500 exchange-traded funds launched in 2023.

“I want to explain , how significant is the volume of $10 billion in the first three days. In 2023, 500 ETFs were launched. Today, their total volume is $450 million. The best of them earned $45 million. Many took months to get started,” said a Bloomberg analyst.

According to the data provided, most of the transactions were in investment products GBTC from Grayscale, IBIT from BlackRock and FBTC from Fidelity. The leader in terms of net inflow of funds was BlackRock. Her iShares Bitcoin Trust fund received about $497 million.

In terms of total trading volume, the ETF under the ticker GBTC from Grayscale is the leader – more than $5.1 billion. Eric Balchunas suggested that over time, BlackRock's investment product will overtake GBTC and become king of liquidity

Stablecoin capitalization reached $133 billion

On January 16, 2024, the Tokenized Asset Coalition (TAC), which includes Aave, Centrifuge, Circle, Coinbase, and others, released its first annual report on the state of RWA. Blockworks reports this.

Experts called stablecoins a “ray of hope” for this market segment. The report says that compared to venture capital funds and some blockchains, centralized stablecoin issuers Circle and Tether have shown resilience in the bear market.

According to DeFi Llama, the total market capitalization of stablecoins is $133. 8 billion. At the same time, the dominance of USDT in the market exceeds 70%.

In Argentina, local authorities will be able to issue their own crypto-assets: what's new on the market

Assets backed in currencies other than the dollar, have not been widely adopted. According to the data provided, the total value of stable coins pegged to the euro is about $600 million.


Leave a Reply

Your email address will not be published. Required fields are marked *