Crypto markets have been on a rollercoaster ride this week, with ETF volumes soaring, Bitcoin making its way into the top 10 list of assets, and Binance facing a potential $10 billion fine in Nigeria. The resurgence of volatility in Bitcoin’s price has led to a surge in short-dated options, while the total crypto market cap has surpassed two trillion dollars, with Bitcoin now among the top 10 largest assets in the world.
Spot Bitcoin ETFs have seen record-breaking inflows, with BlackRock’s Bitcoin ETF experiencing a $612 million inflow in a single day. Vanguard, previously skeptical of Bitcoin, is now reconsidering its stance as competitors like BlackRock and Fidelity reap substantial profits from ETFs. Meanwhile, Bitcoin HODLers are seeing impressive unrealized gains, with MicroStrategy’s holdings doubling in value and El Salvador’s unrealized profits exceeding $173 million.
However, not all news is positive in the crypto world. Binance is facing a potential $10 billion fine in Nigeria for allegedly manipulating foreign exchange rates, although a government representative has denied the accuracy of the report. Gemini, owned by the Winklevoss twins, is also facing heavy fines and will return a minimum of $1.1 billion to customers in a settlement with the New York Department of Financial Services.
In a costly fat-finger error, a Bitcoin trader mistakenly paid $1300 for an NFT listed at $13,000, but was saved by the generosity of the NFT’s seller who offered to buy it back. Despite the ups and downs, the crypto market continues to be a hot topic of discussion, with new developments and challenges emerging every week. Stay tuned for more updates in the world of crypto.
