Weekly Crypto Digest for April 29-May 5, 2024
Sunday, May 05, 2024
In the latest issue of Weekly Crypto Digest, read more about more BTC for MicroStrategy, BTC and ETH ETFs in Hong Kong, CZ in jail, and more news.
MicroStrategy bought 122 BTC
During April, MicroStrategy bought an additional 122 BTC ($7.8M), bringing its total holdings to 214,400 BTC worth $13.5B at an average rate of $35,180 per coin.
Spot ETFs based on Bitcoin and Ethereum started trading in Hong Kong
Starting from April 30th, six exchange-traded funds (ETFs) that are based on Bitcoin and Ethereum became available for trading on the Hong Kong Stock Exchange (HKEX). During the initial placement, the Bitcoin-based product gathered $121.4 million in subscriptions, while the Ethereum-based product managed to gather $20.5 million.
Coinbase's revenue grew by 72% in Q1 2024
Coinbase, a cryptocurrency exchange, reported a revenue of $1.6 billion during the first quarter of 2024, which is a 72% increase from the previous quarter. The company's income from transactions also doubled during this period.
The published report revealed that the company's net profit stood at $1.18 billion, equivalent to $4.4 per share. This figure surpassed the predicted value, as analysts had predicted Coinbase's net profit to be $1.09 per share.
Out of the mentioned revenue, $935.2 million came from commissions for conducting transactions, which is double the amount compared to the previous quarter. Coinbase also announced an increase in the volume of transactions, which amounts to $56 billion.
Additionally, income from institutional transactions increased by 133%, amounting to $85.4 million. A third of the volume of both retail and institutional transactions came from bitcoin.
Changpeng Zhao was sentenced to four months in prison
The founder of Binance cryptocurrency exchange, Changpeng Zhao (CZ), has been sentenced to four months in prison by the federal court in Seattle for charges related to money laundering and other illegal activities. The prosecutors had demanded a more severe punishment of 36 months in prison, but CZ apologized during the hearing and expressed his willingness to take full responsibility for his actions.
During the hearing, the judge, lawyers, and even prosecutors acknowledged that CZ was not a typical defendant in criminal cases. They described him as a philanthropist who had broken the law for the first time and a family man who had surrendered himself in order to accept the consequences of his actions.
The Fed kept the key rate at the same level
On May 1, the US Federal Reserve System (FED) decided to maintain the range of the key interest rate at 5.25–5.5% per annum, which was in line with market expectations. According to CNN, JPMorgan and Goldman Sachs anticipate the Fed's first rate cut to take place in July, while Wells Fargo expects it in September. However, analysts at Bank of America do not expect a rate cut until December.
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