- Cryptocurrency Investment Products Witness Record Inflows
Over the past year, cryptocurrency investment products have shown a significant increase in fund inflows.
CoinShares, a European asset management company, announced record inflows into its cryptocurrency investment products since July 2022. Last week alone, $199 million was invested in these funds.
Bitcoin received the largest portion of these gains thanks to CoinShares and Grayscale, which brought in $188 million last week. Ethereum also received inflows of $7.8 million.
According to CoinShares, total assets managed by the funds now stand at $37 billion, the highest since the collapse of 3 Arrows Capital.
- Tether Announces Launch of USDT on Kava Network, Leveraging Enhanced Scalability and Speed
Tether, the renowned issuer of the world's largest blockchain-based stablecoin, USDT, has revealed its plans to launch USDT on the Kava network (KAVA), a Layer-1 blockchain specifically designed for enhanced scalability and speed. Tether explained that the Kava network's distinctive architecture allows users to utilize Cosmos' "zones" feature within the protocol. In a recent update, Kava deployed the "Kava 13" mainnet, an infrastructure upgrade aimed at providing users with heightened security, scalability, functionality, and transaction processing speed.
As the leading stablecoin issuer globally, Tether has expanded its offerings by announcing the introduction of USDT on the Kava network. The Kava network employs a collaborative blockchain design that combines the Ethereum virtual machine's flexibility with rapid transaction processing, low fees, and the interoperability of Cosmos' software development kit. Cosmos boasts one of the most extensive organic ecosystems in the cryptocurrency industry.
- There are over 420 million crypto users in the world.
TripleA's latest data reveals that the global count of cryptocurrency users has surpassed 420 million, indicating a remarkable surge in the worldwide popularity of digital currencies. This data, reflecting the state of affairs as of May 2023, highlights substantial growth in the adoption of cryptocurrencies. Notably, it is intriguing to observe that the leading five countries, in terms of crypto users, are India with 103 million users (representing 7.23% of the nation's total population), China with 58 million users (4.08%), the United States with 44 million users (13.22%), Vietnam with 20 million users (20.54%), and Pakistan with 15.4 million users (6.4%). These statistics underscore the escalating significance and appeal of cryptocurrencies on a global scale, while also enabling us to assess their utilization across diverse regions.
- Binance sues US Securities and Exchange Commission
In response to an SEC filing, Binance has initiated legal proceedings, claiming that the regulatory body has provided misleading information to the public. The exchange asserts that the SEC has failed to present concrete evidence of any mishandling or misuse of customer assets on Binance US. Furthermore, Binance contends that the SEC's press release was intentionally crafted to create unnecessary confusion in the market, potentially placing customers at risk instead of safeguarding their interests.
- Bitcoin reaches $31,000
Fresh data from CoinGecko indicates that on June 23, the price of BTC exceeded $31,000, registering a 4.2% surge within the last 24 hours. Presently, the cryptocurrency is maintaining its position above the psychological threshold of $31,400. Notably, other assets within the top 10 in terms of market capitalization are also displaying positive trends.
Several factors have contributed to this positive market momentum. One significant factor is BlackRock's application to launch a spot crypto ETF, which has generated heightened investor interest. Alongside BlackRock, four other organizations, including Fidelity, Invesco, Wisdom Tree, and Valkyrie, have also submitted filings with the SEC. Furthermore, an important agreement has been reached between the SEC and Binance.US, aiming to prevent asset freezes and ensure market stability.