- $7.6 billion in crypto long positions were liquidated in one hour Saturday evening as bitcoin dropped more than 10%. Overall, $9.2 billion in crypto long positions were liquidated in the last 24 hours. According to the The Block Data Dashboard this weekend's liquiations were more than 2 times as great of a dollar magnitude than a year ago during Black Thursday.
- A surge in price pushed Dogecoin, the meme-themed cryptocurrency, to the fifth-largest market capitalization this week. In a matter of three days, DOGE saw a price increase of more than 400%. Some are attributing this most recent price bump to a new campaign by the meat product company Slim Jim. Regardless of why the run began, it caused a temporary shutdown of Robinhood's crypto trading platform on Thursday night before reaching $0.50 Friday morning.
- Crypto exchange Binance destroyed $595 million BNB tokens in its largest ever burn. The 15th quarterly burn was so high due to the price of BNB jumping more than 16 times during the quarter. Meanwhile, the exchange also launched tokenized stock trading in the same week, adding Tesla and Coinbase to start.
- The Republican House leader says regulators shouldn't ignore bitcoin's growth. In an interview with CNBC, Congressman Kevin McCarthy (R-CA) said the base behind crypto is only going to continue to grow. At least one regulator is listening, as crypto-friendly Securities and Exchange Commissioner Hester Peirce introduced an updated version of her Safe Harbor proposal for crypto.
- The Coinbase direct listing put on display just how much money crypto brokers are making. With Coinbase's reported success in brokerage, others want in on the action, according to Edward Woodford, CEO of crypto firm ZeroHash. The Chicago-based firm works with brokers to jumpstart their own solutions to serve retail clients. On this episode of The Scoop, Woodford joins options brokerage industry trailblazer Tom Sosnoff to discuss why brokers want to create one-stop shops for their clients by incorporating crypto trading as well as the revenue opportunities crypto presents.
By the Numbers
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Follow the Money
- 'Coinbase is Coinbase for crypto': Crypto exchange's CFO weighs in on its market debut. Alesia Haas wants would-be investors to take a broader view of the firm, which has raked in most of its revenues from custody and trading-related services. While those revenues came in at an estimated $1.8 billion in the first quarter of 2021, the firm's core brokerage business could be threatened by fee compression in the future.
- Binance launches tokenized stock trading, starts with Tesla. Like FTX and Bittrex Global, Binance has also partnered with German financial firm CM Equity AG and Switzerland-based tokenization firm Digital Assets AG for the service.
- Circle taps Diem's Dante Disparte to serve as chief strategy officer. Circle CEO Jeremy Allaire outlined the hire in a blog post Monday, writing that Disparte "will help drive global strategy for Circle, and manage and lead our global initiatives to help shape policy and engage and collaborate with industry and public sector leaders around the world."
- Nvidia estimates $150 million in revenue from new crypto mining product in Q1 of 2022 fiscal year. recent revenue figures from the Ethereum mining space -- which uses GPU products like Nvidia's -- suggest that demand for such hardware will continue amid a period of heightened digital asset prices.
- ConsenSys closes $65 million funding round backed by JPMorgan, Mastercard and more. UBS and Mastercard also took part in Tuesday's $65 million funding round, as well as FTX owner Alameda Research, Protocol Labs, Fenbushi, the Maker Foundation, The LAO, Liberty City Ventures, the Greater Bay Area Homeland Development Fund and Quotidian Ventures.
- Goldman Sachs CEO talks bitcoin and cryptocurrency during earnings call. Solomon said that while the bank can't trade bitcoin on a principal basis, cryptocurrencies are "important to the future of global financial systems."