You are about to leave the website of SDM Inc. ("SDM") and will be redirected to the website of SDM Financial Inc. ("SDM Financial"), a US affiliate of SDM providing crypto derivatives trading services.
Please be aware that SDM Financial's services are not intended for, and should not be used by, residents of Canada.
By clicking on the link to SDM Financial's website, you acknowledge and agree that: You are not a Canadian resident.
SDM Financial is not registered with any regulatory authority in Canada and is strictly prohibited from entering, or otherwise engaging in, any transactions with Canadian residents.
Non-Canadian residents who deal with SDM Financial do so at their own risk, and SDM will not be held liable for any losses or damages incurred as a result.
By clicking 'I Accept' below, you confirm that you have read, understand, and agree to the above . If you do not agree, please select 'I Decline' and you will be redirected back to SDM's website.
Germany transfers more bitcoins to exchanges, now has 6,146 BTC left to sell
Germany has approximately 6,146 bitcoins ($350 million) left to sell after recent transfers to and from crypto exchanges and market makers. These bitcoins are part of the 50,000 bitcoins seized from the film piracy platform Movie2K in January. On Friday, German authorities moved bitcoins to wallets associated with Bitstamp, Coinbase, Kraken, B2C2 Group, Cumberland DRW, and an unlabeled OTC service, with some funds being returned. The transfers included 500 BTC to an OTC service, 400 BTC each to Coinbase, Kraken, and Bitstamp, and 1,000 BTC to B2C2 Group. However, 250 BTC were returned from both Bitstamp and Kraken. Additionally, 748.25 BTC were sent to Cumberland DRW. Despite these transactions, the German government previously attempted to transfer 10,627 bitcoins but received 4,169 BTC back, possibly due to a failed sale. Joana Cotar, a bitcoin advocate, has criticized these sales as counterproductive. Bitcoin's value dropped 2.4% to $56,902 over the past 24 hours and is down 12% since Germany began its sales.
Supreme Court Ruling 'Transforms Landscape' for US Crypto Firms
The U.S. Supreme Court’s Loper Bright vs. Raimondo decision could significantly impact the cryptocurrency industry by overturning the Chevron deference, which previously required courts to defer to federal agencies in interpreting ambiguous statutes. This broad ruling shifts power from federal agencies to the courts, encouraging more companies to challenge agency decisions. Particularly for the crypto sector, this could lead to fewer regulatory barriers and more litigation against agencies like the SEC. However, while the ruling changes the regulatory landscape, it does not eliminate regulatory oversight or rulemaking by agencies.
Crypto Trading Volume Projected to Surpass $108T in 2024, Led by Europe
Crypto trading volume is expected to exceed $108 trillion in 2024, driven primarily by Europe, which leads in global transaction value at 37.32%. The projected trading volume represents a 90% increase from 2022. Europe’s proactive regulatory framework, including the EU’s Markets in Crypto-Assets Regulation, has positioned it as a key player in the market, with an anticipated trading volume of $40.5 trillion in 2024. Meanwhile, Asia accounts for 36.17% of global transaction value. Binance remains the dominant exchange worldwide, operating in over 100 countries with a trading volume of $2.77 trillion. Other major exchanges include OKX, Cex.io, Coinbase, and Bybit.
Trading Desk Insights
Earlier today, Bitcoin was trading around $56,500, reflecting a pullback from the critical $60,000 resistance level that has been a focal point for some time. BTC experienced a rise above $59,000 on Thursday, driven by the U.S. reporting its first decrease in consumer prices in four years—a development that signals potential interest-rate cuts by the Federal Reserve. However, Bitcoin's inability to sustain a rally despite favorable macroeconomic news indicates potential further price weakness. Yet, the downside may be constrained as the recent supply from Germany's Saxony state has depleted. A breakout above $60,500 could initiate a rally toward $64,000, with an extension to $67,000.
On Thursday, CME and CF Benchmarks introduced indexes and reference rates for XRP and Internet Computer (ICP), enhancing price transparency and reliability. This development is poised to bolster credibility and liquidity, likely attracting substantial interest from institutional investors. The increased market stability and reduced volatility could pave the way for new financial products such as futures and options.
The equity market saw gains on Friday following a challenging session for the S&P 500, its worst since April, caused by a shift away from megacap technology stocks. Investors focused on the commencement of the second-quarter earnings season, particularly with banks. Despite a slightly higher-than-expected wholesale inflation reading this morning, Wall Street largely dismissed these figures. The prior day's decline in the consumer price index fueled optimism for a Federal Reserve rate cut in September.
Crypto Charts
Macro Charts
Disclaimer
This research is for informational use only. This is not investment advice. Other than disclosures relating to Secure Digital Markets this research is based on current public information that we consider reliable, but we do not represent it is accurate or complete, and it should not be relied on as such. The information, opinions, estimates, and forecasts contained herein are as of the date hereof and are subject to change without prior notification. We seek to update our research as appropriate.
Any forecasts contained herein are for illustrative purposes only and are not to be relied upon as advice or interpreted as a recommendation. The price of crypto assets may rise or fall because of changes in the broad market or changes in a company's financial condition, sometimes rapidly or unpredictably. Past performance is not a guide to future performance, future returns are not guaranteed, and a loss of original capital may occur. Fluctuations in exchange rates could have adverse effects on the value or price of, or income derived from, certain investments. We and our affiliates, officers, directors, and employees, excluding equity and credit analysts, will from time to time have long or short positions in, act as principal in, and buy or sell, the securities or derivatives, if any, referred to in this research.
The information on which the analysis is based has been obtained from sources believed to be reliable such as, for example, the company’s financial statements filed with a regulator, company website, company white paper, pitchbook and any other sources. While Secure Digital Markets has obtained data, statistics, and information from sources it believes to be reliable, it does not perform an audit or seek independent verification of any of the data, statistics, and information it receives.
Unless otherwise provided in a separate agreement, Secure Digital Markets does not represent that the report contents meet all of the presentation and/or disclosure standards applicable in the jurisdiction the recipient is located. Secure Digital Markets and their officers, directors and employees shall not be responsible or liable for any trading decisions, damages or other losses resulting from, or related to, the information, data, analyses, or opinions within the report.
Crypto and/or digital currencies involve substantial risk, are speculative in nature and may not perform as expected. Many digital currency platforms are not subject to regulatory supervision, unlike regulated exchanges. Some platforms may commingle customer assets in shared accounts and provide inadequate custody, which may affect whether or how investors can withdraw their currency and/or subject them to money laundering. Digital currencies may be vulnerable to hacks and cyber fraud as well as significant volatility and price swings.
Contact Us
Sign up to receive more exclusive market coverage:
.png)
.png)
.jpeg)
