Market News
Binance Demonstrates Greater Resilience in Net Flows Amid FTX Crisis
Binance has shown greater resilience in its net flows compared to exchanges like FTX, according to digital asset data provider CCData. Binance experienced an outflow of close to $1 billion in BTC within one hour during the FTX crisis. Since the US Department of Justice (DOJ) announcement, Binance has seen outflows across major assets. The market’s perception of risk, influenced by new compliance requirements imposed on Binance by the US government, has reduced counterparty risk for investors. The speculation caused by pre-announcements also led to increased interest in BNB. The current open interest remains high, indicating further speculation on BNB.
Capital Flowing Out of the US and into Asia
The trend of capital flowing out of the US and going global, particularly to Asia, is becoming more prominent. CoinFund, a New York-based crypto-focused venture capital firm, has hired Dmitry Lapidus as its senior liquid analyst based in Hong Kong to expand its presence in the region. CoinFund is seeing increased crypto trading and more crypto entrepreneurs coming from Asia.
Exchange News
OKX Applies for Virtual Asset Trading Platform License in Hong Kong
OKX has officially applied for a virtual asset trading platform (VATP) license under its Hong Kong branch. This makes OKX the first major industry player to apply under Hong Kong’s new legal regime aimed at transforming the city into a regional crypto hub. PantherTrade, an exchange with ties to Futu Holdings, also submitted its application recently.
BingX Launches Rebranding Initiative
BingX has announced a rebranding initiative to make the trading experience more intuitive and user-friendly. The exchange has updated its visual identity, simplifying its logo and focusing on a cleaner and more direct aesthetic. Over the next few months, BingX will undergo a comprehensive visual transformation across mobile and desktop platforms.
Mining News
Phoenix’s Oversubscribed IPO Signals Growing Interest in Bitcoin Mining in the UAE
UAE-based bitcoin mining company Phoenix’s $370 million IPO on the Abu Dhabi Stock Exchange has garnered significant interest from retail and professional investors. However, Phoenix appears to be more of a bitcoin mining hardware distributor than a proprietary miner or machine hosting business. Its revenue stream relies primarily on hardware sales, such as Antminers and WhatsMiners.
Art News
Avant Arte Collaborates with NFT Artist Snowfro for Limited Edition Print
Curated platform Avant Arte has partnered with NFT artist Erick Calderon, also known as Snowfro, to release the first fine-art limited edition print from his Chromie Squiggles series. The exclusive print edition, featuring Chromie Squiggle #8107, will be available for a limited time on avantarte.com. Avant Arte’s expertise in printmaking allows for the replication of Snowfro’s digitally arranged artwork.
Hot Take: Binance Resilience Highlights Market Perception of Risk
Binance’s ability to withstand net flow challenges during the FTX crisis showcases its resilience compared to other exchanges. The market’s perception of risk has been influenced by new compliance requirements imposed on Binance by the US government. This has provided assurance to investors and reduced counterparty risk. Additionally, BNB has seen increased speculation and open interest due to pre-announcements. Capital is flowing out of the US and into Asia, where there is growing interest in crypto trading and entrepreneurship. OKX has applied for a virtual asset trading platform license in Hong Kong, becoming the first major exchange to do so under the city’s new legal regime. Phoenix’s oversubscribed IPO indicates a rising enthusiasm for bitcoin mining in the UAE. Avant Arte’s collaboration with Snowfro brings a limited edition print of his Chromie Squiggles series to art enthusiasts and collectors.
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