Market Maker Flowdesk Eyes US Expansion Despite Crypto Regulatory Hurdles

Market Maker Flowdesk Eyes US Expansion Despite Crypto Regulatory Hurdles


Market maker Flowdesk plans to expand its operations in the US, despite the lack of regulatory clarity that has caused other crypto firms to lose enthusiasm for the market.

ALSO: Market maker Flowdesk is looking to expand in the United States, even as a number of major cryptocurrency corporations, including Coinbase Crypto exchange, have lost enthusiasm there as a result of ongoing regulatory uncertainties.

Good morning. Here’s what’s happening:

Prices: Bitcoin (BTC) remains in the red as Asian markets open and investors consider United States debt ceiling woes and other uncertainties.

Insights: In an interview with CoinDesk, Market maker Flowdesk’s CEO sees opportunity in the U.S.

CoinDesk Market Index (CMI)

1,145

ey_Takeaways”>Key Takeaways => Main Points=”0-diff-returns-string” class=”diff-value”>−32.2 2.7 percent

Bitcoin (BTC) $26,362

ey_Takeaways”>Key Takeaways => Main Points=”1-diff-returns-string” class=”diff-value”>−856.1 3.1 percent

Ethereum (ETH) $1,805

ey_Takeaways”>Key Takeaways => Main Points=”2-diff-returns-string” class=”diff-value”>−48.8 2.6 percent

S&P 500

4,115.24

ey_Takeaways”>Key Takeaways => Main Points=”3-diff-returns-string” class=”diff-value”>−30.3 0.7 percent

Gold

$1,961

ey_Takeaways”>Key Takeaways => Main Points=”4-diff-returns-string” class=”diff-value”>−11.3 0.6 percent

Nikkei 225

30,682.68

ey_Takeaways”>Key Takeaways => Main Points=”5-diff-returns-string” class=”diff-value”>−275.1 0.9 percent

BTC/ Ethereum (ETH) prices per CoinDesk Indices, as of 7 a.m. ET (11 a.m. UTC)

CoinDesk Market Index (CMI)

1,145


ey_Takeaways”>Key Takeaways => Main Points=”0-diff-returns-string” style=”font-size:12px !important;float:left;margin-right:5px;color:#a3a3a3 !important”>−32.2 2.7 percent

Bitcoin (BTC) $26,362


ey_Takeaways”>Key Takeaways => Main Points=”1-diff-returns-string” style=”font-size:12px !important;float:left;margin-right:5px;color:#a3a3a3 !important”>−856.1 3.1 percent

Ethereum (ETH) $1,805


ey_Takeaways”>Key Takeaways => Main Points=”2-diff-returns-string” style=”font-size:12px !important;float:left;margin-right:5px;color:#a3a3a3 !important”>−48.8 2.6 percent

S&P 500

4,115.24


ey_Takeaways”>Key Takeaways => Main Points=”3-diff-returns-string” style=”font-size:12px !important;float:left;margin-right:5px;color:#a3a3a3 !important”>−30.3 0.7 percent

Gold

$1,961


ey_Takeaways”>Key Takeaways => Main Points=”4-diff-returns-string” style=”font-size:12px !important;float:left;margin-right:5px;color:#a3a3a3 !important”>−11.3 0.6 percent

Nikkei 225

30,682.68


ey_Takeaways”>Key Takeaways => Main Points=”5-diff-returns-string” style=”font-size:12px !important;float:left;margin-right:5px;color:#a3a3a3 !important”>−275.1 0.9 percent

BTC/ Ethereum (ETH) prices per CoinDesk Indices, as of 7 a.m. ET (11 a.m. UTC)

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A Down Day for Bitcoin

As the Asian trading day opened, investors continued to mull over recent macroeconomic uncertainties that have plagued digital assets for greater than 12 days.

Bitcoin (BTC) was recently currently worth $26,362, down about 3.1 percent in the previous 24 hours. The largest digital currency by market cap had been hovering in a narrow range before dipping below its recent $26,500 support early Wednesday. Markets have been roiled by an ongoing debt ceiling stalemate and inflationary and cryptocurrency regulatory concerns. Federal Open Market Committee minutes showing a difference of opinion between United States central bankers about further price hikes did little if anything, to soothe markets – cryptocurrency or otherwise.

” Bitcoin (BTC) remains rangebound and should continue to consolidate near the lower boundaries of its downward sloping trading range, with the $25,000 level supplying substantial support,” Edward Moya, senior market analyst for foreign exchange market maker Oanda, wrote in an email.

Ether was recently changing hands at about $1,800, down 2.8 percent from Tuesday at the same time. Other major cryptocurrencies were mostly in the red, with trending memecoins Dogecoin (DOGE) and SHIB recently sliding about 3 percent and 4%, respectively. The CoinDesk Market Index, a measure of cypto markets performance, was down 3%.

Moya wrote that ” Bitcoin (BTC) is under pressure as the danger of a United States default grows,” and the United States monetary authority faces the prospect of continuing its monetary tightening.

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” Bitcoin (BTC) is going to be very sensitive to surging Treasury yields as as well numerous crypto/ blockchain tech corporations will struggle with financing,” he wrote. “It is hard enough to find a bank that will deal in cryptocurrencies, let alone take out loans for longstanding projects.”

Largest Gainers

There are no gainers in CoinDesk 20 today.

Largest Losers

Investment Ticker
Returns
DACS Sector
Terra (LUNA) −5.8 percent Smart Contract Platform
Decentraland
MANA
−4.8 percent Entertainment
Shiba Inu (SHIB) SHIB
−4.5 percent Currency

Insights

Market Maker Flowdesk Aims for United States Expansion

It’s tough to find someone that’s positive  tendency on the United States cryptocurrency market Several of the most recognizable names in the industry are bearish, citing a lack of regulatory clarity, like Coinbase Crypto exchange CEO Brian Armstrong.

Coinbase Crypto exchange has threatened to move offshore if regulatory clarity isn’t established soon. And its sentiment is shared by numerous – plenty of cryptocurrency deal investors prefer to invest in places like Singapore.

On the other hand, Guilhem Chaumont, CEO of market maker and liquidity provider Flowdesk, sees things differently.

In an interview with CoinDesk, Chaumont reveals he views the United States as a central hub for the cryptocurrency market and believes his company can thrive there owing to its commitment to compliance and regulatory requirements – as onerous and unclear as they can potentially be – from day one.

Chaumont informed CoinDesk that his company had just opened a New York office, which it desires to expand.

The sophistication and size of the United States financial resources markets is a worthwhile trade-off for having to deal with its regulatory regime, he argues.

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He stated that there is an inevitable intersection of cryptocurrency and traditional finance (TradFi) regulations, which he views positively. He likewise notes the  capacity for a talent bridge betwixt the sectors.

” Cryptocurrency is not going to happen without regulation. And if that implies that regulation has to  be TradFi levels, we are on this side, as we prefer to have this than having no regulation basically,” he said.

Hong Kong, for instance, heavily emphasized the TradFi experience when it recently released the 1st draft of its cryptocurrency licensure framework.

“The intersection of these two regulatory frameworks is a positive sign for us. Because it will allow for a substantial bridge of talent to come into crypto,” Chaumont said.

In an ideal world, Chaumont reveals, there would be purpose-built regulation for cryptocurrency, but sometimes a compromise is necessary. After all, future of the cryptocurrency trading involves increasingly regulated assets.

“There was a hope, which I shared, that we could reinvent everything from scratch and take the best of both worlds to devise new regulation that is simpler than that of TradFi and lacks its pricey complexity,” he stated. “What we’re seeing is the fact that this hope is slowly fading away, and cryptocurrency regulation is basically converging with TradFi.”

Which, for Flowdesk, isn’t a bad thing.

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8:30 p.m. HKT/SGT(12:30 UTC) United States Gross Domestic Product Annualized (Q1)

7:30 a.m. HKT/SGT(23:30 UTC) Tokyo Consumer Price Index (YoY/May)

CoinDesk TV

In case you missed it, here is the most up-to-date episode of ” 1st Mover” on CoinDesk TV:

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Following scrutiny from the cryptocurrency community, hardware wallet provider Ledger stated it will delay releasing a key recovery feature. Ledger CEO and Chairman Pascal Gauthier joined ” 1st Mover” to discuss why the company won’t introduce the new feature before releasing the code for it. Separately, Prometheum Inc. founder and co-CEO Aaron Kaplan discussed the SEC-friendly cryptocurrency path that the company has found with the United States regulating authority. And, “The Cryptocurrency Trader” author Glen Goodman shared his markets analysis, as Bitcoin (BTC) (BTC) is on track to post its 1st losing 30 days of 2023.

Headlines

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Fantom Foundation Removes $2.4M MULTI from SushiSwap Liquidity Pool: Multichain’s current upgrade is taking longer than predicted, causing delays in their transactions.

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Non-Profit Organization Energy Web Starts Sustainability Registry for Bitcoin (BTC) Miners: Miners will be scored according to their use of clean energy and grid impact.

James Rubin.

CoinDesk Market Index (CMI)

1,145

ey_Takeaways”>Key Takeaways => Main Points=”0-diff-returns-string” class=”diff-value”>−32.2 2.7 percent

Bitcoin (BTC) $26,362

ey_Takeaways”>Key Takeaways => Main Points=”1-diff-returns-string” class=”diff-value”>−856.1 3.1 percent

Ethereum (ETH) $1,805

ey_Takeaways”>Key Takeaways => Main Points=”2-diff-returns-string” class=”diff-value”>−48.8 2.6 percent

S&P 500

4,115.24

ey_Takeaways”>Key Takeaways => Main Points=”3-diff-returns-string” class=”diff-value”>−30.3 0.7 percent

Gold

$1,961

ey_Takeaways”>Key Takeaways => Main Points=”4-diff-returns-string” class=”diff-value”>−11.3 0.6 percent

Nikkei 225

30,682.68

ey_Takeaways”>Key Takeaways => Main Points=”5-diff-returns-string” class=”diff-value”>−275.1 0.9 percent

BTC/ Ethereum (ETH) prices per CoinDesk Indices, as of 7 a.m. ET (11 a.m. UTC)

Source

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