Industry groups and exchanges said the United Kingdom’s slow, overlapping crypto rules and compliance frictions are undermining its “global hub” ambition. Gemini’s decision to exit the United Kingdom, European Union and Australia to focus on the United States and Singapore has sharpened questions over whether the UK’s still unfinished rulebook is deterring even well‑regulated players the government hoped to attract. In April 2022, then Chancellor Rishi Sunak said it was his “ambition to make the UK a global hub for cryptoasset technology,” unveiling Treasury measures, such as stablecoin regulation, and launching a Financial Conduct Authority (FCA) “CryptoSprint” to help firms invest in the country. However, in Gemini’s latest strategy update on Thursday, the exchange said many foreign markets were “hard to win,” with expansion leaving it “stretched thin” and burdened by organizational complexity, driving up costs. Read more
The Bitcoin ETF rebound comes as analysts flag slowing outflows. Early BTC holders trim positions rather than exit as BTC hovers near $70,000, according to Bitwise. US spot Bitcoin exchange-traded funds (ETFs) extended a tentative rebound after attracting $371 million in net inflows last Friday, adding to signs that institutional demand may be stabilizing following weeks of sustained selling. Spot Bitcoin (BTC) ETFs attracted a further $145 million in inflows on Monday as BTC hovered around $70,000, according to data from SoSoValue and CoinGecko. The inflows have yet to offset last week’s $318 million of outflows and $1.9 billion in redemptions year-to-date, but the slowing pace of losses may point to a potential trend reversal for crypto investment products, according to CoinShares. Read more
Analysts say Ether’s MVRV Z-Score has entered capitulation territory at -0.42 after falling 30% in a fortnight, though it is still far from its worst score. Ethereum has hit a zone typically associated with mass selling, with an MVRV Z-Score returning a score of -0.42 — though analysts are split on whether the price of Ether is close to bottoming out. The MVRV Z-Score is a metric used to assess whether a crypto asset is overvalued or undervalued by comparing its market value to its realized value, which reflects the total value of Ether based on the price at which it was last transacted. The metric was created to identify periods of market euphoria or capitulation when market value was considerably higher or lower than realized value. Read more
The crypto market’s volatility is just “part of the game,” says Federal Reserve governor Chris Waller, who adds that traditional finance may have added to the recent market drop. Federal Reserve governor Chris Waller says the crypto hype that accompanied US President Donald Trump’s election victory has begun to wane as the market has become more entwined with traditional finance. “I think some of the euphoria that came into the crypto world with the current administration, some of that's kind of fading,” Waller said at a conference on Monday. “A lot of it has been brought into the mainstream finance,” Waller said. “Then, you know, things have to happen there, so I think there was a lot of sell-off just because firms that got into it from mainstream finance had to adjust their risk positions.” Read more
Chainlink co-founder Sergey Nazarov says the recent crypto market downturn has inadvertently shown “how far the industry has progressed.” Chainlink co-founder Sergey Nazarov argues the recent crypto market downturn is unlike any previous bear market — there have been no major FTX-style collapses, and tokenized real-world asset (RWA) growth remains substantial. Market cycles are normal, “but what is important is what those cycles reveal about how far the industry has progressed,” said Nazarov on X on Tuesday. Crypto market capitalization has fallen 44% from its October all-time high of $4.4 trillion, with almost $2 trillion exiting the space in just four months. Read more
SEAL and the Ethereum Foundation created a Trillion Dollar Security dashboard to track Ethereum security as part of efforts to fight wallet drainers. The Ethereum Foundation is sponsoring crypto security nonprofit Security Alliance (SEAL) to “track and neutralize” crypto drainers and other social engineering attackers targeting Ethereum users. SEAL said on Monday that it launched the “Trillion Dollar Security” initiative with EF to support these efforts after reaching out to EF late last year about funding security engineers to more closely track drainer development and protect against wide-scale attacks. The EF is now sponsoring a security engineer whose “sole mission” is to work with SEAL’s intelligence team to combat drainers targeting Ethereum users, said SEAL. Read more