BlockDAG’s X1 Miner App Debuts on Apple Store, Presale Soars to $58M: Updates on Ethereum ETF and Dogecoin

In the dynamic realm of cryptocurrencies, recent shifts underscore notable market changes. As excitement builds for the Ethereum ETF, which may stabilize Ethereum’s pricing, Dogecoin’s latest updates reflect broader market instabilities, notably influenced by Bitcoin’s recent dips. 

Amid these variations, BlockDAG makes its mark with the pioneering X1 Miner App, which simplifies crypto mining and opens up decentralized app development to all. This innovation propelled the presale past the $58M mark, cementing BlockDAG’s status as a premier crypto investment.

Ethereum’s Price Stabilizes as Market Anticipates Ethereum ETF

Over the weekend, Ethereum struggled to break the $3,000 barrier, facing stiff resistance and settling into a tight trading range. Market players remained hopeful, purchasing on dips amidst speculation about the forthcoming Ethereum ETFs. Bloomberg analysts project these ETFs could receive the green light by mid-July, pending regulatory fine-tuning. 

Amidst these turbulent market times, spurred by factors like the US Non-Farm Payrolls report, Ethereum continues to wrestle with selling pressures even as it tries to recover from recent lows. Maintaining critical support levels at psychological barriers is vital in these uncertain times while breaking through resistance might signal a bullish shift spurred by the anticipated Ethereum ETF introduction.

Dogecoin Developments Amidst Crypto Downturn

Recent Dogecoin updates came from co-founder Billy Markus amid a general crypto downturn, notably Bitcoin’s sharp fall last week. Following a steep drop, Bitcoin made a partial comeback, currently priced around $55,860.

Markus, known for injecting humor and irony into crypto discussions, shared a metaphorical image of a sinking yacht captioned “How’s your crypto going?” with a light-hearted note “No Worries.” Similarly, Dogecoin followed Bitcoin’s pattern, experiencing a significant dip followed by a mild rebound, mirroring the overall market’s sentiment amid recent fluctuations.

BlockDAG’s X1 Miner App & Simplified Smart Contracts

BlockDAG has revamped the crypto mining scene with the X1 Miner App, now available on the Apple Store. This app turns ordinary smartphones into potent mining devices, allowing users to mine up to 20 BDAG coins daily. Activating mining is as easy as clicking the “Activate BlockDAG X1” button, yielding 0.83 BDAG per hour with minimal battery drain.

The app enhances user engagement with features like OTP verification, direct presale access to BDAG tokens, and personalization options in a comprehensive settings area. Users can also manage their profiles and maintain privacy, showcasing BlockDAG’s commitment to user security.

Its referral program amplifies potential earnings as users encourage others to join, fostering a community-centric mining endeavor. Moreover, a real-time leaderboard introduces a competitive edge among miners.

Further innovating, BlockDAG introduced a low-code/no-code platform for easy decentralized app (DApp) development. This platform enables users without technical expertise to create, develop, and deploy DApps through a simple drag-and-drop interface. These user-friendly mining and DApp development tools mark significant advancements in making elite crypto technologies and smart contract functionalities widely accessible.

Last Verdict

BlockDAG emerges as a leading investment amid current crypto conversations. While the market assesses the Ethereum ETF’s potential impact and reacts to Dogecoin updates, BlockDAG’s X1 Miner App and its no-code smart contracts platform present practical, innovative solutions for engaging with cryptocurrency. 

These offerings not only streamline mining operations but also empower users with tools for straightforward DApp creation, positioning BlockDAG prominently among top crypto investment choices. As the industry evolves, BlockDAG’s accessible and innovative solutions offer a strong argument for its growth and potential within the crypto landscape.

Join BlockDAG Presale Now:

Disclosure: This is a sponsored press release. Please do your research before buying any cryptocurrency or investing in any projects. Read the full disclosure here.

Bitcoin ETFs, still relevant? Are they still pertinent for your investments? While the crypto market faces ups and downs, Bitcoin ETFs have recorded a record influx, stabilizing the market and restoring investor confidence. Let’s see how these massive inflows influence the Bitcoin market and what it means for the future of key cryptocurrencies.

Record influxes of Bitcoin ETFs

Bitcoin ETFs, launched last January 10, recently experienced an exceptional day, recording an influx of 310 million dollars on July 12, the largest in more than five weeks.

This renewed interest clearly shows that investors still see Bitcoin (BTC) as a safe haven.

Among the market leaders, BlackRock’s iShares Bitcoin Trust and Fidelity Wise Origin Bitcoin Fund have respectively raised over 100 million dollars, reports Farside Investors. The Bitwise Bitcoin ETF also contributed and the Grayscale Bitcoin Trust reported a rare influx of over 20 million dollars.

• BlackRock’s iShares Bitcoin Trust: 120 million dollars raised;
• Fidelity Wise Origin Bitcoin Fund: 115.1 billion dollars raised;
• Bitwise Bitcoin ETF: 28.4 million dollars raised;
• Grayscale Bitcoin Trust: 23 million dollars raised.

These impressive figures highlight the growing adoption of Bitcoin within the traditional financial system.

According to an analyst, “cryptocurrencies are increasingly establishing themselves as essential assets.”

The impact of ETFs on the crypto market

The recent massive influx of funds into Bitcoin ETFs has propelled the total market value of ETFs to 15.8 billion dollars in one week.

Actors like the VanEck Bitcoin Trust ETF and the Invesco Galaxy Bitcoin ETF have also seen inflows, respectively of 6 million and 4 million dollars.

However, some ETFs managed by Hashdex, Franklin Templeton, Valkyrie, and WisdomTree have not recorded new inflows, showing that competition remains fierce in this market.

These financial moves indicate a increased interest of investors and suggest an improvement in market conditions after recent fluctuations.

The SEC’s approval of spot Bitcoin ETFs in the United States has also contributed to this positive sentiment, paving the way for new financial products based on cryptos.

In conclusion, the record influx into Bitcoin ETFs stabilizes the market and reinforces Bitcoin’s position as a key cryptocurrency. New investment structures continue to attract investors, promising a bright future for cryptocurrencies.

Mikaia A.

La révolution blockchain et crypto est en marche ! Et le jour où les impacts se feront ressentir sur l’économie la plus vulnérable de ce Monde, contre toute espérance, je dirai que j’y étais pour quelque chose

DISCLAIMER

The views, thoughts, and opinions expressed in this article belong solely to the author, and should not be taken as investment advice. Do your own research before taking any investment decisions.

U.Today – As the price once again touches the $60,000 mark, Michael Saylor, MicroStrategy chairman and co-founder, has made a Bitcoin statement that has resonated with many in the crypto community.

In a tweet, Saylor declared, “Bitcoin is the bridge from chaos to hope.” This he posted alongside a clip from Fox Business showcasing BTC’s yearly performance compared to major asset classes. Notably from 2013 till 2023, Bitcoin has led gains among major asset classes in eight out of eleven instances, showcasing a standout performance.

Saylor’s statement comes at a time when global economic uncertainties and market volatility are prompting investors to seek alternative assets. In recent weeks, Bitcoin’s decline from its March record accelerated as concerns about Mt. Gox, the German government’s Bitcoin sales and the potential of higher-for-longer U.S. borrowing costs stoked the crypto markets.

Bitcoin reverses sell-off

Bitcoin began the past week seeing a slump that prompted fears of outflows from U.S. exchange-traded funds. Instead, dip buyers poured in funds, fueling optimism in the whole cryptocurrency market.

A net $737.5 million was added to the 11 ETFs in the four days leading up to Thursday, lifting the Bitcoin price higher after falling to lows of $53,602 on July 5.

At the time of writing, BTC had recovered its weekly losses and was up 5% in this time frame. Bitcoin was up 3.7% in the last 24 hours to $60,272, following intraday highs of $60,431. If today closes in the green, Bitcoin will mark its third consecutive day of gains.

As Bitcoin advances higher, key resistance levels for Bitcoin to monitor, according to crypto analyst Ali Martinez, are $61,340 and $64,620, meanwhile the crucial support level to watch is $57,670.

However, Bitcoin’s upward price action still necessitates a bit of caution as it trades slightly above the 200-day SMA at $59,207. Ali urges traders to wait for a sustained close above the 200-day SMA to confirm the continuation of the BTC uptrend.

This article was originally published on U.Today

Bitcoin is currently at $60,000 and attempting to reclaim the crucial range lows above the current levels. While there are positive signs, there is still more work to be done to confirm a sustained bullish trend. On Crypto Banter’s Kyle Doops Trading Show, the analyst presented a list of coins hitting key support levels, stressing that while the overall trend is downward, a shift could lead to a reaccumulation phase. 

The analyst discussed several key opportunities in the altcoin market, starting with Chainlink (LINK). He pointed out that Chainlink is poised to reclaim its range level, with the money flow increasing, indicating a potential bounce back to $18.

Moving to Ethereum (ETH), he noted that if Bitcoin were to face a rejection down to $50K, Ethereum could sweep down into its lows. This scenario would present a buying opportunity, but he emphasized he wouldn’t delve into other altcoins like Solana and Ton in this discussion.

Next was Sui (SUI), which has been aggressively downtrending but is now at a crucial support level. He explained a successful live trade on Sui, noting a 16% gain and the potential for further gains if the downtrend line is broken.

Next, he discussed Injective (INJ), which is also at a key support level around the $17-$18 mark. He suggested this zone is ideal for reaccumulation, with the potential for a move back up to $30 and eventually $45, offering over a 100% gain.

He then spoke about Aleph Zero (AZERO), which shows massive bullish divergence and is forming a significant deviation back into its range. Aleph Zero recently became EVM compatible, adding to its bullish potential. He outlined a strategy for a low-timeframe entry, aiming for a breakout above a specific level, which could lead to substantial gains.

By Yoon Ja-young

As the country’s first law on virtual asset user protection is set to take effect Friday, cryptocurrency exchanges will be obligated to monitor unfair practices in the market. The exchanges are thus making all-out efforts to establish a monitoring system.

The Virtual Asset User Protection Act includes provisions for regulating unfair trading. It specifies penalties for unfair practices in the virtual asset market and prohibits using key insider information, manipulating market prices and making fraudulent, irregular transactions. It also includes restrictions on self-issued virtual asset trading.

As the new law stipulates virtual asset exchanges’ obligation of constantly monitoring abnormal transactions, they should examine whether there is unfair trading while continuously monitoring the market. In case they detect any suspicious action, they should immediately report to financial authorities. With the enforcement of the law nearing, the virtual asset exchanges are in full swing preparing for the final stages.

Industry experts stress that the “order book information loading system” is at the core of monitoring. According to the Virtual Asset User Protection Act, exchanges should preserve trading records to monitor unfair trading. These records of virtual asset trading must include not only the name of the virtual asset and the date and quantity of the transaction but also the order book information at the time of order placement. They point out that the order book information is crucial for financial authorities to determine whether it was unfair trading.

 

Dunamu, which operates the country’s largest cryptocurrency exchange Upbit, for instance, has reportedly established a team in charge ahead of the implementation of the user protection law, to preemptively prepare systems. They have developed a new unfair trading monitoring system, building on their existing monitoring systems, and began operation before the enactment of the law.

Upbit became the first virtual asset exchange in the country to load order book information and preemptively develop a monitoring system where the information can be compared with specific order and transaction situations. What is notable about Dunamu’s monitoring system is that it is capable of integrated market analysis based on various data analysis tools that work simultaneously. It is designed to enable efficient communication with financial authorities, by systematically identifying and reporting suspicious transactions.

The monitoring system developed by Dunamu has been receiving positive responses within the industry as a good example. According to industry sources, Dunamu has shared its expertise in building market monitoring systems targeting Korean won exchanges and coin market exchanges at events organized by financial regulator earlier this year.

“With the enactment of the Virtual Asset User Protection Act, it will become even more crucial for exchanges to prove their compliance capabilities,” a Dunamu official said.

“We will further improve our monitoring system of unfair trading to offer a safer environment for virtual asset investors,” she added.

Open the Door to Passive Profits: BlockDAG’s X10 Miner Delivers $10 Daily at Launch, Plus Latest on XRP Prices and Brett’s Market Shifts!

The XRP price prediction continues to draw attention amid market changes, suggesting a cautious but stable future. Concurrently, Brett investors are exploring new directions due to recent uncertainties in the market. In the meantime, BlockDAG, with a presale success reaching over $57.9 million, positions itself as a frontrunner, offering strong revenue prospects through its X10 miner and a 10% referral incentive. This tactical move has enhanced investor involvement and reinforced trust, making BlockDAG a promising contender in the crypto sphere.

Stability Analysis: Reviewing XRP’s Current Market Dynamics

Amid recent shifts in cryptocurrency values, XRP’s price prediction remains a focal point reflecting broader market instability. Presently, XRP stands at approximately $0.4755, noting a minor decline of about 2% over the last week. This trend is capturing the attention of financial analysts due to XRP’s significant market valuation exceeding $26.4 billion.

Despite this downturn, technical analyses suggest a bullish pattern on XRP’s charts, indicating a hopeful future for the currency. Such patterns are commonly viewed as indicators of potential substantial increases, aligning with forecasts predicting a 30% to 40% surge following the pattern’s resolution.

Brett’s Market Evolution: The Turn to Novel AI Meme Coins

In recent developments, Brett’s market performance has led to uncertainty among its investors as it fails to reclaim its early June peak values. Brett is currently trading at about $0.16, just above its 21-day moving average, yet below the highs of $0.195 seen previously. This average performance is prompting a shift in investor sentiment.

This changing mood among Brett investors is fueling interest in alternative assets, particularly a fresh AI-themed crypto meme coin, Wiener AI. Despite its humorous sausage dog motif, Wiener AI has managed to capture investor interest, reflecting a careful exploration of new possibilities by Brett enthusiasts.

Eco-Friendly Mining for Substantial Gains: BlockDAG’s Mining Breakthrough!

BlockDAG is pioneering the crypto-mining industry with its innovative and eco-friendly mining rigs. Positioned as a leading project, it prioritizes profitability while promoting environmental sustainability. The X series mining rigs exemplify BlockDAG’s dedication to green technology, making it a preferred option for eco-conscious investors.

For newcomers to cryptocurrency mining, BlockDAG provides an excellent entry point with the X10 mining rig. This compact unit, small enough for any home setup, is impressively efficient. Despite its size, the X10 delivers a powerful 100 MH/s hash rate, capable of mining up to 200 BDAG daily. Users can anticipate a stable daily income of $10 right from the start, ensuring a quick return on investment.

Moreover, BlockDAG boosts investor engagement with its profitable referral bonus scheme. By inviting acquaintances to participate, users can secure a 10% bonus, with a straightforward dashboard for tracking these earnings. This initiative not only benefits existing members but also broadens community involvement, heightening investment interest.

Such pioneering and user-centric programs have driven BlockDAG to outstanding presale achievements, accumulating over $57.9 million, with anticipated further growth. This momentum highlights BlockDAG’s role as a top choice for both experienced and novice investors seeking significant returns in the eco-friendly crypto-mining arena.

BlockDAG: The Top Crypto Investment Prospect

While updates on XRP’s price and Brett’s market realignments keep investors alert, BlockDAG distinguishes itself as the premier crypto presale platform, having gathered over $57.9 million. With substantial daily profits from its X10 miner and a 10% referral incentive, BlockDAG’s inventive approach to crypto mining confirms its superiority as an investment option. For those eager for passive income avenues, the present is an optimal time to invest in BlockDAG’s promising future amid its profitable presale period.

Join BlockDAG Presale Now:

Disclosure: This is a sponsored press release. Please do your research before buying any cryptocurrency or investing in any projects. Read the full disclosure here.

Jeff Booth, the author of The Price of Tomorrow: Why Deflation is the Key to an Abundant Future, believes that Bitcoin (BTC) is the only force that follows the natural state of the free market.

In a new interview with Natalie Brunell, Booth says we should live in a deflationary world – where technology strengthens a currency’s purchasing power by driving down the value of goods and services.

According to Booth, Bitcoin is a game changer as it is the only currency in existence that can bring forth a system underpinned by abundance.

“I see Bitcoin very differently than most people do… The natural state of the free market is deflation and technology would make that deflation happen at a way faster rate – at an exponential rate – and that deflation shouldn’t be feared because what it actually is is the productivity flowing to us so that we can live abundant lives and do what we want…

Anything that stops that is not an economic system, it’s not a political system, it’s a control system that gains its strength from stealing from you… Once you understand that that is true, then as a derivative, everything else from the existing system is stealing from you.”

Booth predicts all fiat currencies will fall against BTC forever as it is the only currency designed to eradicate inflation.

“So Bitcoin stands as the only thing that I’ve found that can protect you from that. It’s not a coin. It’s a protocol bounded by energy. It’s an open, decentralized and secure protocol bounded by energy. It doesn’t care if you want to price it through currency or pieces of paper that are being manipulated. It doesn’t care, it just keeps on moving forward.

So relative to Bitcoin, all prices are falling and will forever because it’s the only free market force that is in existence and everything tethered to the other system is not. It’s a control system.” 

At time of writing, Bitcoin is trading for $60,310, up 3.69% on the day.

Don’t Miss a Beat – Subscribe to get email alerts delivered directly to your inbox

Check Price Action

Follow us on X, Facebook and Telegram

Surf The Daily Hodl Mix

Generated Image: Midjourney

The price of the largest Donald Trump memecoin MAGA (TRUMP) surged more than 30% following an assassination attempt on the former President while he was speaking on stage at a rally in Butler, Pennsylvannia. 

The Ethereum-based MAGA memecoin (TRUMP) spiked rapidly from a price of $6.31 to $10.36 immediately following the assassination attempt, seeing its total market capitalization jump from $293 million to $469 million in less than 45 minutes, per DexScreener data.

The price of several other Trump-themed memecoins also rallied on the news.

Solana-based memecoin Tremp (TREMP) jumped more than 63% in the hour following the news, while another memecoin dubbed MAGA Hat (MAGA) briefly spiked 21% within the same timeframe. 

Trump was speaking on stage at a July 13 rally in Butler, Pennsylvania when several shots were fired from an unknown direction in the crowd. 

Trump clutched his ear as shots sounded and dropped to the ground as his security detail rushed to protect him. 

Shooting just happened at The Trump rally pic.twitter.com/Xs1dVL1H3T

— Acyn (@Acyn) July 13, 2024

While being whisked off the stage by his security detail, Trump asked them to pause while he raised his fist and shouted at the crowd. 

Related: US Republicans under Trump include crypto in official party platform

An official spokesperson from Trump’s campaign told the Associated Press the former President was “fine” following the incident and that he was undergoing medical treatment at a local facility. 

“President Trump thanks law enforcement and first responders for their quick action during this heinous act,” spokesman Steven Cheung said in a statement. “He is fine and is being checked out at a local medical facility. More details will follow.”

Trump’s election odds soar on Polymarket

Speculators on the Ethereum-based prediction market Polymarket were quick to place their bets as well, with Trump’s odds of clinching a victory in the upcoming election jumping from 60% to 68% immediately following the assassination attempt, per Polymarket data. 

Meanwhile, current President Joe Biden’s predicted odds of nabbing an election victory fell in the same timeframe, falling from 30% to 15% in the last hour. 

Trump now stands as the clear favorite nominee on the prediction market, touting overall odds of 70% compared to just 15% for Biden and 9% for Vice President Kamala Harris.

Trump, formerly a skeptic of cryptocurrencies — saying on several occasions that Bitcoin was “like a scam” — has changed his tune drastically on Bitcoin and other digital assets in recent months. 

On June 14, Trump declared he would bring an end to the Biden administration’s “war on crypto” if elected President. 

This was not the first time Trump had criticized Biden for his harsh stance on crypto while on the campaign trail. On May 26, he took aim at Biden, arguing that the US must not settle for anything but the top place in the crypto industry.

Magazine: Crypto exposes sudden rift among Democrats months ahead of election

Investors eyeing exponential gains in crypto favor Tron, JasmyCoin, ETFSwap, and Polkadot as top altcoin picks.

In the dynamic cryptocurrency landscape, discerning investors seek altcoins with the potential for exponential gains. Among the plethora of altcoin options, Tron (TRX), JasmyCoin (JASMY), ETFSwap (ETFS), and Polkadot (DOT) stand out as hot picks among altcoins.

4 altcoins are great picks for investment

Altcoins offer unique opportunities and advantages that distinguish them from traditional cryptocurrencies like Bitcoin (BTC) and Ethereum (ETH). Investing in Tron (TRX), JasmyCoin (JASMY), ETFSwap (ETFS), and Polkadot (DOT) now could yield significant returns as these altcoins are poised for remarkable growth. Each of these altcoins brings distinct features to the table, making them excellent investment options before they skyrocket.

ETFSwap: Leading the pack with unique utilities

ETFSwap (ETFS) stands out with its exceptional utilities and all-inclusive DeFi solutions, setting a new standard in the crypto and ETF trading space. The platform ensures that tokenized assets are backed by real-world securities purchased from traditional financial markets. ETFSwap (ETFS) integrates blockchain technology with ETFs through partnerships with MiCa-compliant regulated investment banks, bridging the gap between the TradFi and DeFi worlds.

Utilizing Ethereum blockchain technology, ETFSwap (ETFS) allows users to own and trade tokenized ETFs, offering a transparent community governance model. Security is paramount, with smart contracts audited by CyberScope, assuring investors of a bug-free, secure environment. ETFSwap’s (ETFS) high ranking among top analysts highlights its robust offerings, including commodity, leveraged, equity, spot Bitcoin, spot Ethereum, and bond ETFs among others. These tokenized ETFs can be traded with up to 100x leverage, amplifying profit returns significantly.

ETFSwap (ETFS) looks ahead to the launch of its own ETF in 2025. Its advanced trading tools, 24/7 market coverage, and AI-powered ETF Screener and ETF Tracker further solidify its position as the leading altcoin for investment returns.

Tron: Empowering decentralized applications

Tron (TRX) is a blockchain-based platform designed to build and support decentralized applications (dApps). Its high throughput, scalability, and availability have made it a favorite among developers. Tron (TRX) aims to decentralize the web by providing a platform for content creators to interact directly with consumers, eliminating intermediaries and enhancing efficiency. 

Currently, in the past 24 hours, Tron (TRX) has been trading at a competitive price of $0.00000218 with a trading volume of $ 4,734.850 million, according to CoinMarketCap, making it an attractive entry point for investors. However, while Tron (TRX) altcoin is impressive, it pales compared to ETFSwap (ETFS) in terms of infrastructure and utility.

JasmyCoin: Championing data democracy

JasmyCoin (JASMY) focuses on data democracy and security. By utilizing blockchain technology, JasmyCoin (JASMY) empowers users to take charge of their data and monetize it safely. This unique approach addresses growing concerns over data privacy and security in the digital age.

As of now, JasmyCoin (JASMY) offers substantial growth potential. CoinMarketCap data shows its price at $0.0000004 with a trading volume of $1,325.0756 million in the past 24 hours. Yet, despite its promising outlook, JasmyCoin (JASMY) cannot match the comprehensive solutions provided by ETFSwap (ETFS).

Polkadot: Facilitating interoperability

Polkadot (DOT) aims to enhance blockchain interoperability, enabling different blockchains to communicate and share information seamlessly. This unique approach addresses the issue of siloed blockchain networks, fostering a more interconnected ecosystem. Polkadot’s (DOT) unique architecture makes it a promising altcoin for investment. Coingecko data shows Polkadot’s price at $6.14 with a trading volume of $170, 363,637 million. However, despite its potential, Polkadot (DOT) does not offer the same level of creativity, utility, and investment returns as ETFSwap (ETFS).

Conclusion: Invest in ETFSwap for maximum gains

ETFSwap (ETFS) remains the best crypto and ETF trading platform for institutional and retail investors. With its current presale price set at an affordable $0.01831, now could be the perfect time to invest before the price rises to $0.03846 in the next stage. 

ETFSwap’s unparalleled value proposition puts it ahead of Tron (TRX), JasmyCoin (JASMY), Polkadot (DOT), and many other altcoins. ETFSwap (ETFS) stands out as a promising altcoin for investors looking to maximize gains in 2024. This low price presents a prime opportunity to invest in ETFSwap (ETFS) and grow with the best DeFi platform poised to change the crypto and ETF trading landscape.

For more information, visit ETFSwap’s presale website or join the ETFSwap community.

According to data on the monthly visits to the website (not including mobile app) from Similarweb and CoinMarketCap, current in July 2024, the most popular crypto exchanges are Binance, Coinbase, and Bitget. Binance leads the pack with 65.5 monthly visits, followed by Coinbase with 40.9 million and Bitget with 31.1 million.

Bybit and OKX are fourth and fifth with 30.4 million resp. 27.1 million. Rounding out the top 10 are WhiteBIT, HTX, Gate, MEXC, and Upbit.

In the first six months of 2024, the amount of Bitcoin, Tether, and Ether held by users on Bitget increased by 73%, 80%, resp. 153%, equivalent to the approximate capital inflow of $700 million. Bitget also attracted 2.9 million new users. Spot trading volume on the exchange increased from $28 billion in Q1 to $32 billion in Q2, or by over 10%. This reflects an increase in overall market trading volume and cryptocurrency adoption.

There is room for all market players

An analysis published on GitHub revealed that small and large crypto exchanges complement rather than compete against each other. Although there are more than 1,000 crypto exchanges on the market, they essentially offer the same assets to trade. In the US, there are over 100 active cryptocurrency exchanges, but just 16 for equity trading. In 2022, the top two crypto exchanges only accounted for around 14% of all Bitcoin trading volume.

How do exchanges of different sizes complement each other? When a big exchange lists a new coin, its trade volumes on small exchanges typically increase, in some cases, by up to 76%. What’s more, small exchanges list the same coins as big ones. Large exchange listings correlate with peripheral exchange listings of the same coin.

Finally, the entry of a large exchange usually leads to reduced coin prices across small exchanges, sometimes by up to 22%. This indicates that arbitrage flows across small and large exchanges might play a role.

Tether’s market share dropped by 8% in 2024

It’s estimated that USDT’s market share on centralized exchanges has declined from 82% to 74% this year. One reason could be increased competition from FDUSD and other stablecoins. FDUSD benefited from zero fees on Binance. USDC’s market share peaked at 12% at the end of June, fueled by trading volumes on leading exchanges. Interest in yield-bearing stablecoins like Paxos is also increasing.