JPMorgan’s report also highlighted that Bitcoin’s 14-day average daily trading volumes stand at $28.9 billion, compared to Ethereum‘s $20.7 billion. Over the past two weeks, Bitcoin’s average daily trading volumes increased by 12.0%, while Ethereum’s trading volumes surged by 86.4%. Tether‘s trading volumes rose by 39.2%.
Moreover, trading volume growth for major cryptocurrencies, excluding Binance USD, has been strong over the past six months and year. A JPMorgan analyst noted, “The substantial increase in trading volumes for Bitcoin and Ethereum highlights the growing investor interest and market activity in these leading cryptocurrencies.”
On May 30, Franklin Templeton president and CEO Jenny Johnson spoke at the Consensus 2024 conference in Austin, highlighting the benefits of blockchain ledger technology. Johnson emphasized its potential to provide a single “source of truth” for reconciling data between systems, which could help reduce costs and administrative workload. Johnson noted, “Blockchain technology can streamline our processes and significantly reduce administrative burdens.” The company is actively involved in the blockchain space, running 30 validator nodes on 12 different blockchains.
Grayscale Investments announced on May 20 that CEO Michael Sonnenshein would step down after a decade with the crypto asset manager. Peter Mintzberg, currently the global head of strategy for asset and wealth management at Goldman Sachs, will assume the role of CEO on August 15. Until then, CFO Edward McGee will serve as the principal executive officer. Sonnenshein reflected on his tenure, saying, “Leading Grayscale has been a remarkable journey, and I am confident in Peter’s vision for the future.”
On May 20, New York Attorney General Letitia James announced a $2 billion settlement with bankrupt cryptocurrency lender Genesis to repay defrauded investors. Genesis, which neither admits nor denies the allegations, is barred from operating in New York. The settlement establishes a fund for victims, including 29,000 New York residents who invested over $1.1 billion through the Gemini Earn product. “This settlement ensures that victims are compensated and holds Genesis accountable,” James stated.
Institutional cryptocurrency lending firm Maple Finance unveiled a new loans platform called “Syrup” on May 28, along with a rewards token of the same name. Syrup promises users yields of 15% by depositing stablecoins into the platform. A Maple Finance representative highlighted, “Syrup is designed to offer attractive yields while maintaining security and reliability.”
The global crypto market has seen a 12% increase since May 15, 2024, with the market cap standing at $2.53 trillion as of June 1, 2024. The top five cryptocurrencies by market cap are Bitcoin, Ether, Tether, Binance Coin, and Solana, JPMorgan report concludes.
Source: Cryptocurrency - investing.com
