Monat: Mai 2024

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As Perpetual Futures Surpass $60 Trillion in Cumulative Trading Volume, Choise.ai Launches PerpeX, a New Decentralized Perpetual Exchange

  • Recent research by Cornell University has revealed that the cumulative trading volume of perpetual futures contracts since 2020 has surpassed $60 trillion
  • Perpetuals have a number of advantages over spot market cryptocurrencies, including lower fees and faster execution
  • Choise.ai has announced the launch of PerpeX, a new decentralized exchange specifically designed for this perpetuals market

The perpetual futures market is one of the fastest growing segments of the cryptocurrency sector, with recent research from Cornell University revealing that the cumulative trading volume of perpetual contracts since 2020 clocked in at a truly staggering $60 trillion in February. 

To put that figure into perspective, the cumulative trading volume for the entire spot cryptocurrency market during the past year was approximately $12 trillion. 

To serve that fast-growing perpetuals market, Choise.ai has announced the launch of PerpeX, a new decentralized perpetual exchange that aims to set a new industry standard for perpetual futures trading.

Announcing the launch of PerpeX, Vlad Gorbunov, Founder of Choise.ai, said: 

“PerpeX is a decentralized tool that significantly strengthens our Web3 initiatives. In the future, this product will feature AI support to assist with setting risk profiles and leverages, while also managing trades. Additionally, we are advancing towards cross-chain solutions. 

Being developed by a dedicated team, our exchange will become a standard for one of the lowest gas fees in the market and will be integrated into the enterprise sector, aligning well with Choise.ai and marking a new direction for us. The CHO token will be deeply integrated into PerpeX, which will enhance its utility value.”

Aiming to Impress

The new PerpeX exchange is aiming to impress crypto traders with its advanced features, including:

Expansive Market Variety: Although Choise.ai is a leading crypto platform, PerpeX traders aren’t limited to cryptocurrency futures. They can also trade forex, metal and stock futures on this new perpetuals exchange, with leverage of 200x to 1000x, depending on the market. Traders will also have the option to create new synthetic futures markets using a price oracle. 

Virtual Automated Market Maker (vAMM): PerpeX leverages cutting-edge DeFi mathematics to replace the traditional order book with a virtual algorithmic one. This enables users to place orders even in low-liquidity markets, as the PerpeX core automatically executes trades based on a sophisticated algorithm tailored to each market.

Comprehensive Trading Tools: PerpeX will support all classic trading tools, including limit orders, stop losses, and take profits, and traders will have the option to alter their leverage levels by adding or reducing collateral. 

Efficient Price Aggregation: PerpeX will use an oracle system to aggregate prices from leading sources such as Chainlink and PYTH, ensuring accurate and reliable pricing for all markets.

Liquidity, Staking and Earnings: PerpeX users will be able to stake USDT on the platform, participate in the shared liquidity pool, and receive a portion of the platform’s income.

Minimal Transaction Costs: Choise.ai said PerpeX’s fee structure is specifically designed to ensure the lowest possible transaction fees for all trades.

Analytics and Monitoring: PerpeX will offer traders advanced monitoring and alert systems to keep track of market movements and trading performance.

Token Integration: Choise.ai’s CHO token will be deeply integrated into the exchange, and will offer traders discounts of up to 50% when they pay trading fees with CHO, as well as the opportunity for revenue sharing and liquidity provision earnings. Given that some analysts are estimating that PerpeX’s total market potential could eventually climb to $100 trillion, that could mean a lot of revshare potential for perpetual futures traders on this exchange.

It’s also worth mentioning that the value of the CHO token itself could rise sharply when the new PerpeX platform goes live, because as we’ve highlighted in the past big announcements from Choise.ai tend to trigger a surge in the token’s price, most recently a 500% spike in value for $CHO earlier this year. 

In fact, a number of analysts for forecasting another 20x jump for CHO in the near term:

Choise.ai is yet to confirm a specific launch date for PerpeX, but industry insiders suggest it could be available to perpetual futures traders as early as June, so watch this space.

The post As Perpetual Futures Surpass $60 Trillion in Cumulative Trading Volume, Choise.ai Launches PerpeX, a New Decentralized Perpetual Exchange appeared first on CoinJournal.

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BlackRock’s IBIT flips Grayscale’s GBTC to become world’s largest Bitcoin ETF

  • BlackRock’s IBIT has flipped Grayscale’s GBTC in Bitcoin ETF holdings.
  • IBIT holdings have surged to 288,670 BTC compared to 287,450 for GBTC.

One of the top Bitcoin news headlines today is that BlackRock’s iShares Bitcoin Trust (IBIT) has become the largest Bitcoin exchange-traded fund (ETF) in the world, surpassing Grayscale’s Bitcoin Trust (GBTC).

On May 28, inflows into IBIT reached $103 million while GBTC saw outflows of $105 million. Overall, the spot Bitcoin ETF market recorded net inflows for the 11th straight trading day on May 28 with a total of over $45 million.

IBIT surpasses GBTC as largest Bitcoin ETF

As Grayscale’s spot BTC ETF recorded outflows of $105 million or 1,540 BTC, BlackRock’s IBIT saw inflows of nearly $103 million, or plus 1,501 BTC.

BlackRock now holds 288,670 BTC for its IBIT ETF, while Grayscale’s GBTC holdings have shrunk further to 287,450 BTC.

Notably, when spot Bitcoin ETFs debuted in January, Grayscale’s ETF held 620,000 Bitcoin. However, as data HODL15Capital shared on X shows, these have quickly shrunk as BlackRock, Fidelity and others swelled in the last four months.

BlackRock’s IBIT has added BTC holdings as Grayscale’s GBTC bleeds since SEC approved first spot Bitcoin ETFs for US market in January 2024

According to HODL15Capital, Grayscale’s outflows have come amid the fee issue (1.5% for GBTC vs. 0.2% for peers).

“Grayscale held 620,000 BTC at the time of the conversion (1/10/2024), which was more than 3% of circulating supply, but refused to lower the fee (1.5% vs 0.2% for peers), even after investors pulled 330,000+ BTC.  So much for the “differentiated” strategy,” HODL15Capital noted.

A Bloomberg report published on Wednesday notes that BlackRock’s BTC holdings reached $19.68 billion as of the end of trading Tuesday, compared to $19.65 billion in BTC for Grayscale. Fidelity’s FTBC, which registered inflows of $34.3 million on May 28, currently holds $11.1 billion.

IBIT’s flippening of GBTC comes as BlackRock revealed in a regulatory filing that its funds have purchased IBIT shares.

Specifically, the BlackRock Strategic Income Opportunities Fund (BSIIX) bought IBIT shares worth $3.56 million in the first quarter. Meanwhile, the Strategic Global Bond Fund (MAWIX) holds the ETF’s shares worth $485,000.

The post BlackRock’s IBIT flips Grayscale’s GBTC to become world’s largest Bitcoin ETF appeared first on CoinJournal.

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Judge orders the U.S. SEC to pay $1.8M in Debt Box case dismissal

  • Judge dismisses U.S. SEC’s case against Debt Box, orders SEC to pay $1.8 million in fees.
  • The Ruling cites SEC’s bad faith conduct in obtaining asset freeze order.
  • Debt Box calls the court’s decision a significant victory against regulatory overreach.

In a significant legal victory for Digital Licensing, the firm known as Debt Box, a federal judge has dismissed the U.S. Securities and Exchange Commission’s (SEC) civil lawsuit and ordered the regulatory body to pay approximately $1.8 million in fees.

The ruling, handed down on May 28 by Judge Robert Shelby in the U.S. District Court for the District of Utah, marks a notable rebuke of the SEC’s actions in this case.

The U.S. SEC on the receiving end

The fees include roughly $1 million for attorney fees and costs, and an additional $750,000 for receiver fees and costs.

This order followed a March court decision that found the SEC had engaged in “bad faith conduct” by seeking a temporary restraining order to freeze Debt Box’s assets based on inaccurate information. This misconduct led the court to threaten sanctions against the commission.

Judge Shelby’s ruling mandated that the SEC cover all attorney fees and costs resulting from the erroneous ex parte relief, with the exception of one $649 fee which he deemed inappropriate.

Debt Box, in a statement released via X, hailed the decision as a major triumph, stating, “This is a significant win for us. It means that the SEC cannot proceed with the case as it stands.”

What was the Debt Box case all about?

The SEC’s lawsuit, initially filed in July 2023, accused Debt Box of orchestrating an illegal $50 million cryptocurrency scheme.

However, Debt Box countered with documentation suggesting that the SEC had made false statements and misrepresentations, which led to the improper restraining order.

This case drew considerable attention within the cryptocurrency community, highlighting issues of regulatory overreach.

Meanwhile, the SEC continues to pursue legal actions against several other crypto firms, including Binance, Kraken, Ripple, and Coinbase.

In response, lawmakers are advocating for clearer regulatory frameworks for digital assets, with proposed legislation like the Financial Innovation and Technology for the 21st Century Act aiming to address these concerns.

The post Judge orders the U.S. SEC to pay $1.8M in Debt Box case dismissal appeared first on CoinJournal.