Saturday Newsletter

Explore the latest trends, gain valuable insights, and stay informed in the dynamic cryptocurrency ecosystem.

27 April 2024

X’s Payment System: Expanding into a Financial Ecosystem

Social media platform X is set to integrate a wide range of financial services into its network. Christopher Stanley, X’s head of payments, outlined plans for the platform’s future functionality to mirror both Venmo and Apple Pay.

Initially, X will offer tipping services, allowing users to send and receive money within the app. Over time, the platform will evolve into a comprehensive financial ecosystem, incorporating features like earning interest on balances and enabling in-store purchases.

NYSE Explores 24/7 Trading to Match Cryptocurrency Markets

The New York Stock Exchange (NYSE) is considering an extension of its trading hours to 24 hours a day, aligning with the schedule of cryptocurrency markets. A survey conducted by the NYSE’s data analytics team assessed the interest of market participants in moving to continuous weekday trading.

Additionally, the survey sought input on measures to protect traders from overnight volatility. Currently, the NYSE operates from 9:30 am to 4:00 pm Eastern Time, Monday through Friday.

Block Ventures into Bitcoin Mining with Full Mining System

Block, previously known as Square, announced plans to develop a new Bitcoin mining system. This initiative follows Block’s completion of a three-nanometer chip specifically designed for Bitcoin mining, building on an earlier five-nanometer prototype. Block aims to offer both standalone mining chips and complete mining systems to support the decentralization of Bitcoin mining.

The company is actively seeking input from the mining community on topics such as miner acquisition, maintenance, transparency, and software challenges.

Digital Asset Funds See Continued Outflows: CoinShares

Investment in digital asset funds has declined for the second consecutive week, with a total of $206 million withdrawn from April 15 to 19, according to CoinShares. Bitcoin exchange-traded funds faced the largest outflow at $192 million ahead of the halving event. Ether funds also experienced a decline of $34 million, continuing a six-week trend of negative flows.

Investments in blockchain equities decreased for the 11th consecutive week, with a loss of $9 million. Rising interest rates in the US make traditional, less risky financial instruments more appealing compared to volatile cryptocurrencies, affecting these trends.