Centralized Exchanges See Uptick In Trading Volumes

Market Update - September 6, 2024

Takeaways

1. The market faced a broad decline over the past week: More than $162 million in crypto liquidations occurred last weekend, primarily from long positions, as US bitcoin ETFs experienced net outflows totaling $276 million. As of Thursday, the price of bitcoin had dropped to nearly $56,000.
   
   
2. The SEC has expressed concerns over FTX’s proposed distribution of stablecoins to creditors: While FTX’s plan aims to repay 98% of creditors in cash, the SEC may take the stance that remaining distributions made in crypto violate federal securities laws.
   
   
3. Cardano implemented its “Chang” upgrade, shifting control from its founding bodies to a decentralized governance structure using the ADA token: The long-awaited enhancement allows the community to vote on proposals and elect governance representatives.
   
   
4. High-ranking Binance executive Tigran Gambaryan, detained in Nigeria since February, appeared in court on Monday in pain after being denied a wheelchair: His lawyers have filed for bail on medical grounds, citing multiple health issues, but the prosecution has opposed the request.
   
   
5. Trading volumes on centralized cryptocurrency exchanges saw a roughly 6.6% MoM increase in August, reaching $1.2 trillion: Exchanges in North America experienced more than a 21% increase in activity compared to July.
   

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