MARKETS DAILY: Crypto Update | Crypto Trading Volume Hits 4-Year Low and New Host Announcement

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CoinDesk

Business News, Daily News, News, Tech News

4.7 • 698 Ratings

🗓️ 7 September 2023

⏱️ 7 minutes

🔗️ Recording | iTunes | RSS

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Summary

Noelle Acheson, author of the Crypto is Macro Now newsletter and former head of research at CoinDesk, will start next week as the new host of "Markets Daily." Plus, a new advocacy group for tokenization including founding members such as Coinbase, Circle and Aave Companies aims to foster the use of blockchain technology for traditional assets. Today's episode is sponsored by Kraken Pro. Today’s Stories: First Mover Americas: Crypto Trading Volume Hits 4-Year Low Crypto Spot Market August Trading Volume Hits 4.5-Year Low as Volatility Fails to Spur Activity Depressed Crypto Markets, Regulatory Risks Fail to Dissuade Asset Managers From Investing Tokenization Advocacy Group Wants to Bring the 'Next Trillion' of Assets to Blockchain Blanket Crypto Bans Won’t Work, Joint IMF, FSB Paper Warns Blockchain, AI Set to Transform Financial Markets: Moody's - From our sponsors: Meet the all-new Kraken Pro. The powerful, customizable, beautiful way to trade crypto. It’s Kraken's most powerful trading platform ever - packed with trading features like advanced order management and analytics tools — all in a redesigned, modular trading interface. Head to pro.kraken.com and trade like a pro. Not investment advice. Some crypto products and markets are unregulated. The unpredictable nature of the cryptoasset markets can lead to loss of funds and profits may be subject to capital gains tax. - This episode was hosted by Michele Musso. “Markets Daily” is executive produced by Jared Schwartz and produced and edited by Eleanor Pahl. All original music by Doc Blust and Colin Mealey. See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Transcript

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0:00.0	This episode of Markets Daily is sponsored by Cracken.
0:08.0	It is Wednesday, September 7th, 20203, and this is Markets Daily from CoinDesk.
0:13.3	Hi, I'm Michelle Muso here with your Crypto Markets Roundup.
0:16.3	On today's show, we're talking Bitcoin, real-world asset tokenization, and more.
0:21.9	And just a reminder,
0:25.1	CoinDesk is a news source and does not provide investment advice.
0:36.3	Much of the crypto market was slightly in the red over the past day, with Bitcoin still stock around $25,600.
0:39.4	Activity in the crypto spot market fell to the lowest level in more than four years last month,
0:44.2	extending a lull at digital asset trading desks.
0:47.3	This comes as volatility sparked by Grayscale Investments' court victory over the U.S. Securities and Exchange Commission.
0:53.1	The SEC failed to stir traders from the lethargy.
0:56.6	Gray Scale is a subsidiary of the Digital Currency Group, CoinDesk's parent company.
1:02.2	Spot trading volume on centralized exchanges cooled for a second straight month,
1:06.1	falling almost 8% to $475 billion.
1:09.5	The lowest since March 2019, according to digital assets data and
1:13.6	index provider, CCData. Trading volume refers to the total number of tokens that exchanged
1:19.3	hands during a specific period. Volume and derivatives fell over 12% to $1.62 trillion, the second
1:26.3	lowest since 2021. Derivative share of total market activity
1:30.2	contracted for a third consecutive month. The dollar value locked in open derivative contracts
1:35.2	tanked as well, wiping out over $4 billion in open interest on selected exchanges. That's the
1:41.9	largest decline in open interest this year. The continuing decline
1:45.9	is creating a challenging environment for exchanges and market makers who have been facing a tough
	...

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