MARKETS DAILY: Crypto Update | Musk's X Obtains Payment Licenses in Several U.S. States

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4.7 • 698 Ratings

🗓️ 31 August 2023

⏱️ 8 minutes

🔗️ Recording | iTunes | RSS

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Summary

Musk's social media platform, X, formerly Twitter, has obtained money or currency transmitter licenses in seven U.S. states including Maryland, New Hampshire and Rhode Island. Today's episode is sponsored by Kraken Pro and Simpluris. Today's Stories: First Mover Americas: Musk's X Obtains Payment Licenses in Several U.S. States Bitcoin Starts to Retrace Grayscale-Fueled Gain; SOL, XRP, DOT Lead Majors Slide Bitcoin Average Trade Size Jumps to Highest Level Since June After Grayscale Ruling Bitcoin Holdings on Crypto Exchanges Dwindle to 2M, Fewest Since January 2018 Ether Heads for 'Death Cross' Elon Musk's X Has Licenses in Multiple U.S. States to Process Payments, Including Crypto Scores of Friend.tech Users Remain Active Even as Trading Volumes Drop 95% Binance to 'Gradually' End Support for BUSD Products - 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. - Simpluris: If you purchased FEI or TRIBE tokens in the Genesis Event between March 31st and April 3, 2021, a class action settlement may affect your rights. You can learn more about the settlement and file a claim here. - 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 and Simpleris.
0:09.0	It's Thursday, August 31st, 2023, and this is Markets Daily from CoinDesk.
0:14.1	Hi, I'm Michelle Muso here with your Crypto Markets Roundup.
0:16.9	On today's show, we're talking Bitcoin, Elon Musk's X, and more.
0:25.2	And just a reminder, CoinDesk is a news source and does not provide investment advice.
0:37.8	Bitcoin's average trade size on most exchanges jumped to its highest point since June following Grayscale's court victory Tuesday over the SEC, the U.S. Securities and Exchange Commission.
0:43.8	According to data from Keko, the average trade size for Bitcoin on Crypto Exchange
0:48.3	Krakken increased to above $2,000 after Tuesday's ruling from around $850 the day prior.
0:55.7	Other exchanges saw similar action.
0:58.0	The last time Bitcoin's average trade size was higher was back during June's bull run, said
1:02.5	Keko.
1:03.4	Though the average trade size rose, the number of BTC held in wallets on centralized exchanges
1:07.9	has declined this month.
1:09.6	The number of Bitcoin held in addresses
1:11.2	tied to centralized exchanges slid to the lowest level in more than five years, partially reflecting
1:16.4	a growing market sophistication. The so-called exchange reserve dropped 4% this month to the lowest
1:22.0	level since early January 2018, according to on-chain data analytics service cryptoquant. Part of the decline could be
1:29.9	due to a lack of trust in centralized exchanges. Since Sam Bankman-Fried's exchange, FTCS, went bust in
1:36.0	November last year, investors have increasingly preferred to keep coins off centralized exchanges.
1:41.6	A report from the head of strategy and matrix port said, quote,
1:45.5	it seems the overwhelming majority of crypto hedge funds are seeking to mitigate as much risk
1:50.6	as possible after the events of last year, keeping only those assets required for day-to-day
	...

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