Bitcoin Breaks $31K: 86% of Unspent BTC in Profit!

Overview

• Binance reportedly pulls out of Austria, shifts focus to MiCA compliance in Europe
• Crypto ETPs saw $199M inflow last week, the largest since July 2022
• Bitcoin breaks $31k as it continues to shake off recent slumps

Binance Exits Austria

Binance, one of the world’s leading crypto exchanges, has reportedly pulled out of operations in Austria and shifted its focus towards MiCA (Markets in Crypto Assets) compliance. This news comes after a series of regulatory changes have made it increasingly difficult for companies operating in the cryptocurrency space to comply with local laws. The shift will allow Binance to operate more efficiently across Europe while minimizing any potential legal issues.

Crypto ETP Inflow

Last week saw an influx of funds into crypto exchange-traded products (ETPs), with a total inflow of $199 million being recorded. This is the largest amount since July 2020 and suggests that institutional investors are continuing to show interest in the digital asset space. The majority of these inflows came from Grayscale’s GBTC product, which has seen its AUM balloon over the past month.

HSBC Launches Futures ETFs

HSBC customers based in Hong Kong have been given access to both Bitcoin and Ethereum futures ETFs. These products will provide investors with exposure to cryptocurrencies without having to worry about storage or security concerns associated with storing them directly on exchanges. It also provides an easy way for traders to speculate on price movements without taking ownership of the underlying asset itself.

Supreme Court Rules In Favor Of Coinbase

The Supreme Court recently ruled in favor of Coinbase, issuing an order that would move a user lawsuit against them into arbitration rather than court proceedings. This is seen as a major win for Coinbase as it reduces their legal burden substantially and could set a precedent for future cases involving cryptocurrency companies facing similar disputes.