CoinQue Chronicles
Happy Friday,
Binance solidifies its dominance in the crypto space with $21.6 billion in deposits and 250 million users as of 2024, while the Nasdaq 100 hits a record high amid speculation of a Fed rate cut. Interest in crypto and Web3 surges globally, as revealed by a recent ConsenSys survey, even as Kraken’s Australian exchange operator faces a $5.1 million fine for offering high-risk margin trading products. Meanwhile, Trump announces he won’t remove US Federal Reserve Chair Jerome Powell. Keep reading for the full scoop!
Leading cryptocurrency exchange by daily average traded volume and globally registered users, Binance Holdings has released its annual performance report. Since the beginning of the year, Binance has registered about $21.6 billion in user funds deposits, which is 36 percent higher than what the next 10 exchanges combined registered.
According to Odaily, investor sentiment received a boost on Wednesday as expectations for a Federal Reserve rate cut strengthened. Following the U.S. Consumer Price Index (CPI) inflation data meeting expectations, speculators increased their bets on a potential rate cut by the Federal Reserve. This prospect of a more accommodative monetary policy propelled the tech-heavy Nasdaq 100 index to a historic high.
ConsenSys, known for its work on Ethereum, collaborated with YouGov to survey over 18,000 people across 18 countries on crypto, Web3, and emerging tech trends. Data privacy emerged as a top priority, with 83% of participants expressing concern. While 93% are aware of cryptocurrencies, only 52% claim a deep understanding.?
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Kraken, a crypto exchange headquartered in San Francisco, is facing fines for unlawfully issuing a credit facility in Australia. Australia's financial watchdog, the Australian Securities & Investments Commission, has fined Kraken's local operator $5.1 million for illegally offering margin trading to retail customers.?
President-elect Donald Trump has refused to replace Jerome Powell as Fed Chair. Trump said he could replace him, but he chose not to. Legally, he would need a senate vote to remove him only on grounds of misconduct. Jerome Powell also dismissed rumors of him stepping down, citing the apolitical nature of the Federal Reserve.
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