Digital Currency Group (DCG), the parent company of CoinDesk, has announced the shutdown of its trade execution and prime brokerage services unit, TradeBlock. The closure is attributed to the impact of the crypto winter and regulatory uncertainties. TradeBlock offers trading services to institutional investors and will cease operations on May 31. CoinDesk had acquired TradeBlock in 2020 and later spun it out as a standalone business. The index data operating from the deal was retained by CoinDesk, which was rebranded as CoinDesk Indices. A DCG spokesperson stated that the acquisition has been successful.
According to data from Glassnode, the number of ether (ETH) on exchanges has hit a low not seen since July 2016. Wallets owned by centralized exchanges hold only 14.85% of all ether as of Thursday. This is the smallest proportion since ether was in its infancy during the summer of 2016. During the bull market of 2021, the exchange balance was around 25%. The low exchange balances are generally considered a bullish sign as it indicates the limited supply of ether available for purchase.
U.S. Bitcoin Corp. (USBTC) is set to become one of the largest miners in America following a deal to buy mining assets from bankrupt lender Celsius. The company is part of the Farenheit consortium that won a bankruptcy auction for the Celsius assets. The assets include a lending portfolio, cryptocurrencies, and 121,800 mining machines. Once all the mining rigs are online, the fleet will total at least 270,000 mining rigs with computing power of 12.2.exahash/second (EH/s). This puts U.S. Bitcoin Corp. alongside other U.S. mining giants like Riot Platforms (RIOT), Core Scientific (CORZ), and Marathon Digital Holdings (MARA).
Chart of the Day shows dogecoin’s daily price changes since June 2022. The dog-themed cryptocurrency has broken out of a falling wedge pattern, indicating a bullish trend reversal.
In conclusion, DCG’s decision to shut down TradeBlock, the decreasing number of ether on exchanges, and the acquisition of mining assets by U.S. Bitcoin Corp. are significant developments in the crypto market. The bullish trend reversal of dogecoin is also noteworthy.
