Bitcoin (BTC) has seen a decrease in value since the introduction of spot exchange-traded funds (ETF) in the U.S. last week. Data from Kaiko, a Paris-based company, shows that the majority of selling pressure has been coming from Binance, OKX, and Upbit – three of the largest crypto exchanges. At the time of writing, Bitcoin is being traded at $42,700, a 12% drop from its high of $48,975 on Thursday. This drop in price can be attributed to traders taking profits on their long positions, which were initiated in anticipation of the ETF launch. The selling pressure is evident from the cumulative volume delta (CVD) indicator, which tracks the net difference between buying and selling volumes over time. This indicator shows that traders from Binance were responsible for the “sell-the-fact” pullback in Bitcoin, with negative values indicating a bearish sentiment.
On Tuesday, HashKey Group, the operator of a Hong Kong-based crypto exchange, announced that they have almost reached their $100 million fundraising target. This round of fundraising was announced in August, shortly after the company received a license from Hong Kong’s security regulator to offer retail crypto trading. The firm, which has not disclosed its investors, now has a valuation of $1.2 billion, making it a “unicorn” company – a term used to describe private companies with a valuation of $1 billion or more.
In a recent report, cryptocurrency issuer Circle revealed a significant increase in remittance flow through Asia using its USDC stablecoin. USDC is a cryptocurrency backed by the value of the U.S. dollar and liquid cash and cash-equivalent assets. According to the report, $130 billion worth of USDC has been transferred into Asia in 2022, making up 29% of the global digital currency value received. This surpasses North America and Western Europe, which account for 19% and 22%, respectively. Circle also highlighted its partnership with Coins.ph, a Philippines-based exchange, in an effort to capture a portion of the $36 billion worth of remittance transfers in the country.
