BTC rose more than 7.5% on Wednesday after U.S. inflation data raised the probability of an interest-rate cut by the Fed in coming months. Like other risk assets, BTC is sensitive to expected changes in the monetary policy of major central banks and rallies when the cost of borrowing is forecast to decline. Markets also expect the Bank of England and European Central Bank to cut rates in June.
Already the top bitcoin futures exchange, CME is aiming to take on the likes of Binance and Coinbase, who dominate the spot market. “Crypto exchanges might lose some business with the potential debut of a bitcoin spot market on the CME, a global derivatives giant, as the present bull run is particularly driven by institutions, who prefer to trade on regulated avenues," Markus Thielen, founder of 10x Research, said.
Users can now float new liquidity pools on Shibarium, allowing traders to swap tokens on the network and earn a cut of trading fees for providing liquidity. The developers said the increased use of the Shibarium blockchain for transactions will result in a higher burn rate for the SHIB token, reducing supply. The SHIB price has risen 8.8% in the past 24 hours, in line with the broader market jump.
The data shows fast money is again chasing meme cryptocurrencies as weak U.S. data has ramped up investor appetite for risky assets.in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary with an editorial committee to protect journalistic independence. CoinDesk employees, including journalists, may receive options in the Bullish group as part of their compensation.