Right now in crypto, the US Commodity Futures Buying and selling Fee opened a pathway for offshore exchanges to legally serve American purchasers. Kanye West’s YZY token collapsed over 80% after launch, wiping out $74 million for 51,000 merchants. Spot Ether ETFs, in the meantime, prolonged their streak of outperforming Bitcoin funds to a fifth straight day.
US regulator opens pathway for Individuals to commerce on offshore crypto exchanges
The US Commodity Futures Buying and selling Fee (CFTC), a US monetary regulator, introduced on Thursday that offshore crypto exchanges now have a pathway to legally serve US-based purchasers by registering underneath the Overseas Board of Commerce (FBOT) framework.
US-based purchasers have had the best to commerce on registered offshore platforms because the Nineties underneath the FBOT registry, and the framework works for all asset courses, performing CFTC Director Caroline Pham stated in an announcement. Pham stated:
“Beginning now, the CFTC welcomes again Individuals who need to commerce effectively and safely underneath CFTC rules, and opens up US markets to the remainder of the world. It’s simply one other instance of how the CFTC will proceed to ship wins for President Trump as a part of our crypto dash.”
Permitting offshore exchanges to serve US residents can probably enhance liquidity within the crypto markets and take away the silos which have stored crypto trapped inside areas.
Kanye West’s YZY token: 51,000 merchants misplaced $74M, whereas 11 netted $1M
Kanye West’s YZY (YZY) token has left most traders within the pink, with over 51,000 merchants dropping a mixed $74 million whereas solely 11 wallets booked earnings of greater than $1 million, information from Bubblemaps reveals. The Solana-based token, launched on Aug. 21, surged 1,400% in its first hour earlier than dropping greater than 80%.
As of now, YZY is buying and selling at $0.55, down over 80% from its peak, with fewer than 20,000 holders, based on Nansen. Former kickboxer Andrew Tate misplaced $700,000 after opening a leveraged brief on the token, Cointelegraph reported.
Bubblemaps flagged potential insider buying and selling across the launch, naming Hayden Davis, beforehand linked to the Libra token scandal, who reportedly profited $12 million. Different teams of early consumers additionally recorded outsized good points.
The incident highlights dangers tied to celebrity-backed cryptocurrencies. Over 30 such tokens launched on Solana in 2024 — backed by figures together with 50 Cent, Caitlyn Jenner, Iggy Azalea and Ronaldinho — have dropped by greater than 70% since launch.
Ether ETFs captured 10x extra inflows than Bitcoin in final 5 days
Over the previous 5 buying and selling days, spot Ether ETFs have seen a whopping $1.83 billion in inflows, whereas Bitcoin funds have taken only a tenth of that with $171 million in inflows, based on CoinGlass.
Wednesday was the fifth consecutive buying and selling day that spot Ether ETFs outperformed spot Bitcoin ETFs within the US by way of inflows.
The combination influx for the 9 Ether (ETH) funds was $310.3 million, with BlackRock’s iShares Ethereum Belief (ETHA) taking the lion’s share with a $265.7 million influx on Wednesday.
In the meantime, the eleven-spot Bitcoin (BTC) funds noticed simply $81.1 million in inflows yesterday, with BlackRock’s iShares Bitcoin Belief (IBIT) taking 62% of that with $50.7 million.
