What’s Happening in Crypto Today? Daily Crypto News Summary

Last updated: May 9, 2024 2:14 pm EDT | 5 minutes reading

Get your daily blockchain and crypto news digest today – delving into the stories flying under today’s news radar.

In today’s crypto news:

• Why is crypto bearish today?
• Trading volumes fall after Bitcoin halving
• Solana-based AgriDex Raises $5 Million to Bring $2.7 Trillion Farming Industry Online
• BitMEX Launches Options Trading with PowerTrade, Zero Fees Until End of May

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Why is crypto bearish today?

The global market capitalization of cryptocurrencies today is $2.38 trillion. There was a drop of 1.2% in the last 24 hours. Looking at the top 100 coins, we find more than half of them in red. This is still an improvement from yesterday when less than 10 coins saw an increase.Zebec Protocol (ZBC) saw the biggest drop: 9.7% to $0.01996. Worldcoin (WLD) continues with a drop of 7.9% to US$5.39. The remaining coins are down 6.6% or less. At the same time, the greenest coin in this category is Akash Network (AKT). It appreciated 10.7%, trading at US$4.91.Kaspa (KAS) is next with a 9.5% rise to $0.1207, followed by THORChain (RUNE) increase of 8.1% to US$5.93. Expanding the top 10 coins category, we see that three are green today, while all were red yesterday.

Source: cryptonews.com/coins/

Toncoin (TON) tops this list with a 6% increase to $6.

The prices of Binance Coin (BNB) It is Cardano (ADA) they appreciated about 3% each, to US$598 and US$0.45448, respectively.

Bitcoin (BTC) is the one that fell the most in this category, seeing its price drop 1.8% to US$61,050.

Ethereum (ETH) fell less than 1% to trade at $2,981.

Meanwhile, trading platform Robinhood mountain range a substantial increase in crypto trading volumes during the first quarter with a 224% increase to $36 billion.

Other publicly traded crypto companies such as also reported notable performances in the first quarter due to improving conditions in the crypto market.

Furthermore, the mining company Scientific Center highlighted a significant recovery in its financial results for the first quarter of 2024, with a net profit of US$211 million.

Solana-based AgriDex Raises $5 Million to Bring $2.7 Trillion Farming Industry Online

Thursday (9 May) 6pm BSTAgriDexThe Solanareal-world asset (RWA) marketplace, raised $5 million in pre-seed funding. The main investor is Endeavor Venturesknown for its strategic investments in technology unicorns such as Blue Prism It is Ebury Partnerssaid AgriDex. Additionally, the round featured the participation of Hank Oberoi, former head of technology at Goldman Sachs and ex-Citadel COO; Limited African Cultures, a large-scale agricultural group with 15 farms across sub-Saharan Africa; and group of South African vineyards Oldenburg Vineyards. According to the press release, participants demonstrate “broad industry support” for AgriDex’s mission to bring the $2.7 billion global agricultural industry online.

The platform uses blockchain to tokenize agricultural commodities. Thanks to this, it makes it easier to list and purchase different crops on your market.

Additionally, once finalized, the deal is secured by the minting of a non-fungible token (NFT) which contains a record of key transaction details.

This approach provides cost savings of 10 to 40 percent on each transaction, the announcement states.

The team will use this “significant infusion of capital” to continue developing the platform.

Primarily, they will use it for product refinement and beta testing, establishing a user onboarding and strategic partnership team, and efforts to grow and optimize user acquisition.

Trading volumes fall after Bitcoin halving

For the first time in seven months, monthly spot trading volumes on centralized exchanges suffered a decline. They fell 32.6% to $2.01 trillion, according to for on-chain analytics company CCData. The same happened with the monthly derivatives trading volume. However, it fell 47.6% to $4.57 billion. On the other hand, derivatives market dominance decreased for the seventh consecutive month, reaching 69.5%.

Source: CCData

In April, the volume traded in cash in Binance witnessed the first drop since September 2023. It fell 39.2% to $679 billion.

Additionally, the exchange’s market share among spot markets decreased by 3.69% to 33.8%. This is the lowest participation in the spot market since January 2024.

Source: CCData

Meanwhile, CCData found that Binance was the largest blue chip exchange by volume in April, trading $679 trillion, down 39.2%.

Bybitwith US$ 133 billion in monthly volume (down 26.9%), comes next, followed by OKX ($126 billion, down 34.8%), Coin base ($89.1 billion, down 43.4%) and Bitget ($81.2 billion, down 10.3%).

Source: CCData

Lastly, the volume of derivatives trading in the CME the exchange rate fell 19.8%, to US$ 124 billion. This is the first drop in seven months.

The monthly BTC futures trading volume on the exchange decreased by 17.7% to $101 billion. Additionally, ETH futures fell 25.9% to $14.9 billion.

Source: CCData

That said, CME’s market share among derivatives markets increased by 0.14% to 2.66% “as other centralized exchanges saw a larger decline in trading activity,” the report stated.

Source: CCData

BitMEX Launches Options Trading with PowerTrade, Zero Fees Until End of May

Crypto Exchange BitMEX announced the launch of options trading through a strategic partnership with PowerTrade. PowerTrade is a crypto options platform backed by Ascend Ventures, Panther Capital, Main reasonand others.The BitMEX Options platform is supported by digital asset market makers iGregos It is DWF Laboratories.The new platform offers a full suite of institutional-grade options for top tokens, including Bitcoin (BTC), Ethereum (ETH), Ripple (XRP), Binance Coin (BNB), Solana (SUN)It is Dogecoin (DOGE).The exchange plans to expand this list “in the near future.” Additionally, as part of the launch, all options trading on BitMEX will be completely free, offering fee-free trading until the end of May.

Meanwhile, the new offering is integrated into BitMEX’s existing interface and wallet system, allowing traders to enjoy a user-friendly options trading experience through an order book and quote request, the press release said.

The Request-for-Quote system provides quotes and executes large single-leg or multi-leg options with no minimum block size requirement.

BitMEX Options also allows traders to deposit multiple tokens as collateral, pricing and settling all options in USDC terms.

This “eliminates any friction in asset conversions and collateral management, as well as improving user experience and capital efficiency.”

Additionally, the exchange will give $20 onboarding bonuses to the first 1,000 new traders who meet the trading requirements.

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