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Bitcoin holds near $63,000, solidifying the week’s rally
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(CoinDesk)
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Bitcoin traded either side of $63,000 during Friday’s European morning after falling back from its rebound to $64,400 Thursday evening. BTC looks set to end the week on an uptrend after recovering from its collapse south of $57,000 last week. At the time of writing, the price of bitcoin was just below $63,000, up 3.1% in the last 24 hours. The CoinDesk 20 Index (CD20), measuring the broader digital asset market, is up 3.6%. Solana led gains among CD20 constituents, climbing over 9% to $154, while DOGE is up just over 4.5% at $0.15, reflecting coin season in crypto markets.
The biggest gainer of the past week among the biggest cryptocurrencies is undoubtedly toncoin (TON), the native token of The Open Network, which went from around $5.20 to just under $7. In the last 24 hours, it jumped almost 17% following the news that the viral Telegram-based game Notcoin will introduce its native NOT token on May 16. TON, which is the blockchain of choice for messaging app blockchain projects, grew by almost 30%. % last week, extending its gains against other crypto majors. As a reminder, the CD20 is up around 5.5% compared to its level a week ago.
Binance and fellow crypto exchange KuCoin have obtained registration with the Indian Financial Intelligence Unit. They became the first crypto-related offshore entities to be approved by the anti-money laundering unit, months after being banned late last year. KuCoin paid a $41,000 fine and resumed operations, while Binance is also expected to pay a fine after a hearing with the FIU. “Binance is registered but the compliance process is not completed as the penalty amount is to be decided by me and this hearing is still ongoing,” said Vivek Aggarwal, who heads the FIU-IND. Among the other sanctioned platforms, Kraken, Gemini and Porte.io have all started negotiations with the regulator.
Chart of the day
(Bike data)
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The chart shows the cumulative notional open interest, or dollar value locked, in active toncoin (TON) perpetual futures contracts listed on Binance, Bybit, and OKX.
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Open interest hit a one-month high of nearly $200 million, a sign of a new influx of money into the market.
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TON rose 28% in a week, outperforming the rest of the top 10 cryptocurrencies in terms of market value.
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Source: Velo Data
-Omkar Godbole