News Roundup — BlackRock Bitcoin ETF sees ‘biggest volume day ever’ with $4.1B traded

Major news stories this week;

1. BlackRock Bitcoin ETF sees ‘biggest volume day ever’ with $4.1B traded‍
2. Robinhood and Kraken launch new global stablecoin network with Paxos's USDG
3. Detroit Becomes Largest US City to Accept Bitcoin and Crypto for Taxes
4. FTX files $1.7 billion lawsuit against Binance and founder Changpeng Zhao
5. Stablecoin Giant Tether Enters Oil Trade by Financing $45M Middle Eastern Crude Deal

Story Summaries;

1. BlackRock's spot Bitcoin ETF recently experienced its largest trading day, with a record-breaking $4.1 billion in volume. This surge in trading activity highlights growing investor interest and momentum behind institutional Bitcoin adoption. The ETF’s performance suggests increased confidence in Bitcoin as a mainstream financial asset, and it could signal a shift in market dynamics as more traditional investors gain exposure to cryptocurrency through regulated financial products. This development may have broader implications for crypto market liquidity and future ETF offerings.
2. Leading fintech and digital asset firms have launched the Global Dollar Network, an open network focused on promoting stablecoin adoption and advancing its real-world applications, according to a press release by Paxos.he network will utilize Paxos’s new stablecoin, the Global Dollar (USDG), which complies with the Monetary Authority of Singapore’s upcoming stablecoin framework.USDG is designed to return yield on reserve assets to participants who contribute to its adoption, encouraging the development of crypto and financial solutions using the token.The Global Dollar Network aims to address shortcomings in the stablecoin market, such as high transaction costs and limited consumer protections.
3. Detroit has become the largest U.S. city to accept Bitcoin and other cryptocurrencies for tax payments. This new option allows residents to pay their taxes using digital assets, reflecting a growing trend among cities to integrate cryptocurrency into public financial services. By accepting crypto, Detroit aims to offer greater flexibility and modernize its tax collection methods, potentially setting an example for other large cities considering similar moves. This development highlights the increasing acceptance of digital currencies in traditional financial and governmental systems.
4. FTX has filed a $1.7 billion lawsuit against Binance and its founder, Changpeng Zhao, alleging that Binance acted in bad faith during FTX's crisis period in 2022. FTX claims Binance's actions, including public statements made by Zhao, destabilized the market and led to FTX’s collapse. The lawsuit accuses Binance of using confidential information and engaging in deceptive practices that harmed FTX's business. This legal battle reflects ongoing tensions between major players in the crypto industry and could have implications for competitive practices and transparency among exchanges.
5. Tether said its investment arm financed 670,000 barrels of Middle East crude oil worth $45 million. The issuer of the USDT stablecoin wants to play a role in the crucial $10 trillion global trade finance industry.

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And that’s all for last week’s news! Wishing you a great week ahead!