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Bitcoin remains near $63,000, consolidating the week’s recovery
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(CoinDesk)
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Bitcoin traded either side of $63,000 during European morning on Friday after retreating from the rebound to $64,400 late Thursday. BTC looks set to end the week on an uptrend after recovering from last week’s plunge south of $57,000. At the time of writing, bitcoin is worth just under 63,000 dollars, up 3.1% in the last 24 hours. The CoinDesk 20 Index (CD20), which measures the broader digital asset market, is up 3.6%. Solana led the gains among CD20 constituents, rising more than 9% to $154, while DOGE is up just over 4.5% to $0.15, reflecting the season of meme coins in the cryptocurrency markets.
Among the largest cryptocurrencies, the biggest winner of the last week is certainly toncoin (TON), the native token of The Open Network, which went from around $5.20 to just under $7. Over the past 24 hours, it has risen nearly 17% following 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, has surged nearly 30% in the past week, extending its gains relative to other crypto majors. For context, the CD20 is up about 5.5% from its level a week ago.
Binance and its fellow cryptocurrency exchange KuCoin have obtained registration with the Financial Intelligence Unit of India. They became the first cryptocurrency-related offshore entities to be approved by the anti-money laundering unit, months after they were 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 procedures have not been completed because the fine amount is to be decided by me and the hearing is still ongoing,” said Vivek Aggarwal, head of FIU-IND. Other sanctioned platforms include Kraken, Gemini and Gate.io they have all entered into negotiations with the regulator.
Chart of the day
(Velo data)
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The chart shows the cumulative notional open interest, or locked dollar value, in toncoin (TON) active perpetual futures contracts listed on Binance, Bybit, and OKX.
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Open interest rose to a one-month high of nearly $200 million, in a sign of a renewed influx of money into the market.
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TON has grown by 28% in a week, outperforming the rest of the 10 largest cryptocurrencies in terms of market value.
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Source: Velo data
-Omkar Godbole