The Crypto Roundup: 10 June 2024

Latest price and news from the crypto space

Latest price from our hand picked list of digital assets

On Thursday, the world’s leading derivatives marketplace CME Group announced that it “plans to launch options on Ether futures on September 12, pending regulatory review.” On 12 November 2019, CME Group (“CME”), announced that options on its Bitcoin futures contracts would be launching on 13 January 2020. It now appears that CME Group has a new similar product for Ethereum.

Yesterday, Gemini announced the launch of Gemini Staking, a new offering which allows users of the exchange based in the United States (excluding NY), Singapore and Hong Kong to seamlessly receive staking rewards directly into their staking account. Currently, only Polygon (MATIC) is supported, but support for Ethereum (ETH), Solana (SOL), Polkadot (DOT), and Audius (AUDIO) will be “launched soon”.

Robinhood, a popular commission-free trading platform, has reportedly scored a 58% cut on the original $170m offer it made for crypto exchange Ziglu in April, revising it to $72.5m citing adverse market conditions. Ziglu CEO, Mark Hipperson, reportedly accepted the offer on August 18.

Top stories in the Crypto Roundup today:

CME Group to Launch Options on Ether Futures
Gemini Announces the Launch of ‘Gemini Staking’
Robinhood Scores 58% Discount on $170M Exchange Acquisition

CME Group to Launch Options on Ether Futures

The announcement marks the latest expansion of CME Group's existing suite of cryptocurrency options contracts, which also includes Bitcoin options, as well as micro-sized Bitcoin and Ether options. These new contracts will deliver one ether future (sized at 50 ether per contract) and are based on the CME CF Ether-Dollar Reference Rate.

Since their launch, CME Group's standard and micro-sized Ether futures contracts have experienced significant growth and consistent liquidity, volume, and open interest for clients. In July, the average daily volume (ADV) was 7.9K contracts and open interest (OI) of 3.9K contracts. July OI represented an increase of more than 7% over June.

"The launch of these new options contracts builds on the significant growth and deep liquidity we have seen in our existing Ether futures, which have traded more than 1.8 million contracts to date," said Tim McCourt, Global Head of Equity and FX Products, CME Group. As we approach the highly anticipated Ethereum Merge next month, we continue to see market participants turn to CME Group to manage ether price risk.”

Gemini Announces The Launch of ‘Gemini Staking’

Staking is an integral part of Proof-Of-Stake consensus mechanisms and relies on users to pledge their crypto to securely validate transactions on a network. Users who have staked their assets will receive a share of tokens as a reward/incentive. These rewards are usually influenced by the number of staking participants and network transaction volume, among other factors.

“The launch of Gemini Staking underscores our continued commitment to offering a full suite of innovative options for our customers to put their crypto assets to work,” said Franck Kengne, Product Manager at Gemini. “We continue to seek out new ways to help our customers grow their crypto portfolios and tailor them to their risk appetite — staking is an important next step in that evolution.”

Robinhood Scores 58% Discount on $170M Exchange Acquisition

A host of external factors have influenced the decision by Robinhood, including the collapse of several major centralised crypto lenders, as well as macroeconomic factors such as Russia’s invasion of Ukraine. Another major factor is the declining total cryptocurrency market cap, which has fallen nearly 40% since April.

To make matters worse, Ziglu is also featured on documentation detailing it as one of the top 50 unsecured creditors to bankrupt crypto lender Celsius. As such, Ziglu’s funds on Celsius could be locked indefinitely. Celsius is currently operating at a multi-billion dollar deficiency and is currently in the middle of bankruptcy proceedings.

The acquisition of Ziglu by Robinhood would help the company expand and accelerate its market share in the UK. Ziglu’s last round of funding was closed last November and bumped share prices in the company up to $58.12. The new deal would reportedly drop the share price to $34.04.

Crypto Market Movers

Several tokens are leading the charge in the last 7-day period. Some of these are well-known cryptocurrencies with more liquid trading pairs, so we’ll be focusing on these over low-cap cryptos that may have higher percentage changes.

Chiliz (CHZ) - Chiliz provides sports & entertainment entities with blockchain-based tools to help them engage & monetize their audiences. Aiming to elevate everyday experiences – fan engagement in entertainment, alternative payment solutions for conventional products, and more.

Celsius Network (CEL) - Celsius Network is a bankrupt cryptocurrency lending and borrowing platform. CEL is the ERC20 utility token that powers Celsius Network's platform. The token has been very volatile over the last few months as market participants speculate on the asset and networks future.

Shiba Inu (SHIB) - Shiba Inu is an experiment in decentralized spontaneous community building. The token features the Shiba Inu dog as its mascot and has been likened to Dogecoin. This ‘meme coin’ quickly gained traction online, paired with additional exposure that it gained from the likes of Elon Musk and Vitalik Buterin.

State of the Crypto by Top Tier Exchange Volume

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