Crypto’s Latest Developments: A Recap of Today’s Events

Bitcoin trading on weekends has seen a decline due to the entrance of institutions and the introduction of spot ETFs, according to new data. Crypto research firm Kaiko reports that the trading volume of Bitcoin on Saturdays and Sundays has significantly dropped this year, as institutions have joined the market. In 2019, a quarter of Bitcoin’s trading volume occurred on weekends, but that figure has now fallen to 13% in 2024. The decrease in weekend trading has been observed both in the United States and offshore, with the latter retaining a slightly higher share at 15% compared to the US’s 11%. The launch of spot Bitcoin ETFs in the US has resulted in a strong rebound in Bitcoin liquidity. However, Kaiko noted that there have been few transfers between ETF issuers and exchanges over the weekends.
In other news, Do Kwon, co-founder of Terraform Labs, is scheduled to be extradited to the United States to face criminal charges but is unlikely to be transferred until the end of March, according to his defense lawyers. Kwon has been held in Montenegro since March 2023. His lawyer, David Patton, stated that Kwon may not be present for the trial, which is set to begin on March 25, 2024. The US Securities and Exchange Commission filed a lawsuit against Kwon and Terraform in February 2023, and Kwon was later charged with eight criminal counts by the US Attorney’s Office. In December 2023, a judge ruled in favor of the SEC in the civil case, stating that Terraform had offered unregistered securities.
In a separate development, Vitalik Buterin, the co-founder of Ethereum, offered a solution to Elon Musk’s issue with installing Microsoft’s Windows operating system on his new computer without a Microsoft account. Buterin invited Musk to join the desktop Linux community after Musk complained on Twitter about not being able to skip the sign-in process. Users on the platform suggested workarounds, but Musk believes the process should be simpler.
Please note that this article does not provide investment advice or recommendations. Readers should conduct their own research before making any investment decisions.