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Coinbase Recieves Bermuda License, Russian Central Bank Calls for Crypto Mining

Apr 20, 2023
Market Update Crypto markets have continued to slide, with $BTC down 3.3% after ~$260m in long derivative liquidations yesterday, the highest level seen this year. $BTC is trading below $29k for the first time in the last ten days, at $28.5k as of writing. $ETH is below $2k for the first time in a week, currently at $1.94k. Liquidation levels on perpetual swaps derivatives that allow traders to leverage their positions have continued to rise this year as investors gain conviction from further market strength. According to data from Coinglass, the market was positioned heavily long leading up to yesterday, showing overconfidence that $BTC would continue to climb after breaking past $30k. Equities are flat today, with the S&P down 0.20% and the Nasdaq up 0.10%. U.S Treasury Yields declined after two disappointing key data releases today indicated a potentially slowing economy. The Philadelphia Fed manufacturing index dropped more than expected, while weekly jobless claims rose to 245k from 240k a week prior. Coinbase announced it had received a license from the Bermuda Monetary Authority (BMA) amid plans to launch an offshore derivatives exchange in the next few weeks. The move will see Coinbase compete for market share for perpetual swaps, a large part of daily crypto trading act

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