According to Goldman Sachs analysts, retail investors have returned to the crypto market after a pause in April, driving up the prices of popular cryptocurrencies such as bitcoin and ethereum to multi-week highs. #NFTs and cryptocurrencies#
In addition, over the past period, the trading volume of major cryptocurrencies (excluding Binance) has grown strongly. A Morgan Stanley analyst pointed out that the significant increase in trading volumes of bitcoin and ethereum highlights the growth of investor interest and market activity. The average daily trading volume of bitcoin over the past two weeks has increased by 12.0%, while the trading volume of ethereum has surged by 86.4%. Tether's trading volume has risen by 39.2%.
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On May 30, Jenny Johnson, President and CEO of Franklin Templeton, emphasized the advantages of blockchain ledger technology in a speech at the 2024 Consensus Conference in Austin. Johnson stressed its potential to provide a single "source of truth" for data reconciliation between systems, which can help reduce costs and administrative workloads. Johnson pointed out that "Blockchain technology can simplify our processes and significantly reduce administrative burdens." The company is actively involved in the blockchain field, operating 30 validation nodes on 12 different blockchains.
On May 20, Grayscale Investment announced that CEO Michael Sonnenshein will step down after a decade with the cryptocurrency asset management firm. Peter Mintzberg, Global Head of Asset and Wealth Management Strategies at Goldman Sachs, will take over as CEO on August 15. Prior to that, CFO Edward McGee will serve as CEO. Sonnenshein looked back on his tenure, saying, "Leading Grayscale has been an extraordinary journey and I am confident in Peter's vision for the future."
On May 20, New York State Attorney General Letitia James announced a $2 billion settlement agreement with bankrupt cryptocurrency lender Genesis to repay defrauded investors. Genesis neither admits nor denies the charges, but is banned from operating in New York. The settlement agreement establishes a victim fund, including 29,000 New York residents who invested more than $1.1 billion through the Gemini Earn product. James said, "This settlement ensures that victims are compensated and holds Genesis accountable."
Institutional cryptocurrency lending company Maple Finance launched a new loan platform named Syrup, along with a reward token of the same name, on May 28. Syrup promises users a 15% return by depositing stablecoins into the platform. A representative from Maple Finance stated that "Syrup aims to provide attractive yields while maintaining safety and reliability."
The global cryptocurrency market has grown 12% since May 15, 2024, and as of June 1, 2024, the market cap has reached $2.53 trillion. The Morgan Stanley report concludes that the top five cryptocurrencies by market cap are bitcoin, ethereum, tether, binance coin, and Solana.