In a busy week for news, let’s take a look back at the stories that dominated the worlds of Forex, Fintech and Crypto in our best of the week segment.
Bitcoin Market Dominance Reaches the Lowest Level Since April 2019
The week started with news that the market dominance of Bitcoin has plunged since the start of this year. BTC’s current market dominance stands at around 54%, which is down from 70% in January 2021. The market dominance of BTC has reached its lowest level since April 2019.
Read more on the declining Bitcoin market dominance here.
18 People Arrested In Kosovo over Fraudulent Investment Services
German authorities have launched a wide-scale crackdown on people offering illegal financial services. According to the latest reports, German police have arrested 18 people in the Republic of Kosovo on charges of participation in fraudulent investment platforms.
According to a recent press release issued by the Bamberg Prosecutor General’s Office and the Police Headquarters in Schwaben, a total of 17 properties including 7 call centers were searched during the operation in Kosovo. Two ZCB prosecutors and ten officers from the Neu-Ulm Criminal Police Inspectorate participated in the latest operation.
For a full list of the fx sites flagged and more on the Kosovo FX police raids, read here.
Exclusive: Tickmill Hits Record March Trading Volume
As Finance Magnates exclusively reported, the Tickmill Group, which operates a multi-regulated brokerage brand, saw its trading volume for March come in at $195.6 billion, making it a record month for the broker.
Tickmill detailed that demand for its offerings remained on the higher side for the entire first quarter of the ongoing year with a total notional volume of $511 billion. Apart from the March numbers, the broker witnessed notional volumes of $147.4 billion and $167.5 billion in January and February, respectively.
Read more on the Tickmill record March trading volumes here.
Plus500 Reports Record Active Customers in Q1 2021
On the same day as the Tickmill results, Plus500 released a trading update for the three months ended 31 March 2021. The broker reported $203.2 million in revenue during the first three months of 2021, which is a significant jump of 121% compared to Q4 of 2020.
According to the official announcement, the number of active clients reached 269,743 in Q1 of 2021, compared to 215,305 in Q4 of 2020. The broker also onboarded 89,406 new clients during the last quarter, compared to 50,314 in Q4 of 2020.
Read more on the Plus500 quarterly report here.
XRP Market Cap Jumps above $72 Billion
As Finance Magnates reported on Tuesday, the XRP price jumped above $1.50 on Tuesday after a gain of nearly 15% in just 24 hours. The total market cap of the world’s 4th largest digital currency crossed $70 billion for the first time since January 2018.
Read more on the XRP market cap here.
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Canada Approves World’s First Regulated Ethereum ETF
After success with the Bitcoin exchange-traded fund (ETF), the Canadian securities regulator has now approved an Ethereum ETF, which happens to be not only the country’s but the world’s first direct custody Ethereum ETF.
The ETF has been launched by Purpose Investments, the same fund management company to launch and manage the country’s first Bitcoin ETF.
Read more on the Canada ETH ETF here.
Dogecoin Reaches All-Time High, DOGE Market Cap Crosses $16 Billion
Dogecoin reached an all-time high of $0.13 on Wednesday after a surge of nearly 60% in the last 24 hours. DOGE is now the 10th most valuable digital currency in the world.
DOGE started this year at a price level of just $0.004 and as of Wednesday had risen more than 3000% in 2021.
Read more on the Dogecoin High here.
Robinhood Faces Outage again Due to ‘Unprecedented’ Crypto Demand
Whilst DOGE was hitting news highs, Robinhood, the zero-fee disrupter of the US brokerage industry, faced technical issues with its trading platform due to heightened cryptocurrency trading volumes on Friday.
The platform first officially reported the glitch at 07:19 pm (PDT). “We’re currently experiencing issues with crypto trading due to unprecedented volumes and are working to resolve them as soon as possible,” Robinhood informed its clients.
Read more on the Robinhood outage here.
Dogecoin (DOGE) Slumps 20% after Friday’s Surge
Having more than doubled on Friday, Dogecoin following more Elon Musk tweets, the crypto that started as a joke meme pulled back more than 20% on Saturday.
Buoyed by Coinbase’s IPO on Wednesday and backed by an aggressive social media campaign, the meta-prank crypto created in 2013 by software engineers, Billy Markus and Jackson Palmer, added more than $20 billion in just 24 hours, reaching an all-time high of $0.397729 on Friday.
Read more on the DOGE slump here.