Here is what happened yesterday in the crypto market:
US House Passes Key Crypto Market Structure Bill
The US House of Representatives has passed its first crypto legislation of the week, overcoming delays related to Republican concerns about central bank digital currencies (CBDCs). This marks a significant step in shaping the country’s regulatory approach to digital assets.
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Coinbase Wallet Rebrands to Base App, Expanding into Super App Space
Coinbase has rebranded its Coinbase Wallet as Base app, aiming to create a comprehensive “everything app” for cryptocurrency users. This move positions Coinbase to offer a wider range of services within a single platform.
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Pakistan and El Salvador Discuss Bitcoin Strategy
Bilal Bin Saqib, CEO of the Pakistan Crypto Council, met with El Salvador’s President Nayib Bukele to exchange knowledge and explore strategies regarding Bitcoin adoption and blockchain technology. This highlights growing international interest in digital asset integration.
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SEC Delays Decision on In-Kind Redemptions for Bitwise Crypto ETFs
The United States Securities and Exchange Commission (SEC) has extended its deadline for a ruling on in-kind redemptions for two separate crypto exchange-traded funds (ETFs). This indicates ongoing scrutiny and caution from the regulator regarding specific ETF mechanisms.
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DEX-to-CEX Ratio Reaches New High as Traders Favor Decentralization
Cryptocurrency traders are increasingly moving towards decentralized exchanges (DEXs) over centralized exchanges (CEXs), pushing the CEX-to-DEX ratio to a new all-time high. This trend suggests a growing preference for decentralized trading environments.
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