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FTX Becomes First US Crypto Exchange To Offer Stock Trading Using Stablecoin; Bitcoin Up 4%

FTX US will be the first crypto exchange in the US to offer its customer stock trading by funding their account with USDC, a crypto stablecoin, apart from other traditional means. Meanwhile, the global crypto market climbs higher.

 FTX Becomes First US Crypto Exchange To Offer Stock Trading Using Stablecoin
FTX Becomes First US Crypto Exchange To Offer Stock Trading Using Stablecoin

Cryptocurrency exchange FTX became the first in the US to offer an equity trading option alongside cryptos using a stablecoin USDC. FTX will allow select customers to buy stablecoin USDC and trade listed stocks and this will be for the first time any exchange will do so. 

Click here to read more about how FTX’s CEO prefers proof of stake cryptos over proof of work.

The global crypto market capitalisation went up by 4.87 per cent to $1.28 trillion as of 8.50 am. The global crypto trading volume was up by 4.74 per cent to $83.92 billion as per Coinmarketcap data. 


Cryptocurrency Prices

Bitcoin (BTC), the world’s oldest cryptocurrency, was trading at $30,332.40, higher by 4.18 per cent in the last 24 hours. Ethereum (ETH) was up by 4.55 per cent to$2,026.35.

"Bitcoin struggles to stay above $30,000, but is currently trading better than Ether and other major altcoins. The market continues to be in a sour mood. The relative strength index (RSI) on the daily chart for the market leader is rising from oversold levels. This might keep short-term buyers active.  However, upside seems to be limited due to negative momentum signals visible on the weekly and monthly charts," said says Gaurav Dahake, CEO and founder, Bitbns.

Among other significant coins, Cardano (ADA) was up by 6.79 per cent at $0.5355, Algorand (ALGO) was trading with a gain of 3.02 per cent at $0.4496, Solana (SOL) was trading with a gain of 5.22 per cent at $52.43, Polkadot (DOT) was up by 6.36 per cent at $10.05, and Binance Coin (BNB) was up by 5.38 per cent at $308.79.

Today’s top gainer was Nekocoin (NEKOS), which was up by 1053.97 per cent at $0.0000000003108. The top loser was APY.Finance (APY), which was down by 92.83 per cent at $0.004828.

Meme Coin And DeFi Prices

Dogecoin was up by 4.03 per cent at $0.08697. Its volume to market cap ratio stands at 0.05064. Rival Shiba Inu was up by 3.68 per cent at $0.00001189.

Dogelon Mars (ELON) gained 4.11 per cent to trade at $0.0000004989, Floki Inu (FLOKI) was up by 9.69 per cent at $0.000009768, and Samoyed Coin (SAMO) lost 1.68 per cent at $0.005787. 

In the DeFi segment, YFI (yearn.finance) was up by 4.99 per cent at $9,585.16, and Terra (LUNA) was trading with a loss of 5.33 per cent at $0.0001401. Avalanche (AVAX) was up by 2.16 per cent at $30.29, Uniswap (UNI) was trading with a gain of 6.76 per cent at $5.27 and Aave (AAVE) by 10.43 per cent at $92.90.

Latest Update

The new product from crypto exchange FTX will be named ‘FTX Stocks’, and it will initially route all stock orders to Nasdaq, a New York-Based renowned stock exchange and through its clearing firm Embed. Brett Harrison, President, FTX US, said, “If they want to invest in stocks, they’re not going to want to have to split their savings between two different apps or have to move money around between two different accounts. They’d like to be able to have one holistic experience where they can invest in multiple asset classes from a single app and experience,” reported CNBC.

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