Two of the world’s top market-making firms, Jane Street Group and Jump Crypto, have chosen to scale down their cryptocurrency trading operations in the United States as regulators crack down on the industry.

Leading cryptocurrency exchange, Binance, has announced that it plans to add support for Ordinals (Bitcoin-based NFTs) on its non-fungible token (NFT) marketplace later this month.

A recently conducted survey from banking giant Goldman Sachs reveals a marked decline in enthusiasm for cryptocurrencies among wealthy family office investors was observed, an outcome attributed to the tumultuous volatility experienced in the crypto market over the past year.

Top stories in the Crypto Roundup today:

• Jane Street and Jump Crypto Scale Back US Crypto Trading
• Binance NFT to Support Bitcoin Ordinals
• Wealthy Investors Retreating from Crypto, Goldman Sachs Survey Reveals
• Chart of the Week: Market Liquidity for BTC Trading Pairs on Binance

Jane Street and Jump Crypto Scale Back US Crypto Trading

Two of the world’s top market-making firms, Jane Street Group and Jump Crypto, have chosen to scale down their cryptocurrency trading operations in the United States as regulators crack down on the industry.

Jane Street, a titan in the marketplace for exchange-traded funds and corporate bonds, has been more drastic in its approach, dialing back its cryptocurrency operations on a global scale. The firm has been involved in the crypto market since 2017.

Meanwhile, Jump Crypto, the digital currency arm of Jump Trading, is reducing its US presence while simultaneously expanding its operations outside of the United States. Despite the adjustments, both firms continue to operate in the market-making space on a smaller scale, and haven’t entirely halted their crypto involvement.

Both Jane Street and Jump Crypto have been questioned by US prosecutors as part of the investigation into the collapsed Terra project, with Jump Crypto, in particular, having been a supporter of the project since 2019. No charges have been made and the inquiries do not necessarily imply any illicit conduct.

Jane Street was also one of three US quantitative trading firms anonymously referenced by the Commodity Futures Trading Commission in its lawsuit against Binance, as it was used as an example of a US client that could still access the exchange after Binance had to exclude clients from the country.

Binance NFT to Support Bitcoin Ordinals

Leading cryptocurrency exchange, Binance, has announced that it plans to add support for Ordinals (Bitcoin-based NFTs) on its non-fungible token (NFT) marketplace later this month.

Binance NFT currently facilitates the trade of NFTs on Ethereum, Polygon, and its native BNB Chain. The forthcoming expansion will enable traders to procure Ordinals on the Bitcoin network, thereby widening the scope of the budding Ordinals ecosystem.

The move is meant to simplify the process of entering the Bitcoin NFT space for the exchange’s users. As part of this effort, the exchange will permit traders to purchase Bitcoin-based NFTs directly through their Binance accounts, instead of having to set up taproot-compatible Bitcoin wallet to purchase Ordinals.

Earlier this month, Binance briefly halted withdrawals on the Bitcoin blockchain as the network experienced unprecedented congestion that was partly caused by Ordinals’ growing popularity. The number of inscriptions has now surpassed 3 million, with demand showing no sibs of abating.

Wealthy Investors Retreating from Crypto, Goldman Sachs Survey Reveals

A recently conducted survey from banking giant Goldman Sachs reveals a marked decline in enthusiasm for cryptocurrencies among wealthy family office investors was observed, an outcome attributed to the tumultuous volatility experienced in the crypto market over the past year.

According to the survey, 62% of family offices not currently invested in cryptocurrencies have no interest in doing so in the future, up from 39% in 2021. Moreover, those considering future crypto investments fell to 12% from 45% in 2021.

However, the survey also found that the percentage of family offices currently holding cryptocurrencies has risen from 16% to 26% since 2021, with the main reason being a belief in the power of blockchain technology.

The study collected responses from 166 family offices worldwide, most of which had a net worth of at least $500 million.

Chart of the Week: Market Liquidity for BTC Trading Pairs on Binance

Binance's market depth for Bitcoin (BTC) trading pairs has undergone significant changes recently.

Following the introduction of zero-fee trading for TrueUSD (TUSD) pairs on the platform, the 1% market depth for Binance USD (BUSD) and Tether (USDT) pairs has seen a substantial decrease, with reductions of 54% and 48%, respectively.

In contrast, the Bitcoin-TrueUSD pair's 1% depth has soared by 285%, as a result, its is now the second-largest pair on the exchange.

State of the Crypto by Top Tier Exchange Volume

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