Bitcoin’s 30-day implied volatility, a measure of how much traders expect prices to swing, has dropped to 36.5%, a level not seen since October 2023, according to Volmex’s BVIV index. 

Roman Storm, co-founder of the crypto mixing protocol Tornado Cash, has been convicted of conspiring to operate an unlicensed money transmission business. 

Bitcoin investment firm Parataxis Holdings will go public through a $400 million SPAC merger with SilverBox Corp IV, the companies said Wednesday.

Top stories in the Crypto Roundup today:

• Bitcoin Volatility Drops to 2023 Levels 
• Tornado Cash Co-Founder Convicted on One Charge, Avoids Sanctions and Money Laundering Counts
• Bitcoin Asset Manager Parataxis to Go Public in $400M SilverBox SPAC Deal

Bitcoin Volatility Drops to 2023 Levels as Price Holds Above $110K

Bitcoin’s 30-day implied volatility, a measure of how much traders expect prices to swing, has dropped to 36.5%, a level not seen since October 2023, according to Volmex’s BVIV index. 

Back then, bitcoin was trading under $30,000. Today, it’s holding steady above $110,000. The drop in implied volatility, even as prices have surged, points to a break from bitcoin’s typical behavior. 

Historically, price spikes and wild swings went hand in hand. Now, bitcoin’s volatility is fading, a sign it may be starting to behave more like a traditional financial asset.

Part of the shift may stem from the rise of structured financial products, particularly those involving the sale of out-of-the-money call options. These products generate yield in calm markets and are becoming more common in crypto, echoing strategies used on Wall Street.

Tornado Cash Co-Founder Convicted on One Charge, Avoids Sanctions and Money Laundering Counts

Roman Storm, co-founder of the crypto mixing protocol Tornado Cash, has been convicted of conspiring to operate an unlicensed money transmission business. 

A Manhattan jury delivered the verdict Wednesday after three days of deliberations but failed to reach a decision on two more serious counts: conspiracy to launder money and violate U.S. sanctions.

Federal prosecutors accused Storm of helping criminals, including North Korea-linked hackers, which used Tornado Cash to move stolen funds. The platform, launched in 2019, allows users to obscure the origin of cryptocurrency by pooling and redistributing it via smart contracts. 

Storm’s legal team argued he had no control over who used the protocol and lacked the means to block bad actors. They also questioned whether operating open-source software qualifies as running a money transmission service under the law.

The case has drawn widespread attention from civil liberties groups and the crypto industry, with entities like Coinbase and the Electronic Frontier Foundation backing Storm’s defense.

Bitcoin Asset Manager Parataxis to Go Public in $400M SilverBox SPAC Deal

Bitcoin investment firm Parataxis Holdings will go public through a $400 million SPAC merger with SilverBox Corp IV, the companies said Wednesday.

The firm plans to list on the New York Stock Exchange under the ticker “PRTX” and has already raised $31 million to buy bitcoin before the listing. It may raise another $400 million post-deal.

Parataxis actively manages bitcoin using low-volatility yield strategies, targeting institutional clients like pension funds and family offices.

The firm is also expanding internationally. In June, it acquired South Korea-listed biotech Bridge Biotherapeutics, which will be renamed Parataxis Korea. 

State of the Crypto by Top Tier Exchange Volume

Build your project with CoinDesk Data

Terms | Privacy

13 Charles II St, SW1Y 4QU

London, UK

This email may include advertisements by third parties. None of the advertised or promoted products and services have been verified or approved by us and this email is not any endorsement by us of the third party or of their products or services.