Make Kitco Your Homepage

Crypto SWOT: Texas has ambitions to become the most important crypto hub in the U.S.

Commentaries & Views


  • Of the cryptocurrencies tracked by CoinMarketCap, the best performer for the week was Nekocoin, rising 1,913.68%.

  • Gary Gensler, the head of the Securities and Exchange Commission (SEC), made a pitch for a higher budget Wednesday, telling lawmakers in the U.S House of Representative that he wants to do more as a cop on the cryptocurrency beat, according to Bloomberg. He cited the recent firestorm that consumed TerraUSD as an example of the industry's investor-protection need, telling lawmakers "There was one crypto complex that went from $50 billion in value to zero just in the last three weeks."  

  • A Bitcoin whale just sent $73,803,577 worth of Bitcoin off Coinbase, according to Bloomberg. Bitcoin whales, investors who own $10 million or more in BTC, typically send cryptocurrency from exchanges when planning to hold their investments for an extended period of time.


  • Of the cryptocurrencies tracked by CoinMarketCap, the worst performing for the week was Flexible Leverage Index, down 100%.

  • A selloff in cryptocurrencies accelerated Monday, with Bitcoin dropping back below $30,000 after weak Chinese economic data dented appetite for riskier assets. Monday's price action saw Bitcoin give back some of a Sunday rally. The total market value of cryptocurrencies has dropped by about $326 billion in the past seven days to roughly $1.33 trillion, according to data from CoinGecko. Bitcoin is some 57% off its November all-time high.  

  • Cryptocurrency hedge funds lost 12% in April, the most among all investment styles, according to Bloomberg Hedge Fund Indices. The Bloomberg All Hedge Index fell 1.6% in the month and lost 3.2% year-to-date.


  • Amid the ups and down of cryptocurrencies, a new venture by Rodrigo Batista – who helped found the Bitcoin Market – shows that risk appetite is more than alive., the cryptocurrency trading platform created by the entrepreneur, is capitalized and ready to debut in retail in June.  

  • Texas has ambitions to become the most important cryptohub in the U.S. A number of following facts support the claim of Texas and its largest metropolis, Dallas-Fort Worth, as the main cryptohub of the United States. The world's largest cryptocurrency operator Coinsource is based in Dallas, Texas. The crypto start-up Zabo acquired in 2021 by Coinbase originated in Dallas, and in April 2022, Fort Worth became the first city government to mine Bitcoin and Texas itself was already referred to as the "mining capital," writes Bloomberg.  

  • Popular nun-fungible token (NFT) marketplace OpenSea just launched a new marketplace protocol to buy and sell NFTs. The new venture, which was first made apparent by an address linked to OpenSean on Etherscan earlier Friday, was confirmed in a blog post by the company, according to an article written by the Block.  


  • Cryptocurrency litigation is soaring, prompted by a surge of investors in the space, and U.S. proposals promise more rules to fight over in the coming months and years, writes Bloomberg. Crypto has generated more than 200 class action lawsuits and other private litigation as of this month, up more than 50% since the start of 2020, according to Morrison Cohen, which tracks the activity.  

  • The recent collapse of a popular stablecoins shows that the tokens aren't ready to be used by consumers to make payments, according to a key U.S. watchdog. "People wonder: Is it going to be one day used for consumer payments?" Rohit Chopra, director of the Consumer Financial Protection Bureau, said in a Bloomberg TV interview on Monday. "Many are thinking it's not ready yet," writes Bloomberg.  

  • Mike Novogratz, the founder of Galaxy Digital Holdings who this week issued a mea culpa over Terraform Labs's imploded stablecoin, noted that some smaller tokens are down 80% from their highs. Should their losses accelerate to the same degree they did in 2018, those coins could lose an additional 70%, according to Bloomberg.
Disclaimer: The views expressed in this article are those of the author and may not reflect those of Kitco Metals Inc. The author has made every effort to ensure accuracy of information provided; however, neither Kitco Metals Inc. nor the author can guarantee such accuracy. This article is strictly for informational purposes only. It is not a solicitation to make any exchange in commodities, securities or other financial instruments. Kitco Metals Inc. and the author of this article do not accept culpability for losses and/ or damages arising from the use of this publication.