Market Surge and Ruling on Binance.US Assets

XEROF's European research desk has sourced the most important news and insights of the week to ensure you are up to speed with the ever-evolving world of cryptoassets.

This week's newsletter reports on top stories such as:

• Cryptoasset Markets Surge: $60B Added in 48 Hours, BTC and ETH Soar
• Court Rejects SEC's Attempt to Freeze Binance.US Assets
• Snoop Dogg Launches NFT Passport for Digital Tour Experience

We also have the most impactful updates from the luxury real estate industry:

• Dubai Overtakes Hong Kong as Global Leader in Super Luxury Homes
• Indian Luxury Real Estate Market Witnesses Rapid Surge in 2023
• Exploring Palm Beach's Exclusive Ultra-Luxury Residential Market

Cryptoasset News

Cryptoasset Markets Surge: $60B Added in 48 Hours, BTC and ETH Soar

In an impressive rally, the digital currency markets have witnessed a surge of $60 billion in just two days. Bitcoin experienced a significant price increase, climbing from under $25,000 to nearly $27,000 within forty-eight hours. Ethereum mirrored this performance, with the second-largest cryptoasset now at $1,750. Other altcoins also show positive gains. Bitcoin's market capitalisation has soared to $515 billion, while its dominance over altcoins has increased by 48%, according to CoinMarketCap.

Court Rejects SEC's Attempt to Freeze Binance.US Assets

A judge has denied the SEC's request to freeze all assets belonging to Binance.US; the SEC had sought this action citing allegations of Binance.US commingling customer funds and transferring them offshore. Binance.US swiftly responded through its legal representatives, criticising the SEC for making unverified claims without substantial evidence of wrongdoing. Rather than granting the SEC's plea for an "emergency asset freeze," the judge emphasised the importance of collaboration between Binance.US and the SEC to formulate a mutually beneficial plan.

Snoop Dogg Launches NFT Passport for Digital Tour Experience

In a recent announcement, rapper Snoop Dogg has revealed the Snoop Dogg Passport Series, an exclusive NFT collection offering fans an immersive digital tour experience. This collection grants holders access to behind-the-scenes videos and photos captured by Snoop Dogg during his music tours. In addition, NFT passport owners will also enjoy future perks, including early access to upcoming releases like exclusive artwork and merchandise.

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Luxury Real Estate News

Dubai Overtakes Hong Kong as Global Leader in Super Luxury Homes

In a recent report by Knight Frank, Dubai surpassed Hong Kong as the world's foremost market for ultra-luxury homes in the first quarter. Notably, Dubai recorded a remarkable eighty-eight transactions amounting to a staggering $1.66 billion for homes valued over $10 million in the first three months of the year. Hong Kong secured the second position with sixty-seven deals worth $988 million, closely followed by New York with fifty-eight transactions totalling $942 million.

Indian Luxury Real Estate Market Witnesses Rapid Surge in 2023

India's luxury real estate market witnessed a remarkable surge in early 2023, driven by soaring demand from affluent buyers searching for luxury properties with contemporary amenities and exquisite designs. India's robust economy, projected to grow at a rate of 7.5% in 2023, has significantly stimulated this growth. The rapid urbanisation across the country has also contributed to the upswing, as more individuals migrate to cities for enhanced employment prospects and improved living standards.

Exploring Palm Beach's Exclusive Ultra-Luxury Residential Market

The residential real estate inventory remains scarce in the compact expanse of Palm Beach, covering a mere 7.8 square miles, especially regarding highly sought-after move-in-ready homes. An influx of out-of-state residents further intensifies the situation, ultimately driving prices and profits to unprecedented heights. Recently renovated or newly constructed homes are commanding premium prices, and the market continues to witness off-market sales, consistently notching record-breaking deals. Palm Beach's ultra-luxury residential market remains a focal point of exceptional value and allure.

Company News

Swiss Digital Asset Custody

We are delighted that XEROF will feature in an upcoming Swiss Digital Asset Custody report. Being featured in this report highlights XEROF's commitment to excellence and our dedication to providing top-tier digital asset custody solutions.