NewsBTC
No Result
View All Result
  • Cryptocurrency News
    • Bitcoin News (BTC)
    • Ethereum News (ETH)
    • Ripple News (XRP)
    • Shiba Inu News (SHIB)
    • Cardano News (ADA)
    • Dogecoin News (DOGE)
    • Solana News (SOL)
    • Litecoin News (LTC)
    • Avalanche News (AVAX)
    • Polygon News (MATIC)
  • Crypto Prices
    • Binance Coin (BNB) Price
    • Bitcoin (BTC) Price
    • Cardano (ADA) Price
    • Chainlink (LINK) Price
    • Dogecoin (DOGE) Price
    • Ethereum (ETH) Price
    • Litecoin (LTC) Price
    • Polkadot (DOT) Price
  • Crypto Resources & Directory
  • All Crypto
  • Play GamesTry
  • CasinosTry
Breaking News: Cantor Fitzgerald Projects Major Growth For Hyperliquid (HYPE) In Explosive New Report
  • Cryptocurrency News
    • Bitcoin News (BTC)
    • Ethereum News (ETH)
    • Ripple News (XRP)
    • Shiba Inu News (SHIB)
    • Cardano News (ADA)
    • Dogecoin News (DOGE)
    • Solana News (SOL)
    • Litecoin News (LTC)
    • Avalanche News (AVAX)
    • Polygon News (MATIC)
  • Crypto Prices
    • Binance Coin (BNB) Price
    • Bitcoin (BTC) Price
    • Cardano (ADA) Price
    • Chainlink (LINK) Price
    • Dogecoin (DOGE) Price
    • Ethereum (ETH) Price
    • Litecoin (LTC) Price
    • Polkadot (DOT) Price
  • Crypto Resources & Directory
  • All Crypto
  • Play GamesTry
  • CasinosTry
Bitcoin News
No Result
View All Result
Breaking News: Cantor Fitzgerald Projects Major Growth For Hyperliquid (HYPE) In Explosive New Report

DYDX Tumbles 5% As Ethereum-Based DEX Wind Down Operations

Reynaldo Marquez
Reynaldo Marquez
Last Updated: April 7, 2023 8:00 pm
2 mins read
dydx DYDXUSDT Ethereum

Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

Ad discliamer

Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio.

Ethereum-based decentralized finance (DeFi) protocol dYdX is closing operations in Canada. According to an official announcement, users in this country will be unable to open new accounts starting today, April 7th, at 17:00 UTC.

Related Reading

MATIC Ethereum whales

Bullish Signal? MATIC Becomes Top 3 Most Purchased Coin Among Ethereum Whales

2 years ago

As a result of the announcement and following today’s trend in the crypto market, dYdX’s native token experienced a spike in selling pressure. As of this writing, the token trades at $2.4, with a 5% loss in the last 24 hours and a 7% decline in the previous two weeks.

DYDX Ethereum DYDXUSDT
DYDX’s price shows a slight decline following the wind down on its operation announcement on the daily chart. Source: DYDXUSDT Tradingview

Regulatory Climate Impacts Ethereum Protocol dYdX

Per the announcement, Canadian users cannot trade on the platform, and starting April 14th, they can only close positions. From that moment forward, users can withdraw funds anytime, but can’t open new accounts or positions. The team behind dYdX stated:

As part of the wind down process, we want to provide existing Canadian users ample time to manage and close their positions on dYdX. Therefore, existing users will be able to continue to execute trades on our platform for one week.

According to the official post, the decision was driven by the regulatory climate in Canada. The team behind the DEX announced:

As always, dYdX is committed to providing transparency around product decisions and democratizing access to financial opportunity. We hope that the regulatory climate in Canada will change over time to allow us to resume services in the country.

In North America, regulators took hostile measures against the crypto market. In particular, the U.S. Securities and Exchange Commission (SEC) has relentlessly pursued actors in the nascent industry.

The regulators believe assets in the industry, except for Bitcoin, are securities. Thus, decentralized exchanges (DEX), DeFi, and other projects could violate their securities laws.

In 2023 alone, the SEC took action against crypto exchanges such as Kraken, Binance, and other crypto projects. The regulatory climate in North America could usher in a global crackdown on the nascent industry and its projects.

As a result, dYdX and DeFi protocols could see a negative impact on their activities. Data from Token Terminal on this DEX’s operations still records positive performance.

dYdX DYDXUSDT Ethereum ETH ETHUSDT
dYdX key metrics (trading volume and revenue) rising in 2023. Source: Token Terminal

Related Reading

Cardano

Cardano (ADA) Takes A Step Closer To Full Decentralization, Here’s How

1 year ago

The chart above shows that this protocol’s trading volume and revenue increased in 2023. A buoyant crypto market supports this positive spike, but a hostile regulatory climate could hinder its effectiveness.

Tweet123Share196ShareSend
Reynaldo Marquez
Reynaldo Marquez

Reynaldo Marquez

A literature major, Reynaldo Márquez has been deeply immersed in the crypto industry since 2017. His journey began with translating articles for various crypto news outlets, a role he took on with zeal. In 2018, amidst a challenging market, he embraced his first writing assignment, demonstrating his unwavering commitment to the nascent industry and the promise of change it bears for many people worldwide.
In March 2021, he joined the prestigious crypto news outlet NewsBTC and Bitcoinist, where he not only reported on the latest crypto news but also had the privilege of interviewing some of the industry's most influential figures. A year later, his dedication and hard work were recognized, and he was promoted to Managing Editor, a position he currently holds with pride.
He believes in honesty, good communication, hard work, and the power of cryptocurrency and its potential to transform people's lives, especially those alienated by the legacy financial system. Born in 1992 in Venezuela, Reynaldo is familiar with how governments and central banks can negatively affect people, their everyday lives, and their futures by creating inflation and erasing their hopes for a better future. Thus, like many Venezuelans, he embraced this new technology to help him and his family navigate difficult times.
In another life, Reynaldo would have pursued a career as an investigator, most likely tracking down the origins of the Cyberpunk movement with the publication of William Gibson’s ‘Neuromancer.’ The intersection between fiction and reality, with the materialization of Bitcoin in 2009, would have allowed him to dive deep into the crypto sphere as something more than a financial phenomenon but also a cultural shift in society that was brewing since the XX century, and maybe even sooner, in the XIX century with the publication of Henry David Thoreau’s ‘Civil Disobedience.’
But that’s for another life. In this one, Reynaldo has been trading to improve his trading skills. Since 2023, he has been trying to learn Python to create successful strategies and find ways to execute them. It is a difficult task, which continues to keep him busy today and will most likely continue to keep him busy in the near and long term.
In his free time, he enjoys lifting heavy objects, reading, watching movies, and listening to his favorite music. Some of his favorite authors are Walt Whitman, William Faulkner, Allen Ginsberg, James Baldwin, Raymond Carver, Ray Bradbury, George Orwell, Mario Vargas Llosa, Reinaldo Arenas, Rafael Cadenas, and many others. Lately, he has been primarily interested in reading about dystopic societies, a topic that deeply resonates with the crypto industry.
Since 2023, he has lived in Spain with his wife. He loves the weather, the food, and the people and their culture. They both expect to travel much more within the country they now call home and beyond its border. He hopes to retire with his wife, maybe in a quiet place near a beach, but most likely in a city close to a library and a university with his kids and, hopefully, grandkids.

Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

Related News

Ethereum price news

Fundstrat Predicts Ethereum Drop To $1,800 In H1 2026

A screenshot attributed to Fundstrat Research is stirring debate over whether Tom Lee’s firm is projecting a sharp first-half 2026...

Jake Simmons 22 hours ago
Ethereum Price Seeks Additional Gains

Ethereum Price Seeks Additional Gains as Bulls Try to Regain Momentum

Ethereum price started a recovery wave above $2,950. ETH is now consolidating and might soon attempt another recovery wave if...

Aayush Jindal 1 day ago
Ethereum ETFs

Ethereum ETFs Record Over $600M In Outflows — Warning Signal For Traders?

The price of Ethereum endured significant selling pressure over the past week, reflecting the current climate of the crypto market....

Opeyemi Sule 1 day ago
Load More

Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

Ad discliamer

Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio.

Related News

BNB, avalanche, SEI, Litecoin, Sonic, Fantom, SUI, Dogwifhat, Solana, XRP, ONDO, Injective, ZORA

XRP ETFs Record 25-Day Streak As Price Eyes Key Resistance Level

Rubmar Garcia 5 hours ago
Ethereum Price Presses Resistance

Ethereum Price Presses Resistance, but Can The Recovery Survive?

Aayush Jindal 9 hours ago
Ethereum Market Structure Strengthens: Binance Netflows Point to Long-Term Conviction

Ethereum Market Structure Strengthens: Binance Netflows Point to Long-Term Conviction

Sebastian Villafuerte 14 hours ago

Premium Sponsors

Press Releases

  • Dog Memecoins Dominate 39.5% of the Market Can Maxi Doge...

    57 minutes ago
  • ChatGPT Dự Đoán Giá Bitcoin, XRP Và Ethereum

    3 dự đoán giá crypto từ ChatGPT giúp nhà đầu...

    3 hours ago
  • Bitcoin Hyper thu hút sự quan tâm khi xu hướng alt coin gắn với Bitcoin nóng trở lại

    Meme coin tiềm năng đáng mua hôm nay, có thể tăng...

    3 hours ago
  • Potential Meme Coins to Buy

    Gợi ý chuyên gia: 5 các đồng coin tiềm năng ở...

    4 hours ago
  • Top 3 Altcoin

    Các altcoin đang được giới đầu tư theo dõi...

    4 hours ago

Newsletter

About Us

NewsBTC is a cryptocurrency news service that covers bitcoin news today, technical analysis & forecasts for bitcoin price and other altcoins. Here at NewsBTC, we are dedicated to enlightening everyone about bitcoin and other cryptocurrencies.

We cover BTC news related to bitcoin exchanges, bitcoin mining and price forecasts for various cryptocurrencies.

Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

Company

  • About Us
  • Advertising
  • Contact Us
  • Privacy Center

Social

© 2025 NewsBTC. All Rights Reserved.

  • Cryptocurrency News
    • Bitcoin News (BTC)
    • Ethereum News (ETH)
    • Ripple News (XRP)
    • Shiba Inu News (SHIB)
    • Cardano News (ADA)
    • Dogecoin News (DOGE)
    • Solana News (SOL)
    • Litecoin News (LTC)
    • Avalanche News (AVAX)
    • Polygon News (MATIC)
  • Crypto Prices
    • Binance Coin (BNB) Price
    • Bitcoin (BTC) Price
    • Cardano (ADA) Price
    • Chainlink (LINK) Price
    • Dogecoin (DOGE) Price
    • Ethereum (ETH) Price
    • Litecoin (LTC) Price
    • Polkadot (DOT) Price
  • Crypto Resources & Directory
  • All Crypto
  • Play Games
  • Casinos
Advertise

© 2025 NewsBTC. All Rights Reserved.

This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy Center or Cookie Policy.