Day: April 14, 2021

$420M in leveraged long traders liquidated after XRP rallies to $1.96

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XRP holders couldn’t have asked for a better year as the cryptocurrency rallied almost 800% and flirted with a $2 level in the early hours of April 14.  In addition to achieving its highest level since January 2018, this robust price increase signals that investors are not worried about the ongoing SEC “unregistered securities offering” dispute. However, just 6 hours after rallying to $1.96, XRP price crashed by more than 20%. During an interview, DCG Group CEO Barry Silbert said it would be risky for exchanges and companies in the…

PayPal is the Latest to Introduce Cryptocurrency for Online Transactions

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HomeNewsCrypto NewsPayPal is the Latest to Introduce Cryptocurrency for Online Transactions PayPal’s president and CEO, Dan Shulman, confirmed that cryptocurrency will be introduced shortly at the checkout service for online transactions, which will also waive transaction fees for purchases made with crypto. PayPal, the well-known online payment and transaction service, is the latest to start accepting the digital currency as a medium of exchange at its millions of global merchants. The news was shared by the company’s CEO at the end of March 2021. The new system will feature a…

Garry Tan’s 2013 investment of $300K in Coinbase is now worth $2.4B

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Garry Tan, a prominent angel investor and the founder of Initialized Capital, was one of the first investors to provide seed funding to Coinbase eight years ago.  Less than a decade later, and after today’s highly anticipated Nasdaq listing for Coinbase’s COIN stock, Tan’s 2013 investment of $300,000 into Coinbase is now worth $2.4 billion. Coinbase debuted on the Nasdaq on April 14 at $381 per share, making it one of the most hyped listings in the U.S. stock market of the year. How did $300,000 become $2.4 billion? In…

German software developer donated $1.2M in ‘undeserved’ Bitcoin to political party

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A German national who reportedly sees his Bitcoin profits as “undeserved wealth” has donated more than $1 million to the country’s green political party. According to Hamburg-based news outlet Die Zeit, Moritz Schmidt, a software developer from the northeastern town of Greifswald, has sent one million euro — roughly $1.2 million — to Germany’s green party, known as The Greens or Alliance 90. A party spokesperson said Schmidt had made significant gains during the Bitcoin (BTC) bull run but wanted to contribute to causes related to environmental and climate protection…

BTC, ETH, BNB, XRP, ADA, DOT, UNI, LTC, DOGE, LINK

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Coinbase (COIN) listing on Nasdaq could eventually boost cryptocurrency adoption and attract droves of institutional investors. However, that is unlikely to happen immediately. In the first few days after the listing, volatility could be high as Wall Street tries to value Coinbase. This could also increase the volatility in cryptocurrencies.  Sharp movements in the price of Bitcoin (BTC) could also result in liquidations of leveraged positions in the derivatives market. The massive $27 billion in Bitcoin futures open interest and $8 billion in Ether (ETH) futures open interest indicate that a…

Coinbase adds hidden message with political undertones to BTC blockchain on day of IPO

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The crypto exchange, whose CEO has previously dissuaded employees from expressing political views, started its initial public offering off with a message referencing U.S. President Joe Biden’s stimulus package.  According to Coinbase, the crypto exchange had mining pool F2Pool embed the title of a New York Times article in the Bitcoin (BTC) blockchain at 2:05 PM UTC today. The message in block 679,187 refers to the U.S. Congress passing the American Rescue Plan Act of 2021 on March 10 — a bill which set aside $1.9 trillion for measures aimed…

Gensler Confirmed As SEC Chair, Safe Harbor Updated

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Key Takeaways The U.S. Senate has passed a vote that will make Gary Gensler the next chair of the U.S. Securities and Exchange Commission. Meanwhile, SEC Commissioner Hester M. Peirce has published an updated version of her “Safe Harbor” proposal. Both developments could create a better regulatory environment for up-and-coming crypto projecs. Share this article The U.S. Securities and Exchange Commission has seen two developments. Gary Gensler has been approved as the next SEC chair, while its Safe Harbor crypto plan has been updated. Gensler Approved By Senate On Apr.…

Bitcoin, Coinbase Crypto Euphoria Is Blind To Potential Dollar Reversal

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Today is the day everyone in crypto has been waiting for: popular Bitcoin exchange Coinbase has been publicly listed on the stock market for the first time ever. The entire industry is buzzing, still euphoric from the months of nothing but green candles. However, the euphoria could be blinding market participants to the fact that the dollar could potentially be ready to reverse. Crypto Market Celebrates Coinbase Listing Day With New Bitcoin All-Time Highs “The line separating investment and speculation, which is never bright and clear, becomes blurred still further…

Bitcoin price drops to near $61K shortly after COIN lists on Nasdaq

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Following months of build-up and speculation, Coinbase (COIN) listed on the Nasdaq and in true cryptocurrency fashion, opening day trading was a volatile affair that may have had a widespread effect on the cryptocurrency market. COIN’s reference price was initially $250 but the stock opened at $381 and rapidly rose to a high of around $429.54 before reversing course to $310 once the initial frenzy died down. Typically, stocks are quite volatile on their first day of trading and COIN is no exception to that trend. Therefore, the success of…

Coinbase stock looks to find its footing at $350 following explosive open

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Shares of digital currency exchange Coinbase (COIN) opened at $381 Wednesday — significantly higher than its pre-listing reference price of $250 — underscoring heightened institutional demand for the crypto-focused stock.  The $381 value put Coinbase’s market capitalization at $99.6 billion on a fully diluted basis. The stock peaked at $429.54 for a gain of 71.8% from the original reference price. It was last seen trading around $350, having gained 43%, according to Yahoo Finance data. It was a volatile first hour of trading for Coinbase as the cryptocurrency exchange went public. The stock…