Best stories of the week
Coinbase has had a rocky start, as evidenced by the Nasdaq.
This has been called a turning point for cryptocurrencies, the Netscape moment of the industry. Coinbase made its stock market debut this week.
There was no shortage of excitement leading up to Wednesday’s Nasdaq Direct Quote, with bitcoin reaching $64,863.10 before opening. The reference price ofCOIN was set at only $250, with the 1,700 employees holding 100 shares each.
As with cryptocurrencies, the early days were volatile. Shares ofCoinbase quickly reached $430 before falling sharply in the first few minutes of trading to close the first session at a still impressive $328. It closed Friday at $342.1 billion, with a market capitalization of $67.2 billion.
The rise of COIN on Wall Street is important because it gives investors indirect access to cryptocurrencies. Ark’s investment is particularly bullish on the stock, raising more than a million shares across three exchange traded funds.
Overall, the development of stock markets so far is considered to be positive, especially compared to the way in which stock market flotations have been conducted in the past. Will this encourage other exchanges to follow suit?
Coinbase could face fee compression in the long run, according to CEO.
Predictably, the stock market made a big splash that day, even naming a New York Times article that referenced Joe Biden’s stimulus plan on the Bitcoin blockchain. However, Coinbase’s CEO Brian Armstrong was keen to address some of the concerns raised by analysts.
Some worry that the controversial $100 billion pre-listing valuation was too high, fearing that cryptocurrency exchanges will soon face stiff competition that will drive down rates – and affect overall profitability. When you consider that it accounted for 96% of Coinbase’s revenue in 2020, that’s a pretty big deal.
On CNBC, Mr. Armstrong tried to address this issue. While he has said that rate cuts are possible in the long term, the executive doesn’t see it as an immediate threat. He also predicts that by then, perhaps 50% or more of revenue will come from alternative streams, such as debit cards and cryptocurrencies.
Dogecoin doubles in one day and YTD reaches 5,000%, while the price of bitcoin falls.
Bitcoin cools down once the COIN exchange begins. While Ether outperformed the world’s largest crypto currency by a wide margin this week (with a new record of $2,547.56 on Friday), altcoins stole the show.
If Dogecoin is a joke, it has certainly wiped the smiles off the faces of cynics. DOGE was trading at just $0.07 on Monday, but began a rapid rise of 514% to a high of $0.43 on Friday. This is an increase of 8.735% since the beginning of the year and there is no doubt that a number of enthusiasts will become millionaires overnight.
This craze has seen Bitcoin Cash and Litecoin rise in the DOGE rankings, with a market capitalization twice that of Deutsche Bank.
Even professional traders were surprised. But one thing we are sure of: Bold predictions for $1 DOGE one day now seem less strange.
XRPprice reaches new highs after recent legal victories and a repeat of therumors.
As the alcoin market crosses the $1 trillion mark, a clear theme emerged this week: Older cryptocurrencies are currently experiencing a renaissance of sorts. And it’s not just the DOGE, it’s the moon….. XRP is also up.
XRP reached a multi-year high of $1.96 this week. While this is slightly different from the record high of $3.84 in January 2018, it still represents a 790% increase over last year. The recent spike caused no less than 420 million liquidations on the derivatives exchanges.
A series of legal victories for Ripple in its battle with the Securities and Exchange Commission, as well as rumors that the token could move to different exchanges, have given XRP a boost.
Elsewhere, two forked projects that once challenged Bitcoin and Ethereum for their place at the top – Bitcoin Cash and Ethereum Classic – also posted triple-digit gains. Will other retro crypto-currencies be next?
Jim Cramer cashes in half of his fake money in bitcoins to pay his mortgage.
Mysterious CNBC presenter Jim Cramer risked the ire of cryptocurrency enthusiasts this week – for two reasons.
Not only did he call bitcoin a fake currency, which breaks through the red fog for many maximalists, but he also revealed that he sold 50% of his BTC portfolio to pay off his mortgage.
Kramer confirmed that he bought a batch of bitcoins for $12,000 – meaning he had quintupled by the time he unloaded half of them. anchor later approved: I know people will be angry with me.
Some Twitter users appreciated the critic’s timely lashing out at the infamous 10,000 BTC pizza purchase. But others have praised Kramer’s move, arguing that it is important to take profits off the table, writing: Only selling 50% after a 5x increase doesn’t seem that stupid.
Winners and losers
At the end of the week Bitcoin is at $62,272.53, Ether at $2,466.78 and XRP at $1.69. Total market capitalization is 2,274,625 979,472.
Among the top 100 crypto-currencies, the top three altcoins of the week are Dogecoin, Ethereum Classic and Siacoin. The top three altcoiners of the week are: KuCoin token, Klaytn and Celsius.
For more information on crypto currency prices, be sure to read Cointelegraph’s market analysis.
Most memorable quotes
This is a very important day for the entire crypto world. This means it is an asset class, and it is an asset class that must remain.
Mike Novogratz, founder and CEO of Galaxy Digital
We haven’t seen any margin compression yet and I don’t expect any in the short to medium term. Long term, yes, I think there could be a tightening of fees, as with all other asset classes.
Brian Armstrong,CEO of Coinbase
PayPal really wants to start using cryptocurrencies as a funding source for daily transactions. However, the end game is a nobler vision of this inclusive economy, and things will look very different from today.
Dan Schulman, CEO of PayPal
Bitcoin has an RSI of 92. The RSI is still not above 95 as it was during the bull markets of 2017, 2013 and 2011.
You’ll have to buy Coinbase if the deal goes through. Even though this is a $100 billion market, it is now common knowledge that many companies will make the switch. MicroStrategy has always been a leader, so others would be happy to follow.
Jim Cramer, CNBC host
Coinbase is a tipping point in terms of legitimizing some of the valuations you see in crypto.
Ben Lilley, co-founder of Jarvis Labs
Coinbase’s IPO could push bitcoin to $70,000 and Tesla to $60,000 – The lowest 30-day volatility since October indicates bitcoin is ready to break out of its cage, and a sustained bull market favors the next step of $10,000.
Mike McGlone, Bloomberg Intelligence
To be honest, I seriously believe we have entered the final phase of this bull market for the $btc. Let’s be clear: The final phase may take 2 to 3 weeks or longer. The price could be 200,000 or even more, who knows. But don’t make irrational decisions based on an unrealized PnL.
Mohit Sorout, founding partner of Bitazu Capital
Clearly, the ETF will be more important than Coinbase, which will make the list.
Eric Crown, Contractor
Ethereum may reach $10,000 by 2021 and surpass bitcoin, according to a veteran trader.
Back to Ether, which is on the rise this week after an irreversible hard fork that should bring some reforms to transaction fees. Channel data suggests the price of ETH could double by the end of May – but some analysts are going even further.
In an exclusive interview with Cointelegraph, Scott Melker said that getting into ETH is similar to investing in the internet in the early 1990s.
Although his price target of $10,000 by the end of the year may seem strange, he added: I don’t understand why this is crazy. Five times less from here. […] Bitcoin has become worth almost three times as much as it was last year.
FUD of the week
r/Wallstreetbets finally allows encrypted threads…. and then bans them again.
A major breakthrough seemed to happen this week when r/Wallstreetbets announced it would allow discussions about Bitcoin, Ether and Dogecoin on its daily Reddit.
The new policy lasted one day, and there were questions about why the ban was lifted.
Bloomberg argued that r/Wallstreetbets is bowing to digital assets by opening up the discussion beyond equities, which really pisses off a moderator.
Read a new message: Related to an article written by [Bloomberg] that believes WallStreetBets is bowing to crypto. Discussion of cryptography is prohibited indefinitely. I read a lot of stupid articles written on wsb. This one is the best. P.S. As always. Be polite.
Despite calls for respect, many Reddit users did not appreciate the dramatic turnaround.
Turkey bans payments with crypto currencies
A new ban in Turkey will prohibit cryptocurrency owners from using their digital assets to make payments. It also prevents payment service providers from offering fake ramps to trade cryptocurrencies.
The ban will come into effect on 30. April and make all cryptocurrency payment and partnership solutions illegal.
According to the Central Bank of Turkey, any direct or indirect use of cryptographic assets in payment services and issuing electronic money will be prohibited.
Banks are exempt from this rule, meaning users can still deposit Turkish lira into cryptocurrencies via wire transfers from their bank accounts.
ECB puts itself at risk by waiting for digital euro, says ConsenSysdirector
The European Central Bank puts itself at risk if it waits too long to introduce the digital euro, the ConsenSys director said.
While it will be a few years before we see a central bank digital currency, Monica Singer says such projects give central banks a chance to right their wrongs and fix a broken financial system.
She warned that if global banks miss this opportunity, alternatives from private tech giants like Facebook could make fiat currencies obsolete.
Added singer: If a central bank in Europe waits until 2028, there will be no central bank by then. For who will use the euro in its current form? There will be so many possibilities.
Best coin features
A remedy for copyright infringement? NMF promises to strengthen creative industries
NFEs are not an immediate solution to all IPR problems, but they may ultimately give creators more power than they have ever had.
Life outside Ethereum Which Layer 1 blocks lead to DeFi.
Ethereum is the dominant force in DeFi, and Tier 2 solutions are a promising alternative, but Tier 1 blockchains have yet to be created.
Everything affected that is not green Bitcoin’s carbon footprint is difficult to estimate
The environmental impact of BTC mining has become a debate – here’s what scientists think And whether green bitcoin is possible.
frequently asked questions
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