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Category: Crypto News

  • Coinbase (COIN): To Go Up or Crash?

    Coinbase (COIN): To Go Up or Crash?

    One of the most sought-after listing – if not the most – occurred yesterday and as the market have settled there are mixed views about the future of Coinbase. Coinbase’s listing is indicative of widespread cryptocurrency acceptance. The crypto market surged upward with Bitcoin establishing a new all-time high with the direct listing of Coinbase.

    Coinbase got a reference price of $250 from NASDAQ but the opening price was much higher – at $380 – giving it a valuation of around $100 billion. In the initial hours of trading, the price of the ticker COIN shot up to $420. However, COIN could not sustain the high price and quickly fell to as low as $310. At the time of publication, COIN stands at a price of $328.

    On Bitfinex and FTX the pre-IPO tokenized price of COIN was at $610, which has fallen, too, to $410. It appears as though the enthusiasm for Coinbase’s COIN has died down. While some investors have grown less and less bullish on COIN, others continue to vie for it.

    MoffettNathanson analyst Lisa Ellis has regarded COIN as one of the must-have stocks. The cryptocurrency market is going to propel COIN upwards and COIN is going to push cryptocurrencies up – creating a positive feedback loop. Per the analyst, the stock is poised to reach $600 in the coming days.

  • Citigroup Reports Drastic Increase In Bitcoin Power Consumption

    Citigroup Reports Drastic Increase In Bitcoin Power Consumption

    The environmental sustainability of cryptocurrencies has been long debated in the crypto community. The king of cryptocurrencies, Bitcoin, has received the most bashing for its high energy consumption with various reports being published drawing comparisons to show the critical situation that crypto world is.

    A Citigroup report has stated Bitcoin is now consuming 66 times more energy than it did in 2015. The report also warned of increased scrutiny to be faced by corporations and large-scale investors of Bitcoin for the carbon emissions.

    The COVID-19 pandemic has also put a lot of things in perspective and people are considering environment conservation to be more important than ever. The parallel rise of the cryptocurrency market means a rise in the energy consumption by the industry – which had already been debated on at length.

    However, the report also cites the energy consumption to have not increased as much as expected. The price of Bitcoin has increase more than 170 times with the energy consumption increase only being at 66x.

    A Crypto Climate Accord is also in the works as private entities also taking the situation in their own hands to curb the problem. The Accord is replicating the Paris Climate Accord and the partners aim to increase the collaboration in the whole community to move towards sustainable energy.

  • IRS holds crypto responsible for $1 trillion uncollected tax

    IRS holds crypto responsible for $1 trillion uncollected tax

    The Internal Revenue Service has stated that each year around $1 trillion is failed to be collected. The government agency partly holds innovations in the cryptocurrency sphere responsible for this.

    IRS Commissioner Charles Rettig testified in front of the Senate Finance Committee citing cryptocurrencies to be a major source of uncollected tax revenues. Cryptocurrencies are taxed as capital assets which imposes a capital gains tax on the premium trade of the cryptocurrency; however, a majority of investors and traders are not aware of the capital gains trade. Moreover, the cryptocurrency market is largely unregulated with only bits of taxpayers’ information available to government agencies which further jeopardizes the tax collection process.

    The commissioner also specifically mentioned non-fungible tokens and the replicative nature of cryptocurrencies. The cryptocurrency market is continuously evolving with new innovations everyday which makes it hard for tax payers and tax collectors to stay up to date with requirements and regulations. NFT in particular have raised a lot of questions related to its taxation.

    Rettig furthered the importance of cryptocurrency reporting. The disclosure of taxpayer information is also crucial for the improvement in tax collection process. The commissioner assured the committee that the IRS cybercrime unit active on the dark web following cryptocurrency transactions for tax fraud and evasion.

  • Grayscale to top the market cap of the largest ETF

    Grayscale to top the market cap of the largest ETF

    Asset management firm, Grayscale, has exceeded $50 billion in cryptocurrency holdings for the first time. The asset manager is set to break the record of the largest commodity ETF which stands at a valuation of $57 billion.

    The largest exchange-trade fund GLD, which is physically backed by gold has listing on many major stock markets. GLD is a safe haven investment for investors throughout the world because of its safety and almost zero volatility. But the rise of cryptocurrencies has led to the consideration of cryptocurrencies replacing gold. GLD has nearly stagnant yields and by the principle of the stock market, the high risk of cryptocurrencies is equal to high rewards.

    Grayscale has plans to convert into ETF if the SEC regulations allow. Grayscale would have been the second largest ETF, if approved, currently and close to become the largest. The CEO of Grayscale Michael Sonnenshein believes Grayscale will top GLD soon.

    The asset manager is holding approximately 3.5% of the total BTC circulating supply – around 660,000 Bitcoin tokens. Grayscale’s assets under management range from Bitcoin to lesser known coins. It also has a hefty holding of $7.4 billion ETH in its Ethereum trust funds. The firm has a total of ten crypto trust funds with a total valuation of $50 billion.

  • Cryptocurrencies Touching All-time Highs – (Bitcoin, Ethereum, Wrapped Bitcoin, Decred, Nexo)

    Cryptocurrencies Touching All-time Highs – (Bitcoin, Ethereum, Wrapped Bitcoin, Decred, Nexo)

    Cryptocurrencies vie upwards as the bulls continue to dominate the market. Every day, new cryptocurrencies establish new all-time highs. Here is a list of the top five all-time high coins.

    Bitcoin – the king of the market has made a comeback as it broke strong resistance levels and established a new all-time high at $62,849. The bull run of the market continues as indicated by the market leader, once again, moving upwards. 

    Ethereum – the queen of cryptocurrencies had been on a strong bullish uptrend, breaking resistance after resistance. Ethereum (ETH) made another record high at $2,227. The rise of DeFi is propelling cryptocurrency upwards.

    Wrapped Bitcoin (WBTC) is a tokenized version of Bitcoin that is based on the Ethereum block chain which allows Bitcoin to be used on decentralized applications. WBTC is backed 1:1 by Bitcoin so the ATH of Bitcoin will pull WBTC upwards. Wrapped Bitcoin established its all-time high at $62,934.

    Decred (DCR) has been on an upward trend since November 2020. The cryptocurrency reached an all-time high at its current price of $198. The daily trading volume of $41,765,500 has also increased by 43% in the past 24 hours. Decred cryptocurrency was launched with the aim of creating a sustainable ecosystem of open governance and community interaction. 

    Nexo (NEXO) is a lending platform based on block chain that provides instant cryptocurrency loans. Nexo is on a steady upward trajectory. It established a new all-time high at the current price of $3.45.

  • 1-week top losers in the crypto market – (JustBet, Cook Protocol, Penta, ‎Rewardiqa, WorkQuest Token)

    1-week top losers in the crypto market – (JustBet, Cook Protocol, Penta, ‎Rewardiqa, WorkQuest Token)

    The brutal market of cryptocurrencies is unforgiving.

    JustBet (WINR) is the top loser of the week with a 7-day loss of 58%. JustBet is a decentralized autonomous gaming system that runs with zero human interaction which ensures the transparency of the system. The token achieved its all-time high at $0.013 in the 2021 bull run but it has succumbed to the bears ever since. At the time of press, JustBet was trading hands at $0.0059. The daily trading volume of $1,611,622 has increased by 93%.

    Cook Protocol (COOK) is down by 50% in the weekly timeframe. The token stands at $0.11 at the time of writing. The price of COOK has gone down by 12% while the trading volume has declined by 70% in the daily timeframe. COOK has been on a downward trend since April. The Cook Protocol is a cross-chain solution that enables an asset management platform. Cook is the governance token of the platform.

    Penta (PNT) cryptocurrency operates on the Ethereum block chain. The cryptocurrency had established its all-time high at $0.029 in 2018. The bulls of the current bull run were not able to propel the cryptocurrency upwards and apart from a few brief upward moves, Penta has stayed bearishly stagnant. The daily trading volume of $1,034,532 has decreased by 24% in the daily timeframe as well.

    Rewardiqa is a gamified microtask and advertising platform built on the block chain. Rewardiqa (REW) is the native cryptocurrency. The cryptocurrency achieved its all-tine high at $43.9 in March but fell sharply afterwards. On a descent, Rewardiqa stands at $2.11 at the time of press. The trading volume of $832,518 has increased by 100% in the daily time frame.

    WorkQuest Token (WQT) is the management token of WorkQuest – an online marketplace and decentralized payment provider that connects employers and employees utilizing smart contracts. WQT is the final loser of the week with a loss of 61%. The token stands at a price of $0.39 with a daily trading volume of $621,341. Although the price and trading volume of the coin has went up in the daily timeframe, the weekly performance of the coin has been deteriorating.

  • Top gainers last 5 days – (KuCoin Token, Bitcoin Gold, Ripple, Binance Coin, PancakeSwap)

    Top gainers last 5 days – (KuCoin Token, Bitcoin Gold, Ripple, Binance Coin, PancakeSwap)

    We have compiled a list of the top five best performing coins in the weekly timeframe. With phenomenal gains and growths, these cryptocurrencies have achieved a rank on our list.

    KuCoin Token (KCS) bags the first rank for the top performance in the weekly timeframe with a weekly growth of 88%. At the time of press, KCS was trading hands at $17.86 – which has decreased by 9%.KuCoin Token has a market ranking of seventy-eight with a daily trading volume of $109,501,368. KCS is the profit-sharing native token of the cryptocurrency exchange, KuCoin. The token is designed to become the key to the ecosystem of the exchange with further developments.

    The hard fork of Bitcoin, Bitcoin Gold (BTG) is another top performer of the week with a weekly growth of 74%. The cryptocurrency is priced at $107 which is still a long way from its all-time high of around $450 but the bullish momentum may overtake the price of the coin. Bitcoin Gold is ranked at 63rd position in the market and has a trading volume of $112,672,587. The hard fork has attempted to democratize the mining process of Bitcoin by allowing it to be mined on common GPUs.

    Ripple (XRP) has established itself safely above $1.50 and entered the weekly top performers’ list. Ripple achieved a growth of 74% after minor victories in the SEC lawsuit. Ripple Labs was granted access to discovery documents of BTC and ETH while the SEC was denied access to financial records of Ripple executives. XRP is making a comeback with regaining the fourth ranking in the market. Other favorable developments in the lawsuit may propel the cryptocurrency towards breaking its all-time high. 

    Binance Coin (BNB) has been one of the top performers of the current bull run and is the fourth best performer of the week with a growth of 47%. The coin established a new all-time high at $637 yesterday with a current price of $547. BNB is ranked at third place in the market. The cryptocurrency has been on a steep upward trend since the beginning of the 2021 bull run. BNB has multiple purposes being a payment method and the utility token of the Binance exchange.

    Last but not the least, PancakeSwap (CAKE) is the final top performer of the week with a rise of 38% in the price. The automated market maker (AMM) has established its all-time high at $25 in the week. It is priced at $24 at the time of press. CAKE is ranked at 40th in terms of market capitalization and has a daily trading volume of $1,083,145,899.

  • The Crypto Market’s Top Headlines of the Week

    The Crypto Market’s Top Headlines of the Week

    The cryptocurrency market has been on a roll and bullish momentum appears to only be further escalated. Here are the top developments in the crypto sphere that took place in the past week:

    • Bitcoin (BTC) finally crossed the strong resistance level of $60,000 and has stabilized in the region while Ethereum (ETH) established another all-time high at $2,199
    • The cryptocurrency market surpassed a market capitalization of $2 trillion – a testament to the mammoth of a market it is destined to become
    • Kraken, the fourth-largest cryptocurrency exchange has hinted towards going public in 2022 following Coinbase’s NASDAQ listing on the 14th of April
    • The second oldest bank in the US, State Street, has entered the crypto market with its forex exchange, Currenex, providing infrastructure to a crypto trading platform
    • Caruso properties, one of the largest privately-held real estate firms, has incorporated payment of rent in cryptocurrencies
    • Celebrities like Paris Hilton and Lindsay Lohan has becoming increasingly interest in the NFT market as it takes off while Gucci and Playboy has also announced their debut in the field
    • In the Ripple lawsuit, odds are tipping in the favor of Ripple Labs as the firm was granted access to the discovery documents of BTC and ETH while the SEC was denied access to the financial statements of Ripple Labs’ executives – all the while XRP skirts close of $1.50

    In the global sphere,

    • Asian market’s love-hate relationship with cryptocurrencies continues. After the alarm bells ringing in Thailand and Korea, they have reached Sri Lanka. The Sri Lankan Central Bank has warned the population about the risks of investing in cryptocurrencies.
    • Vietnamese miners are panicking and selling off mining equipment in large quantities as a market crash is imminent.
    • The Chinese government has launched a digital Yuan – e-Renminbi. The digital currency, if successful, may have the potential to overthrow the king of the market – Bitcoin.
    • A Romanian public university, Lucian Blaga University of Sibiu, has announced to start accepting tuition payments in Elrond cryptocurrency in order to support the local project
  • Exodus Wallet Regulated Offering Record Share Sale

    Exodus Wallet Regulated Offering Record Share Sale

    Exodus a multi-currency wallet that supports over a hundred cryptocurrencies set a record share sale in a regulated public offering. The Delaware-based firm, Exodus Movement, commenced the share sale on April 8 after the approval of the United States Securities and Exchange Commission.

    In just five days, the firm has been able to raise around $59 million. The share is being offered at $27.42 and the offering will last until the goal of $75 million is reached. The crypto wallet had been able to complete around 80% of its fundraising goal from over 4,000 investors.

    The Regulation A sale enabled Exodus to reach far beyond accredited investors. The firm reported a majority of the investment has come from retail and non-accredited investors while accredited investors only accounted for 8% of the total investment. The offering was only available to investors in Texas, Arizona and Florida. The wallet accepted investment in Bitcoin, Ethereum and USDC instead of fiat currency.

    With Coinbase’s NASDAQ listing scheduled for later today, it is expected to shatter Exodus Wallet’s share sale record. Coinbase’s direct listing is expected to be the largest crypto offering in history but with the reference price set below expectations, things may not go as hoped.

  • Coinbase’s reference price of $250 lower than expectations

    Coinbase’s reference price of $250 lower than expectations

    The leading cryptocurrency exchange Coinbase is all set to be listed on NASDAQ. The cryptocurrency world is holding its breath for Coinbase’s direct listing. Coinbase is the first significant direct listing on NASDAQ.

    Coinbase’s ticker COIN received a reference price of just $250 which is much lower than the expectation. However, the direct listing means the reference price is not an indicator of Coinbase’s market capitalization. The reference price of $250 signifies a valuation of $65 billion whereas estimates range anywhere from $68 billion to $120 billion.

    The NASDAQ announcement was quick to point out that the reference price does not indicate the offering price and that no trade has taken place at the price of $250. The reference price had been decided with the consultation of Coinbase and while keeping its transaction history. The opening price will be determined by the sell and buy orders in the auction.

    Coinbase has also surprised its full-time employees with 100 shares each. The current reference price makes it $25,000 per employee of the 1,700 workforce of Coinbase. This was a “thank you” gesture from Coinbase and employees can sell their shares immediately after Coinbase goes public.

    The Coinbase NASDAQ listing is one of the most anticipated events and other major crypto exchanges are set to follow if the listing and opening price surpass expectations. Kraken, a Coinbase competitor, has already hinted towards their stock exchange listing as well which may happen in 2022.