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Weekly Roundup: Coinbase grabs headlines

It has been yet another exciting week in the cryptocurrency sector, with Coinbase making the news. Here is what you might have missed

Bitcoin flourishes as Ether continues with an uptrend

The two leading cryptocurrencies had quite a week, rising to their highest levels yet. Bitcoin came off the weekend with some slight upward momentum striking $60,000 early on Monday. The flagship cryptocurrency swung around this level for the rest of the day with only occasional minor dips before surging beyond $62,000 and later $63,000 on Tuesday. Bitcoin then rose sharply on Wednesday to set a new all-time high above $64,860.

Ether started the week exchanging hands at around $2,150 before rising to $2,200 on Tuesday. ETH price against the US dollar rallied towards $2,380 on Wednesday, breaking the $2,400 resistance level the next day. The token remained on a bullish run on Thursday, hitting a new high of $2,540 earlier today, according to data from coinmarketcap.

US Government departments assessing China’s digital yuan for any threat

Several government departments in the US are currently looking into the Chinese digital yuan to determine if it may threaten the US dollar. Bloomberg first covered the story of Biden’s administration increasing efforts to understand the Chinese digital yuan that’s currently in the testing phase. The popular news outlet cited unnamed sources who claim that the US is assessing the digital yuan said to pose a threat to the US dollar.

The US Government is keen to ensure the US dollar retains its position as the reference global exchange currency and will do everything to prevent it from being toppled. According to the Bloomberg report published on Sunday, the United States Treasury, Pentagon, National Security Council and State Department are all involved in assessing whether the digital yuan impacts the US Dollar. The departments are also working out how China plans to use the currency and if it will work around sanctions.

Countries in Europe and the US still lag in terms of development of a digital currency. The UK, the US, and other countries have shown interest in a digital currency, but none has made a significant jump towards development yet. The two leading countries in East Asia [China and Japan] have, on the other hand, made considerable progress. China is inching towards launch, whereas the Bank of Japan recently confirmed it had begun conducting trials on its digital yen.

Gary Gensler confirmed as the new SEC chair

Biden’s pick for SEC chair, Gary Gensler, will officially take over reigns at the US Securities and Exchange Commission following a successful confirmation. The former banker and Commodity Futures Trading Commission chair appeared before the Senate last month. He is expected to be sworn in soon and replace Jay Clayton, who resigned last year. Many in the crypto community hope that Gensler will introduce positive change in a sector that has often been found at fault with the Commission.

New York Stock Exchange makes entry into NFTs

The New York Stock Exchange is the latest name to enter the non-fungible tokens (NFTs) space. According to the announcement, the stock exchange operator will develop some NFTs from its notable listings. The New York Stock Exchange communicated that it had chosen six stock listings to mint as a start.

The six featured listings are audio streaming service provider Spotify, data warehousing firm Snowflake, Unity, food delivery company DoorDash, online gaming company Roblox, and e-commerce firm Coupang. The exchange confirmed that it would create more NYSE NFTs by extending the same beyond the aforementioned companies. The created NFTS can be accessed on the crypto trading platform Crypto.com.

The NYSE exchange shared a post on Twitter on Tuesday explaining the importance of NFTs and how these tokens work. NFTs are growing popular by the day as many companies begin to realise their value. Some of the big names already involved in NFTs include Playboy, NBA League, and Christie’s.

Morgan Stanley: Cryptocurrencies won’t be affected by digital currencies

US giant bank Morgan Stanley doesn’t believe CBDCs are any threats to cryptocurrencies. The bank reported that the digital currencies would be practical but they won’t take the place of cryptocurrencies. Many central banks are currently approaching the CBDC subject with a positive mind, with a few in advanced stages of developing them.

The multinational bank argues that cryptocurrencies are not at a risk of being supplanted by digital currencies since the former has many use cases. Morgan Stanley particularly pointed out that cryptocurrencies could serve as a store of value. Combined with their flexibility, the bank asserts it would be difficult for them to be toppled.

As it stands, financial and banking institutions have different stances on cryptocurrencies. A fraction of them has accepted and even adopted crypto in varying degrees, whereas some have continued showing disapproval. Morgan Stanley, on its end, claims that the firms cultivating innovations in this sector will be the ultimate winners.

Coinbase makes trading debut

Coinbase officially went public this week and got listed on the NASDAQ exchange market yesterday. Chief Executive Brian Armstrong revealed plans to go public a while back, and preparations have been going on since then. The US-based stock exchange set an initial reference price figure of $250 for the stock ahead of Coinbase going public.

Coinbase chose the unconventional direct listing approach to go public over the popular initial public offering approach. Some of the other notable companies to adopt this approach are Slack and Spotify. The leading cryptocurrency exchange made its debut at an initial price of $380 that only lasted for a short while. The price quickly surged to $429 per share a few minutes after the listing.

It is reported that Coinbase rewarded each of its employees with 100 shares that translate to $32,100 at the current price of $321.00. The platform is available on the NASDAQ market under the ticker name COIN. Other digital assets exchanges are said to be following the event and could also decide to go public in the future.

The post Weekly Roundup: Coinbase grabs headlines appeared first on Coin Journal.

Coinbase launches on NASDAQ at $380 initial price

Coinbase finally listed on the NASDAQ stock exchange, trading at an initial price of $380 before soaring to $429 within minutes

Coinbase, one of the largest digital currency exchanges in the world, finally went public yesterday after successfully listing on the NASDAQ stock exchange. The direct listing follows months of preparation from Brian Armstrong and his team.

Trading under the ticker COIN, Coinbase’s stock began trading at $380 per share. However, it immediately climbed to $429 within a few minutes of listing. The initial trading price of $380 gave Coinbase an initial valuation of roughly $100 billion, making it one of the world’s largest cryptocurrency companies.

Although Coinbase went public via a direct listing and not the traditional initial public offering (IPO), the event still marks a great victory for the cryptocurrency sector. Cryptocurrencies have been gaining institutional and retail interest in recent months, and Coinbase’s listing could signify that the market is slowly going mainstream.

NASDAQ had set an initial reference price of $250. However, COIN began trading at $380 per share and immediately reached a daily high at $429. The cryptocurrency exchange gifted its employees 100 shares each, which became valued at $38,000 as the company went public.

Coinbase’s listing came after it delivered perhaps its best quarter in terms of earnings. The cryptocurrency exchange raked in nearly $2 billion in revenue in the first quarter of 2021, surpassing its entire 2020 earnings ($1.3 billion).

Coinbase’s success is tied to the performance of Bitcoin and several other cryptocurrencies. The crypto market is in an extended bull cycle that has seen the total market cap surpass $2 trillion for the first time earlier this month. Bitcoin is up by more than 500% over the past year, after setting a new all-time high close to $65k this week.

With Coinbase now a publicly-listed company, several other cryptocurrency exchanges could follow suit. Kraken had already revealed its plan to launch an IPO before the end of the year.

The post Coinbase launches on NASDAQ at $380 initial price appeared first on Coin Journal.

Top platforms where you can buy Coinbase stock (COIN) today

With the announcement that Coinbase will be today going public on the Nasdaq, traders may be wondering where they can buy

With the news of Coinbase going public, there is a great deal of excitement for how traders can get their hands on their share of one of the world’s leading cryptocurrency exchanges.

Going live on the Nasdaq this morning with the ticker name, Nasdaq:COIN, the company is expected to see a huge influx from investors trying to claim their stake, and at $250 a share, there are many who see opportunities for further growth from the exchange’s initial valuation.

The listing will be a real test of how much influence the crypto community is likely to have on the stock market — particularly in the wake of the WallStreetBets Gamestop stock price moves that sent many in the stock market reeling from coordinated buying power.

Where can I buy Coinbase shares?

1. Plus500

Using a reputed and regulated exchange is vitally important when buying a new financial product, as you can be sure you are buying the real thing. Plus500, founded in 2008 and currently offering 1,000s of stock and share options, is a great place to buy, sell and trade stocks, making it an ideal home for COIN stock.

1

Min. Deposit
100€
Exclusive promotion

Our score
10

CFDs on BTC, ETH, LTC, NEO, XRP, IOTA, EOS, BAB, ADA, TRX, XMR

No need to open a crypto exchange account or use a special wallet

Regulated Broker – FCA, ASIC, CySEC (license number 250/14)

Description:
Plus500 is a leading provider of Contracts for Difference (CFDs), delivering Leveraged trading on +2,000 financial instruments, including Forex, Commodities, Indices, Shares, Options and Cryptocurrencies. CySEC license number (#250/14)

Payment Methods

Credit Card, PayPal, Skrill, Bank Transfer

Full regulations list:

FCA, CySEC, ASIC, MAS, FSA, ISA

76.4% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money. Plus500 does not offer cryptocurrency purchases but only allows CFD trading.

2. eToro

As one of the leading cryptocurrency and stock brokers in the world, eToro is a fast and convenient place to purchase COIN shares today.

Founded in Israel in 2006, eToro is one of the few significant competitors to Coinbase that was established before Coinbase back in 2012. The firm also recently announced its own plans to go public as the race to become the go-to cryptocurrency exchange takes off in force.

1

Min. Deposit
250€
Exclusive promotion

Our score
10

0% trading fees on all cryptocurrencies

Major cryptocurrency coins available including BTC, LTC, ETH

Access trading platform anywhere and from any device

Description:
ForexTB offers over 270 desirable financial assets to choose from. At ForexTB, you can dive into global markets, and trade CFDs on Forex assets, such as EUR/USD, GBP/USD, or trade CFDs on Commodities such as gold, silver and crude oil.

Payment Methods

Debit Card, Credit Card, Wallet One, Wire Transfer

Full regulations list:

CySEC

CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 78.15% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.

3. Capital.com

For an additional place to buy Coinbase shares, look no further than Capital.com. With a sleek and well-established footing in the stock market, Capital.com offers COIN stock to traders looking for quick and easy access to newly listed stocks and shares.

1

Min. Deposit
20€
Exclusive promotion

Our score
10

73 Different Cryptocurrency Pairs

Highest Liquidity with up to 1:2 leverage

Simple & Intuitive Platform

Description:
Capital.com offers investors an award winning trading platform that can access multiple financial markets including the new and exciting cryptocurrency market.

Payment Methods

Credit Card, Debit Card, Wire Transfer, Neteller, Skrill, Visa, Mastercard, Trustly

Full regulations list:

FCA, CySEC

67.7% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.

Will Coinbase stock rise in value?

Market experts are anticipating Coinbase stock will grow in value in the coming months and years but it must be noted that starting valuations are often deemed to be unreliable, so it is possible the stock will fall in price initially before eventually rising.

One thing that is for certain is that traders should not buy COIN, or any other stock for that matter, with the expectation that they will make their targeted profit levels quickly or easily, especially with uncharted waters such as these.

However, the fundamentals for Coinbase are very strong, having enjoyed 2.8 million visitors last month and generating an estimated $322 million in net profits in 2020 — the first time since 2017.

It should be noted however that we are currently experiencing a bull market for cryptocurrencies, so the likelihood that Coinbase generates less profit than this in the medium term remains a possibility.

The decision to invest, therefore, could be better taken with a more macro view on the cryptocurrency market as a whole, as new innovations happen in the space and institutional investment in crypto assets continues to grow over the next few years.

Brain Armstong, CEO of Coinbase, will be hosting a live YouTube livestream at 17:00 (UK time), so be sure to tune in if you are curious to find out more directly from the Coinbase team.

What is Coinbase?

Coinbase is a cryptocurrency exchange founded in 2012 when Bitcoin was worth just $6. Having established themselves early, the exchange is one of the go-to exchanges for traders looking to buy and sell their crypto holdings due to its greater acceptance from traditional banks for processing cryptocurrency transactions; particularly in years gone by when banks were more hostile towards crypto transactions.

The company made headlines last year for offering to buy out employees that were uncomfortable with its new policy of political neutrality from its workers, leading some to walk away from the firm.

Coinbase was established with the goal to allow traders to purchase the underlying crypto assets and withdraw them to their own a walletsn — a practice that is now considered by some as a gold standard for cryptocurrency exchanges and brokers.

The post Top platforms where you can buy Coinbase stock (COIN) today appeared first on Coin Journal.

Coinbase gets initial reference price of $250 from NASDAQ

Coinbase is going public on the stock exchange today, and NASDAQ has set an initial reference price of $250 for the stock

Cryptocurrency exchange Coinbase is getting ready to list on the NASDAQ stock exchange today. NASDAQ has now set Coinbase’s stock at an initial reference price of $250. According to the stock exchange operator, the reference price is established in consultation with Coinbase’s financial advisors and private transactions for the stock.

In its announcement, NASDAQ stated that “As a Direct Listing, COIN will be in a regulatory halt until Nasdaq opens trading pursuant to the procedures described in Rules 4120(c)(8) and (9) and 4753. Because COIN has not had recent sustained trading in a private placement market, Nasdaq is required to determine the price to use for purposes of Rule 4753(a)(3)(A)(iv)(b) and 4753(b)(2)(D)(ii). That reference price is $250.00.”

NASDAQ explained that since this security hasn’t previously traded on any listing market, it has no previous day’s closing price. As such, Regulation SHO Rule 201 will not apply to the security until its second day of trading on NASDAQ, and $250 will serve as the equivalent of the Coinbase ‘IPO’ price (although the exchange isn’t actually listing via an IPO).

The exchange operator added that the reference price is not an offering price, and no one has bought or sold shares at the mentioned price. Coinbase’s opening public price will be set based on buy and sell orders obtained in the opening auction on NASDAQ.

Coinbase is one of the leading cryptocurrency exchanges in the US. Its public listing is one of the most anticipated in the cryptocurrency space due to its status and revenues. Coinbase announced yesterday that it has gifted shares to its employees ahead of today’s hotly-anticipated direct listing on NASDAQ.

A spokesperson for the exchange told CoinDesk that Coinbase gave each of its more than 1,700 employees 100 shares. This is a way of expressing the company’s gratitude, the spokesperson added.

According to Ireland’s Business Post, news of the gifted shares was first delivered to the staff on March 25 during an all-hands meeting. Each employee is expected to rake in $25,000, as each stock will trade at $250. Coinbase is set to trade under the ticker COIN on NASDAQ.

The post Coinbase gets initial reference price of $250 from NASDAQ appeared first on Coin Journal.