Day: June 11, 2024

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Solana crypto wallet startup TipLink is simplifying blockchain access for newcomers by eliminating the need for traditional wallet browser extensions. Their new service, TipLink Wallet Adaptor, enables users to create in-browser wallets linked to their Google accounts, bypassing the need to set up wallets like Phantom or Solflare before receiving tokens.

TipLink CEO Ian Krotinsky stated, “It unlocks the rest of the world for easy onboarding.” This approach aims to attract the majority of internet users who lack a crypto wallet and the knowledge or inclination to set one up. Users can receive a wallet link, log in with their Google credentials, and start using it immediately.

While this might not sit well with staunch advocates of self-custody—those who emphasize “not your keys, not your coins”—Krotinsky isn’t concerned about that niche. He explained that TipLink’s app secures private keys to minimize the risk of users unintentionally exposing them to phishing attacks. Google’s security measures, especially for accounts with two-factor authentication, add another layer of protection.

“It’s currently not the place users will likely store a million dollars in,” Krotinsky noted, but assured that the team is working to introduce “more layers of security” in the future.

TipLink operates within a controlled environment for decentralized applications, only interacting with vetted programs to ensure user safety and prevent fund theft, as demonstrated in a promotional video shared with CoinDesk.

Additionally, TipLink is developing a “Pro” service aimed at helping developers distribute cryptocurrencies to hundreds or thousands of users via campaign links.

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The Ethereum Name Service topped CryptoSlam’s non-fungible token market on Monday with over $4.27 million in sales. Although not classified as a typical NFT collection, ENS utilizes NFT technology to offer decentralized domain names on the Ethereum blockchain. This allows users to convert Ethereum addresses into human-readable formats, with each registered ENS domain corresponding to a unique NFT that can be transferred or sold.

Ranking second for the day were the $PIZZA BRC-20 NFTs on the Bitcoin blockchain, which generated $2.18 million in sales. This collection saw a decrease from its $7.12 million in sales on Sunday.

Guild of Guardians Avatars, hosted on the Immutable network, secured third place with $1.24 million in sales. Other notable collections included Blast’s Fantasy Top, which ranked fourth with $987,910, and Genesis Fanta Field on Solana, debuting in the top 10 with $635,539 in sales.

The DMarket collection on the Mythos network, featuring game-related NFTs, ranked sixth with $583,411. The Bored Ape Yacht Club from Yuga Labs, a leading NFT collection by all-time sales, placed seventh with $470,907. Polygon-based OKX NFT Creation followed in eighth place with $414,817 in sales.

Rounding out the top 10 were two more Polygon collections: Matr1x Fire Weapon and TTAvatars, each with approximately $350,000 in sales.

The Ethereum blockchain, led by ENS, recorded the highest daily sales among all blockchains with $8.45 million, up from $4.51 million the previous day. The Bitcoin blockchain saw a daily sales volume of $4.11 million, a significant drop from $11.03 million on June 9.

Solana recorded sales of $2.68 million, while the Polygon blockchain had a higher transaction volume, totaling $2.44 million in sales. Immutable reported sales of $1.56 million, and the Blast blockchain saw $988,646 in sales.

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Bitcoin is currently trading down more than 3% over the past 24 hours, sitting at $67,171.52, according to data from Benzinga Pro.

Robinhood Markets, Inc. (NASDAQ:HOOD) recently announced the acquisition of Bitstamp Ltd., a well-established global cryptocurrency exchange. Robinhood’s expansion into the cryptocurrency space is adding pressure on existing crypto exchanges like Binance and Coinbase, as a new competitor enters the market.

In response, Coinbase has introduced a new smart wallet aimed at simplifying the previously cumbersome onboarding process associated with crypto wallets. “These next-generation wallets address the biggest pain points of the crypto experience today,” the company stated in a blog post. “Smart wallets make the transition to on-chain smoother than ever.”

Is COIN A Good Stock To Buy?

When deciding if a stock is a good buy, investors consider several factors. Besides valuation metrics and price action, which you can find on Benzinga’s quote pages (like Coinbase’s page), there are other considerations like dividend payments and stock buyback programs.

Coinbase Global (NASDAQ:COIN) does pay a dividend, yielding 0.43% per year as of the closing price on June 11, 2024. You can check Benzinga’s dividend calendar to find out when the next dividend is due and what kind of yield you can expect for holding the company’s shares.

For instance, if you’re aiming for an annualized return of 13.81%, you might consider buying a share of Ellington Residential by June 28, 2024. This would entitle you to a nominal payout of $0.08 on July 25, 2024.

Stock buyback programs are another factor to consider, as they can vary significantly. A company can approve a buyback program and purchase shares as it sees fit over the authorized period. Checking the latest news on Coinbase can reveal if the company has recently approved a buyback program. Buyback programs typically support share prices by providing a backstop for demand.

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Cryptocurrencies plunged deeper into correction territory on Tuesday, with bitcoin (BTC) dropping to nearly $66,000. This comes as traders brace for Wednesday’s key U.S. inflation report and Federal Reserve meeting.

Bitcoin (BTC) started the day trading around $70,000 but fell to a three-week low of $66,170 during the U.S. session. It slightly rebounded to approximately $66,500 but remained down nearly 5% over the past 24 hours.

Altcoins experienced even steeper declines, with the CoinDesk 20 Index dropping over 6%, and all twenty constituents in the red. Ethereum’s ether (ETH) fell below $3,500, down 6.5%, while solana (SOL), dogecoin (DOGE), Cardano’s ADA, and Chainlink’s LINK suffered losses between 6%-9%.

The sudden pullback led to over $250 million in liquidations of leveraged derivatives trading positions across all crypto assets, according to CoinGlass data. This marked the second significant leverage flush in a week, following Friday’s $400 million liquidations. Liquidations occur when an exchange closes a leveraged position due to a partial or total loss of the trader’s initial margin because the user fails to meet the margin requirements or lacks sufficient funds to keep the position open.

One reason behind the pullback is investors “de-risking” from crypto assets ahead of Wednesday’s May Consumer Price Index (CPI) report and Federal Reserve meeting, hedge fund QCP noted in an update. Bitcoin could see a volatile session on Wednesday as it has been “highly responsive” to economic data recently, with its 30-day correlation with U.S. equities climbing to the highest level since 2022, K33 Research mentioned in a Tuesday market update.

“The stage is set for a frantic macro-Wednesday, with both May CPI data and the Fed’s interest rate decision poised to move the market,” K33 analysts said. Investors will closely monitor the Federal Open Market Committee (FOMC) members’ interest rate outlook – the so-called “dot plot” – to see how many rate cuts policymakers are projecting for this year, considering recent persistent inflation readings and softer economic data. “The FOMC dot plot, alongside forward guidance during Jerome Powell’s press conference, is likely to be the most material price movers, as BTC has resumed its attentiveness to the market’s interest rate expectations.”

Market observers noted some positive signs during the sell-off that could indicate a quick recovery. Bitcoin has seen multiple pullbacks this year before FOMC meetings, only to reverse the move soon after, pseudonymous crypto analyst Gumshoe pointed out in an X post.

Bitcoin futures open interest on crypto exchanges BitMEX and Binance diverged earlier today, according to crypto analytics platform CryptoQuant, citing pseudonymous trader BQYoutube. “Often this kind of phenomenon is seen when whales on BitMEX start to accumulate positions while Binance retail gets washed out,” the post added. “Despite short-term headwinds, we think this might be a good opportunity to accumulate coin,” QCP said.

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