Category: Cryptocurrency

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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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Bitcoin led the investment charge last week, accumulating over $1.97 billion in inflows, while Ether experienced its strongest week since March, attracting nearly $70 million in inflows.

Expectations are mounting among some traders regarding continued buying activity in Ether-tracked products, with projections of the asset reaching the $10,000 price level by 2024.

In a report released on Monday, asset manager CoinShares revealed that crypto investment products amassed nearly $2 billion in inflows last week, extending a five-week streak to over $4.3 billion.

Trading volumes in exchange-traded products (ETPs) surged to $12.8 billion for the week, marking a 55% increase from the previous week. Bitcoin dominated the investment landscape, attracting over $1.97 billion in inflows, while Ether witnessed its strongest week of inflows since March, totaling nearly $70 million.

Buying activity for spot bitcoin exchange-traded funds (ETFs) in the U.S. has surged since mid-May, following a lackluster period in April characterized by days of zero net inflows across all products. Notably, BlackRock’s IBIT, one of the major products, even experienced outflows during this time. However, inflows have since rebounded, with IBIT emerging as the largest bitcoin ETF last week, accumulating over $20 billion worth of the asset since its January issuance.

CoinShares analyst James Butterfill noted that inflows were observed across almost all providers, with a continued slowdown in outflows from established players. Positive price action propelled total assets under management (AuM) above the $100 billion mark for the first time since March this year.

Butterfill suggested that the surge in Ether buying was likely spurred by the SEC’s surprise decision to greenlight spot ether ETFs.

Traders anticipate continued inflows into Ether products in the coming months, with a rally expected towards the end of the year. Ed Hindi, Chief Investment Officer at Tyr Capital, believes that $5-10 billion of fresh capital could flow through Ether products in the short to medium term, potentially fueling a year-end rally in ETH and its ecosystem to new record highs. Hindi considers a price target of $10,000 in 2024 as reasonable, especially given Ether’s transition to a deflationary asset.

In May, the U.S. Securities and Exchange Commission (SEC) approved key regulatory filings tied to ETH ETFs, marking a historic milestone for the second-largest cryptocurrency. The approval covered documents for eight ETFs from various providers, including VanEck, Fidelity, Franklin, Grayscale, Bitwise, ARK Invest 21Shares, Invesco Galaxy, and BlackRock, for listing on major exchanges.

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Bitfarms Ltd., a Bitcoin mining company, is adopting a “poison pill” shareholder rights plan in response to an unsolicited takeover offer from larger rival Riot Platforms Inc.

A poison pill strategy is designed to deter corporate takeovers by making the acquisition too costly for the acquiring company. Under the terms of Bitfarms’ plan, if an entity acquires an equity stake exceeding 15% by September 10, Bitfarms will issue new stock to existing shareholders, thereby diluting the stake of the entity pursuing the hostile takeover, as stated in a Monday announcement by Bitfarms.

Riot Platforms made an unsolicited offer of $950 million in May to acquire Bitfarms Ltd. following the latter’s rejection of Riot’s takeover bid the previous month. Bitfarms’ board deemed the proposal as significantly undervaluing the company and its growth prospects.

In April, Riot privately proposed $2.30 per share in cash and stock for Bitfarms, which represented a 20% premium over the company’s pre-offer share price.

According to Bitfarms, Riot currently holds 47,830,440 shares, constituting approximately 12% of the issued and outstanding stock. A spokesperson for Riot did not respond immediately to requests for comment.

On Monday, Bitfarms shares declined by 4.2% to $2.30, while Riot’s stock increased by 1.8% to $9.90. Year-to-date, both stocks have experienced declines of around 21% and 36%, respectively.

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Cryptocurrency custody firm Fireblocks has announced a partnership with Coinbase International Exchange, the non-U.S. division of Coinbase Global Inc. (NASDAQ:COIN), to provide more secure trading features for institutional and retail clients in eligible jurisdictions, the companies reported on Monday.

Through this partnership, Fireblocks customers can now link their accounts with Coinbase International Exchange, safeguarding operations such as withdrawals and deposits with Fireblocks’ governance and policy rules, according to a statement.

Coinbase International Exchange obtained a regulatory license from the Bermuda Monetary Authority in May 2023. Initially, it operated as a derivatives exchange for institutions and later added spot crypto trading for retail clients.

Fireblocks utilizes Multi-Party Computation technology to eliminate single points of compromise in API credentials and secure hardware enclaves to prevent threats and inside collusion attacks. Customers can leverage Fireblocks’ policy engine to set up user roles, governance policies, and approval workflows for deposit and withdrawal operations, ensuring protection against unauthorized fund movements. They can also manage deposits, withdrawals, and account rebalancing through the Fireblocks Console or API while monitoring all connected account balances.

“As we continue to expand our offerings for institutional and retail clients, this collaboration underscores our commitment to providing a robust and reliable trading infrastructure for our global clientele,” said Usman Naeem, CEO of Coinbase International Exchange.

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The crypto lending sector is experiencing a revival following the “crypto winter” that saw the collapse of major players, thanks to the introduction of spot Bitcoin exchange-traded funds and the return of assets to creditors from bankrupt companies.

“What I’m seeing is that this market has come back roaring,” Mauricio Di Bartolomeo, co-founder of crypto lending firm Ledn, told CoinDesk at the Consensus 2024 conference in Austin, Texas. “The market never really left; it [just] got scared.”

Crypto lending functions similarly to traditional banking. Customers deposit Bitcoin or other cryptocurrencies with firms like Ledn, earning interest or using the crypto as collateral for loans. The interest paid to depositors is generated by lending their crypto to others at a higher interest rate.

The sector collapsed in 2022 when crypto prices plummeted, leading to bankruptcies of companies like Celsius, BlockFi, and Genesis. Since then, the digital asset market has rebounded. The CoinDesk 20 Index has surged over 200% since the end of 2022. The rally gained momentum after BlackRock (NYSE:BLK) and other financial giants successfully applied to create Bitcoin ETFs in the U.S. Di Bartolomeo attributes the renewed interest in crypto lending to the positive outlook surrounding these funds.

“Bitcoin has gone up from $20,000 to $70,000 and has become a focal point in the U.S. political race,” he said. “This increased interest validates Bitcoin as an asset and collateral for lending.”

Ledn processed more than $690 million in loans in the first quarter of this year, its best performance since its inception in 2018. Over 84% of these loans were directed to institutional clients, driven by the demand surge following the approval of Bitcoin ETFs in January. Ledn exclusively processes loans in Bitcoin, Ethereum, and two stablecoins: USDC and USDT.

The institutions involved are primarily market makers from both Wall Street and crypto-native companies. “These firms operate in both the ETF and spot markets,” Di Bartolomeo said. “Some have made their names in crypto, others in traditional finance.”

Another factor driving the resurgence in crypto lending is the return of funds to users from bankrupt firms. Many users, who had their investment thesis validated over time, are returning to the lending market. Di Bartolomeo explained that these “hardcore users” are likely to hold onto their assets and use the lending market to leverage them for borrowing and lending.

“What I’m seeing is undeniable proof that people want to hold their Bitcoin long-term and also want to utilize it,” he said. Traditional financial institutions may not recognize digital assets as collateral for loans, but firms like Ledn bridge this gap for customers.

Surviving the crypto winter, Ledn remained committed to lending and borrowing fundamentals. “Ledn only works with qualified and vetted institutions, avoids asset and liability mismatches, and steers clear of DeFi yield farming,” Di Bartolomeo explained. “If someone lends us Bitcoin,we lend Bitcoin; if someone lends us dollars, we lend dollars. There’s always a taker and always liquidity.”

He added that all lending and borrowing activities are term-matched, ensuring liquidity for the assets. “People called us boring, but we said this is our way: boring, slow, and safe,” he noted.

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Bitdeer, a prominent Bitcoin (BTC) miner, has announced its acquisition of Desiweminer, a designer of chips for ASIC mining machines, in a significant all-stock transaction valued at $140 million. This strategic move aims to bolster Bitdeer’s capabilities in ASIC chip design and enhance its position in the competitive cryptocurrency mining industry.

According to the announcement made on Thursday, Bitdeer will acquire all outstanding shares of Desiweminer for a consideration of 20 million Class A ordinary BTDR shares. The transaction is subject to customary closing conditions, signaling the culmination of negotiations between the two entities.

As part of the acquisition, the Desiweminer team will integrate with Bitdeer’s ASIC design team based in Singapore. This collaboration is expected to lead to the development of innovative products that leverage the combined expertise and technologies of both companies. These new offerings are set for immediate release, highlighting the swift integration efforts underway.

Bitdeer’s acquisition of Desiweminer comes shortly after receiving a substantial investment of $150 million from stablecoin company Tether at the end of last month. This injection of funds underscores Bitdeer’s commitment to expanding its operations and investing in strategic partnerships to drive growth in the evolving cryptocurrency market landscape.

Following the announcement, BTDR shares experienced a modest uptick, rising 0.54% to $7.05 in pre-market trading. This response indicates initial market confidence in the potential synergies and value creation expected from the acquisition deal.

Overall, Bitdeer’s acquisition of Desiweminer represents a strategic maneuver to strengthen its position in the competitive ASIC chip design market and reinforce its presence in the rapidly evolving cryptocurrency mining sector.

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Binance, the world’s largest cryptocurrency exchange, has resumed Mastercard payments for purchasing cryptocurrencies, marking a significant development in the crypto payment landscape. While Mastercard withdrawal services are not yet available, they are expected to be reinstated at a later date.

This move comes after Mastercard suspended crypto-related services on Binance in August 2023. The decision coincided with Binance facing legal challenges in the United States, including regulatory scrutiny from the U.S. Securities and Exchange Commission (SEC) and the U.S. Commodity Futures Trading Commission (CFTC).

After conducting a thorough review of Binance’s controls and processes, Mastercard decided to reinstate Binance-related purchases on its network. A spokesperson from Binance highlighted the extensive measures implemented by the exchange and expressed optimism about adding support for additional products, such as withdrawals, in the future.

Mastercard confirmed the restoration of service but emphasized that ongoing reviews would determine the continuation of Binance-related transactions on its network. This cautious approach underscores the importance of maintaining robust compliance measures in the cryptocurrency ecosystem.

Both Visa and Mastercard have shown enthusiasm for the cryptocurrency sector, venturing into Web3 and self-custody wallet solutions. The reinstatement of Mastercard payments on Binance reflects a broader trend of traditional financial institutions embracing the opportunities presented by cryptocurrencies and blockchain technology.

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Robinhood (NASDAQ:HOOD), the popular stock-trading app, is expanding its presence in the cryptocurrency market with the acquisition of global crypto exchange Bitstamp for approximately $200 million. The transaction is expected to finalize in the first half of 2025.

Robinhood, traditionally known for enabling everyday consumers to trade stocks, has been gradually increasing its involvement in the cryptocurrency sector. The company supports various popular cryptocurrencies, including Bitcoin, though it has previously restricted some due to U.S. regulatory scrutiny.

The acquisition of Bitstamp aligns with Robinhood’s strategy to deepen its crypto offerings and expand internationally. Robinhood launched its core stock-trading product in the U.K. last November and began offering crypto trading in the European Union shortly after.

Founded in Europe in 2011, Bitstamp is one of the oldest cryptocurrency exchanges globally, facilitating trading for companies and individuals. It was acquired by Belgian investment company NXMH in 2018, with Ripple also buying a stake last year.

Robinhood went public in mid-2021, initially thriving during the pandemic before seeing its valuation drop from an IPO peak of over $40 billion to below $10 billion. However, the company has experienced a resurgence, with its valuation more than doubling in the past year to $19 billion, driven by record earnings. In Q1 2024, Robinhood reported a 16% increase in monthly active users year-over-year to 13.7 million and a 40% rise in revenues to $618 million. Notably, transaction-based revenue surged by 59% to $329 million, largely due to a 232% increase in cryptocurrency income, totaling $126 million.

With Bitstamp, Robinhood aims to enhance its position among retail and institutional crypto investors in Europe, Asia, and the U.S. Bitstamp currently holds over 50 licenses and registrations to operate in these regions.

“The acquisition of Bitstamp is a significant milestone in expanding our crypto business,” said Johann Kerbrat, Robinhood’s crypto general manager. “The Bitstamp team has built one of the strongest reputations among both retail and institutional crypto investors. This strategic combination positions us to extend our reach beyond the U.S. and attract institutional customers to Robinhood.”

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