Coinbase insiders dump nearly $5 billion in COIN stock shortly after listing
Insider activity reports for Coinbase’s COIN stock indicate that multiple early investors and executives sold billions in equity shortly after COIN’s direct listing. While the filings initially indicated that multiple executives sold a high percentage of their stake in the company, a representative for Coinbase told Cointelegraph that the sellers maintain strong ownership positions. Data from Capital Market Laboratories and confirmed by filings on Coinbase’s Investor Relations website shows a total of 12,965,079 shares were sold by insiders, worth over $4.6 billion at COIN’s $344.38 per share Friday close. Notable transactions include Coinbase CFO Alesia Haas selling some 255,500 shares at a price of $388.73 (though her Form 4 states that she retains options), while CEO Brian Armstrong sold 749,999 shares in three transactions at various prices, netting a total of $291,827,966.
Andrew Thurman 15:16
Watch out as r/Wallstreetbets finally allows crypto threads... within limits
The moderators of subreddit r/Wallstreetbets have announced they will allow crypto discussion in the subreddit from today. The retail trading group, famous for pumping traditional stocks such as GameStop (GME) and scaring hedge fund managers out of their shorts — which is soon to be a major movie — will limit discussion to three cryptocurrencies, Bitcoin (BTC), Ether (ETH) and Dogecoin (DOGE) in a single daily thread. A post this morning stated: Subreddit moderator u/bawse1 noted that for years they’d “tried to delay discussion about crypto on the sub for many reasons,” with the main concern being that r/Wallstreetbets didn’t want crypto discussions to detract from the group’s core focus on the stock market. However, despite some members “hating crypto,” the moderator noted that the subreddit aims to make all members welcome amid the growing appetite for crypto in the past year:
Brian Quarmby 15:00
After a remarkable run, social media sentiment sours on DOGE
It was a Shiba Inu shooting across the sky: Dogecoin’s run over the past week will be one for the history books. However, for all the fireworks social media data is indicating that the meme’s run may have met its end. The digital currency, which originally launched in 2013 and has been at the center of a number of absurd headlines and scams over the years, notched another chapter in its often puzzling history over the past few days. On Friday, DOGE managed to eclipse Ethereum in total exchange volume (doubling, in fact), the capstone to a remarkable run that saw it double in price in a day, capping over 5000% gains on the year. However, at its core DOGE is a meme, and memes are propagated by and fundamentally rely on social media. When the meme can’t spread, the price will crash.
Andrew Thurman 13:40
German software developer donated $1.2M in ‘undeserved’ Bitcoin to political party
A German national who reportedly sees his Bitcoin profits as “undeserved wealth” has donated more than $1 million to the country’s green political party. According to Hamburg-based news outlet Die Zeit, Moritz Schmidt, a software developer from the northeastern town of Greifswald, has sent 1 million euro — roughly $1.2 million — to Germany’s green party, known as The Greens or Alliance 90. A party spokesperson said Schmidt had made significant gains during the Bitcoin (BTC) bull run but wanted to contribute to causes related to environmental and climate protection rather than hodling his crypto. “The donor has made it clear to us that he sees these profits as undeserved wealth that he does not claim for himself, but wants to use socially, for something that corresponds to his convictions,” said the Greens spokesperson. “In the meantime he sees the Bitcoin system critically, among other things against the background that the necessary arithmetic operations consume huge amounts of electricity.”
Turner Wright 13:16
Bitcoin network's hashrate is155.92EH/s，mining difficulty is23.58T
According to data from BTC.com，bitcoin network's hashrate is155.92EH/s，mining difficulty is23.58T. Next Difficulty Estimated：(-1.25%)23.29T Date to Next Difficulty：13Days7Hours Unconfirmed Txs：152,607
Ethereum network's hashrate is 499,778.77 GH/s，mining difficulty is 6,674.02T
According to data from eth.btc.com，ethereum network's hashrate is499,778.77 GH/s，mining difficulty is6,674.02T. ETH's price ：$ 2,296.10 Avg Gas Price：104.00Gwei Pending Txs ：211996
ETH bonanza as three North American Ethereum ETFs approved in one day
While gaining exposure might still be difficult south of the US-Canada border, Canadian investors will shortly have a host of options to choose from to gain exposure to Ethereum (ETH) via an ETF as regulators have approved three different Ethereum ETFs in a single day. Purpose Investments, Evolve ETFs, and CI Global Asset Management were all approved by Canadian regulators to launch Ethereum-backed ETFs today. The ETFs will be the first ETH ETFs in North America, and among the first in the world. Some observers noted that all three being approved at once may have been part an effort not to give Purpose an “unfair advantage”. Purpose appeared to gain an edge after the launch of the wildly popular Purpose Investments ETF, the first North American Bitcoin ETF which quickly swelled to $1.3 billion in AUM while competitors waited for approval. Rival Evolve Fund Group’s Bitcoin ETF only managed to attract $100 million in AUM, despite launching only two days later than Purpose and offering 25% less management fees.
Andrew Thurman 14:55
Bitcoin caught in the crossfire as Turkish opposition leader voices support
Shortly after a Friday morning “diktat” from Turkey’s freshly-appointed central bank governor that effectively banned any and all use of cryptocurrency in the country, Bitcoin (BTC) now appears caught in a partisan dustup as a Turkish opposition party leader has voiced support for the digital currency. As reported by Cointelegraph, Turkey’s central bank announced on Friday that starting April 30, any cryptocurrency payments and fiat-to-crypto onramp transactions will be rendered illegal. Additionally, “Any direct or indirect usage of crypto assets in payment services and electronic money issuance” will be prohibited. In a response to the drastic announcement, Turkish opposition party leader Kemal Kılıçdaroğlu came out in support of Bitcoin and cryptocurrency in general in a series of tweets:
Andrew Thurman 14:25
Blackrock CEO says crypto 'may become a great asset class' but is no substitute for currency
Despite the successful rollout of Coinbase's stock on Wednesday, Blackrock CEO Larry Fink still expressed some concerns over the institutional adoption of crypto. In an interview with CNBC’s Squawk Box on Thursday, Fink said he was "encouraged by how many people were focusing" on crypto and the narrative surrounding it, but he seemed to imply his views were largely unchanged in the wake of a major cryptocurrency exchange going public. "[Crypto] may become a great asset class, and I do believe this could become a great asset class," said Fink. “I don’t believe it’s a substitute for currencies. [...] I don’t believe we should think about crypto as a substitute of currency."
Turner Wright 14:24
Gold-as-a-currency: Kinesis launches government-backed monetary system in Indonesia
Kinesis, a gold-backed monetary system based in the Cayman Islands, has launched a Sharia-compliant version of its product in Indonesia, setting the stage for wider acceptance of its solution in the world’s largest Muslim-population country. The product, PosGO Syariah, is described as the first mobile ecosystem business in Indonesia to be compliant with Islamic law. Delivered as a mobile application, PosGO is a digitized physical gold trading platform that also allows users to conduct real-time, peer-to-peer transfers of gold and fiat currency. The platform also offers a payment gateway and a “Gold Mecca” community savings program for the Hajj, the Islamic pilgrimage. Importantly, PosGO is being launched in partnership with PT Pos, Indonesia’s government-run postal service and the largest non-bank institution in the country. The reach of PT PoS opens up Kinesis’ physical gold-based digital product to the masses.
Sam Bourgi 14:19
There will be drama, warns WEF expert on Bitcoin regulation
Those who oversee the traditional finance sector won’t just let Bitcoin (BTC) wander off into the sunset without a fight. That’s the sentiment expressed by the World Economic Forum’s head of blockchain and digital assets, Sheila Warren, who said a “dramatic” round of regulation was about to befall Bitcoin and the wider cryptocurrency space. Warren told Bloomberg on Thursday: Warren’s comments arrived a matter of hours after Coinbase became the first cryptocurrency exchange to list its shares on the Nasdaq. Combined with Bitcoin’s booming ascent over the past year to reach new heights of close to $65,000, industry observers hoped the correlation of the two would lend some newfound legitimacy to the cryptocurrency space and perhaps cause regulators to relax their itchy trigger fingers.
Greg Thomson 14:12
Switzerland’s largest insurer AXA starts accepting Bitcoin as payment
Europe’s second-largest insurance firm, AXA, has become Switzerland’s first all-line insurer to offer its customers the option to pay their bills with Bitcoin (BTC), facilitated through a collaboration with the established cryptocurrency broker Bitcoin Suisse. Bitcoin payments will be accepted for nearly all AXA products, except for life insurance due to regulatory barriers to the latter. AXA has cited the accelerated digital transformation of the global economy during the coronavirus pandemic as being a key factor in its choice to integrate cryptocurrency into its everyday operations. However, even back in 2019, the insurer notes it had conducted market research showing that roughly a third of respondents aged between 18 and 55 already owned or were interested in crypto.
Marie Huillet 14:08
BlockDown: DeFi institutional adoption is booming but gas fees hinder growth
Panelists at a DeFi-focused talk held at the BlockDown conference on Thursday expressed their optimism at the past and future growth of decentralized finance, but highlighted the hurdles to adoption due to congestion on Ethereum. The panel, titled “DeFi’s newest waves,” featured Anton Bukov, co-founder of 1inch Network, Ajit Tripathi, head of institutional business at Aave, Hyung Lee, CEO of B.Harvest, and Eric Chen, co-founder of Injective Protocol. The panel was moderated by Cointelegraph’s technology editor Andrey Shevchenko (yours truly). Bukov characterized the current crypto cycle as somewhat more mature than those of the past, notably 2017. The projects raising funds today often have a developed product, while for initial coin offerings projects were often “just an idea,” Bukov said.
Andrey Shevchenko 14:05
Scaramucci surprised at lack of banking response to Coinbase listing
After much anticipation, Coinbase listed on the Nasdaq on Wednesday via a direct listing. Skybridge founder Anthony Scaramucci thinks the event should have been met with more attention from banks. “What I’m surprised about, frankly, is there isn’t a wake-up call at the banks, the commercial banks, like there was for the Netscape IPO in 1995 at Microsoft,” Scaramucci told CNBC on Friday after noting Coinbase’s connection with Bitcoin (BTC), in line with the asset’s growth and technical framework. He added:
Benjamin Pirus 14:01
UK hedge fund reportedly plans to invest $84M in crypto
Brevan Howard, a United Kingdom-based asset management firm, is reportedly planning to directly invest in digital assets after more than a year of exposure to the crypto space. According to a Bloomberg report, Brevan Howard Asset Management will be allocating 1.5% of the $5.6 billion in its main hedge fund to crypto — roughly $84 million. A source with knowledge of the matter said two co-founders of crypto investment firm Distributed Global, Johnny Steindorff and Tucker Waterman, would be leading Brevan Howard’s foray into crypto. The asset management firm will reportedly be focusing on “a wide range” of cryptocurrencies in addition to Bitcoin (BTC), betting that the price of the crypto asset will continue to rise. At the time of publication, BTC's price is $62,775, having fallen 1.3% in the last 24 hours.
Turner Wright 13:59
Mick Jagger is using NFTs to raise money for indie music venues
The Rolling Stones lead singer Mick Jagger is jumping into the nonfungible token craze to help independent music venues that have been adversely affected by the pandemic. In an announcement from the music legend on Thursday, Jagger said he had started a 24-hour auction on Nifty Gateway featuring a nonfungible token, or NFT, based on a new song with Foo Fighters frontman Dave Grohl. The digital piece designed by artist Oliver Latta, also known as Extraweg, features a loop of a figure running through two human heads, with Grohl and Jagger’s “Eazy Sleazy” song playing in the background. “The 30-second audio visual piece evokes a surreal essence of breaking through the barriers of the human mind and pushing forward on the brink of social collapse to provide a much needed moment of artistic relief as the world slowly transitions out of lockdown,” said the announcement.
Turner Wright 13:57
r/Wallstreetbets rebans crypto discussions following Bloomberg article
r/Wallstreetbets, a subreddit famous for organizing a pump for Dogecoin and the GameStop short squeeze, is enacting a crypto discussion ban after officially allowing the topic for a single day. Subreddit moderator u/bawse1 announced on Thursday that r/Wallstreetbets has now banned crypto discussions forever, following a Bloomberg article titled “WallStreetBets Bows to Crypto.” Just a day before, the same moderator officially announced that the subreddit will finally allow crypto discussion strictly limited to Bitcoin (BTC), Ether (ETH) and Dogecoin (DOGE). The new post reads: A Thursday update to r/Wallstreetbets rules reads that the subreddit will automatically remove content mentioning cryptocurrencies alongside nonfungible tokens. “You can mention it in passing but posts whose sole topic is cryptocurrency or the underlying technology are not allowed. The crypto market tends to consist of small accounts and pump & dumps,” the subreddit’s content guide notes.
Helen Partz 13:56
Cathie Woods' Ark buys a further $110M worth of Coinbase shares
Three exchange-traded funds offered by Cathie Wood’s Ark Invest, including the flagship Ark Innovation ETF, all added further shares in Coinbase (COIN) to their positions on Thursday. According to a report from Reuters, the Ark Innovation ETF, Ark Next Generation Internet ETF and Ark Fintech Innovation ETF purchased a combined total of 341,186 shares, valued at $110 million at the close of trading on Thursday, with each share valued at $322.75. The previous day, the three ARK funds together accumulated 749,205 COIN shares, worth approximately $246 million combined. Wednesday's bolstering of Ark's Coinbase position brings the three funds' total stock of Coinbase shares, just days after the cryptocurrency exchange's Nasdaq debut, to over a million shares — 1,090,391 to be exact.
Marie Huillet 13:51
Jim Cramer cashes out half his 'phoney money' Bitcoin to pay off mortgage
Business TV personality and converted Bitcoin proponent Jim Cramer has sold half of what he calls his “phoney money” Bitcoin portfolio to pay off his mortgage. .@jimcramer discloses that he bought a lot of bitcoin when it was around $12K. He says he sold half of it to pay off his mortgage yesterday. "It was like phony money paying for real money... I think I won." https://t.co/L909N1g6x0 pic.twitter.com/hfkzTmIdWl During Thursday’s broadcast of “Squawk on the Street,” co-anchor Jim Cramer revealed that he’s “decided to become an apostate,” by selling off half of his Bitcoin holdings to pay off his home.
Joshua Mapperson 13:49
ECB endangers itself by waiting around on digital euro, says ConsenSys exec
The European Central Bank will put itself in jeopardy if it waits around o a digital euro for too long, according to an executive at major cryptocurrency firm ConsenSys. ConsenSys South Africa lead Monica Singer joined the European Blockchain Convention to discuss the role of the private sector in shaping global central bank digital currencies, or CBDCs. She spoke of CBDC-powered benefits and opportunities in a Monday panel with BNP Paribas CIB digital transformation leader Dean Demellweek and Philipp Sandner, a professor at the Frankfurt School Blockchain Center. Singer — who served more than 18 years as CEO of South Africa’s central securities depository, Strate — believes that the existing financial system is far from perfect.
Helen Partz 13:47