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Coinbase To Raise $1,000,000,000 in Convertible Bonds From Institutional Buyers As COIN Rallies 81% in a Month

Coinbase To Raise ,000,000,000 in Convertible Bonds From Institutional Buyers As COIN Rallies 81% in a Month

Top US-based crypto exchange platform Coinbase says it will be raising $1 billion worth of convertible bonds from institutions. In a new press release, Coinbase announced today its intention to privately offer $1 billion worth of convertible notes due in 2030  to “persons reasonably believed to be qualified institutional buyers.” “The notes will be senior, […]

The post Coinbase To Raise $1,000,000,000 in Convertible Bonds From Institutional Buyers As COIN Rallies 81% in a Month appeared first on The Daily Hodl.

Binance CEO Now Expects Bitcoin Price to Top Earlier Estimate of $80K This Year

Coinbase Aims to Raise $1 Billion Through Convertible Bond Sale as Shares Spike

Coinbase Aims to Raise  Billion Through Convertible Bond Sale as Shares SpikeCoinbase Global, Inc. has unveiled its strategy to generate $1 billion through the issuance of convertible bonds set to mature in 2030. This plan includes a provision for initial buyers to acquire an extra $150 million to address any over-allotments. Coinbase revealed that the proceeds would be allocated for “working capital and capital expenditures.” Coinbase […]

Binance CEO Now Expects Bitcoin Price to Top Earlier Estimate of $80K This Year

Goldman Sachs Reevaluates Coinbase, Eyes Neutral Stance Amid Crypto Surge

Goldman Sachs Reevaluates Coinbase, Eyes Neutral Stance Amid Crypto SurgeIn a significant shift, Goldman Sachs has upgraded its rating on Coinbase shares from selling to neutral, citing a surge in crypto prices and record-breaking daily volumes. The adjustment to a $282 price target reflects the bank’s reassessment of the San Francisco-based crypto exchange’s revenue potential and operational strides toward profitability. Goldman Sachs Shifts Gears: […]

Binance CEO Now Expects Bitcoin Price to Top Earlier Estimate of $80K This Year

Venture Capitalist Dan Tapiero Predicts Bitcoin Will Explode by up to 237% This Year – Here’s His Outlook

Venture Capitalist Dan Tapiero Predicts Bitcoin Will Explode by up to 237% This Year – Here’s His Outlook

The chief executive of investment firm 10T Holdings says that Bitcoin (BTC) could skyrocket by over 200% this year. In a new post on the social media platform X, venture capitalist Dan Tapiero says the flagship digital asset could appreciate to between $150,000 and $200,000 this year, a gain of roughly 153% to 237% from […]

The post Venture Capitalist Dan Tapiero Predicts Bitcoin Will Explode by up to 237% This Year – Here’s His Outlook appeared first on The Daily Hodl.

Binance CEO Now Expects Bitcoin Price to Top Earlier Estimate of $80K This Year

Coinbase Stock on the Rise After Oppenheimer Upgrade To ‘Outperform’: Report

Coinbase Stock on the Rise After Oppenheimer Upgrade To ‘Outperform’: Report

Coinbase’s (COIN) stock is rising after multiple reports of being upgraded to “outperform” by a prominent investment brokerage and bank. According to a new report by Yahoo Finance, financial services giant Oppenheimer expects the top US-based crypto exchange platform’s stock to outperform expectations and reach a price tag of $160. In an accompanying research note, […]

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Binance CEO Now Expects Bitcoin Price to Top Earlier Estimate of $80K This Year

Coinbase co-founder Fred Ehrsam sells $13 million COIN shares as ARK continues to divest

Major Coinbase shareholders have sold over $14 million of stocks over the past 48 hours.

According to public trading data, Coinbase co-founder Fred Ehrsam and ARK Invest have sold more than $14 million of Coinbase shares over the past 48 hours.

Information shared by Insider Tracker, a service that shares trading information of high-profile company executives and politicians shows that Ehrsam sold 97.836 COIN shares for $13.2 million on Dec. 11.

Meanwhile, ARK Invest’s daily trade information newsletter, which provides updates on its actively managed exchange-traded funds (ETFs), showed that its ARK Innovation ETF (ARKK) had offloaded some 10,933 COIN shares valued at around $1.5 million.

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Binance CEO Now Expects Bitcoin Price to Top Earlier Estimate of $80K This Year

Coinbase rolls out crypto transfers via links sent on WhatsApp, Telegram

Recipients need to download a Coinbase Wallet to receive the funds, but the crypto exchange says they’ve simplified the process for less tech-savvy users.

A new feature from Coinbase Wallet allows for the transfer of crypto through a link that can be sent through some of the most popular social media sites and messaging apps as the crypto exchange looks to make its service accessible to a wider market.

“Users can now send money on any platform that they can share a link,” Coinbase said in a Dec.

There’s no payment fee when sending USD Coin (USDC), a U.S.

Clicking the link will take the recipient to their device’s app store to download Coinbase Wallet — if not already downloaded — where they can create a wallet in one click, Coinbase noted.

If the funds aren’t claimed within two weeks, they will be returned to the sender.

Coinbase also made a “simple mode” for its wallet to help new and less savvy tech users which only shows basic functions like buying, sending, receiving and viewing assets.

Related: How to prepare for the next crypto bull market: 5 simple steps

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Binance CEO Now Expects Bitcoin Price to Top Earlier Estimate of $80K This Year

Cathie Wood Sells Off Coinbase (COIN) Stock While Picking Up More Robinhood (HOOD) Shares

Cathie Wood Sells Off Coinbase (COIN) Stock While Picking Up More Robinhood (HOOD) Shares

ARK Invest founder and CEO Cathie Wood is selling off tens of thousands of shares in the top US crypto exchange Coinbase (COIN). According to the latest reported sales by Ark Invest, ARK sold 43,956 shares of Coinbase on Monday as COIN soared to $120. COIN was trading for $128.27 at market close on Tuesday, […]

The post Cathie Wood Sells Off Coinbase (COIN) Stock While Picking Up More Robinhood (HOOD) Shares appeared first on The Daily Hodl.

Binance CEO Now Expects Bitcoin Price to Top Earlier Estimate of $80K This Year

Brian Armstrong Says On-Chain Is the New Online As Coinbase Beats Expectations With $674,148,000 in Revenue

Brian Armstrong Says On-Chain Is the New Online As Coinbase Beats Expectations With 4,148,000 in Revenue

Coinbase CEO Brian Armstrong says crypto companies could be the tech giants of tomorrow as on-chain becomes the present-day equivalent of the internet. In the company’s Q3 earnings call, Armstrong says that blockchain and crypto are now transforming people’s lives just as the internet did about two decades ago. “On-chain is the new online. The […]

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Binance CEO Now Expects Bitcoin Price to Top Earlier Estimate of $80K This Year

What are the 3 assets most correlated with Bitcoin?

Bitcoin price is closely linked to several financial assets but the reasons for correlation with certain precious metals and stocks can be quite different.

The financial media often points out Bitcoin’s (BTC) correlation to big tech. “Bitcoin is trading like a tech stock” is a common narrative alongside BTC's often acute inverse-relationship with the United States dollar.

But are these correlations set in stone, and can they be useful for predicting future price moves? Let's take a closer look at several reports analyzing the relationship between Bitcoin and various asset types. 

Bitcoin's historic correlations vary across timeframes

A report published in October 2022 by the Multidisciplinary Digital Publishing Institute arrived at several key conclusions regarding Bitcoin’s correlations with traditional financial assets, including:

  • The extreme volatility of the Bitcoin market means that long-term correlations are stronger than short-term correlations;
  • The “positive linkage between Bitcoin and risk assets increases during extreme shocks” such as COVID-19;
  • Bitcoin can be positively correlated with risk assets and negatively correlated with the US dollar;
  • Bitcoin can serve as a hedge against the US dollar.

While some of these points can be countered with newer price data over the last 9 to 10 months, such as a major drop in volatility, insight can still be gained from examining them. In addition, other researchers have gone deeper into the relationship of specific assets to Bitcoin during set timeframes.

Crypto-specific stocks

A few crypto-related equities have been more correlated to Bitcoin than any other assets on the market. The 90-day correlation coefficient for BTC/MSTR, BTC/COIN, and BTC/RIOT have all remained near 1 for the last several months. The symbols "BTC/xxxx" indicate the correlation coefficient for each asset as measured against Bitcoin.

For MSTR, the coefficient has fallen no lower than 0.68 since September 2022. The coefficient for RIOT fell to roughly 0.75 in June 2023, while COIN trended near 0 for a time during May and June. 

COIN, ROIT, and MSTR  year-to-date chart with 90-day correlation coefficients compared to BTC. Source: TradingView

All of these stocks have outperformed Bitcoin so far this year while also showing greater volatility. Investors may be using these assets as proxies for Bitcoin, which can't be bought through a brokerage account. 

One reason these three stocks are so closely correlated to Bitcoin has to do with the balance sheet of their respective companies. They all have a substantial amount of Bitcoin holdings.

As seen in the table below, MSTR has the most holdings of any public company with 152,333 Bitcoin. COIN comes in 4th place with 10,766 Bitcoin, and RIOT is in 8th place with 7,094 Bitcoin.

Bitcoin holdings by public companies. Source: CoinGecko

Precious metals

When it comes to correlation with commodities and precious metals, in particular, silver actually beats gold in mirroring Bitcoin's price moves since 2019. 

A November 2022 report by Jordan Doyle and Urav Soni of the CFA Institute entitled “How do cryptocurrencies correlate with traditional asset classes?” shed some light on Bitcoin's most-correlated assets. 

Crypto and Commodities correlation heat map. Source: CFA Institute

Silver has been the commodity most closely-correlated to Bitcoin from October 2019 and to October 2022 with a correlation coefficient of 0.26, according to the report. Gold’s correlation, by comparison, was just 0.15, perhaps due to silver’s greater volatility.

The report notes:

Silver has the highest correlation, peaking at 0.26 for silver and bitcoin. Bitcoin, the so-called 'digital gold,' exhibits only weak correlation with the precious metal.

Passive and active equity funds and bonds

When speaking of stocks as a whole and their correlation to Bitcoin, looking at an index or ETF would be the most common way to make a comparison. This provides an overview of the asset class in general rather than zeroing in on one specific stock, which may have any number of factors affecting it. 

As might be expected, growth funds tend to be more correlated with cryptocurrencies, presumably due to their more speculative nature. Notably:

“Growth funds exhibit a stronger correlation to cryptocurrencies than value funds. The correlation coefficient between small-cap growth funds and bitcoin, for instance, is 0.41, compared to 0.35 for small-cap value funds and bitcoin.”
Crypto, equity funds, and bonds correlation heat map. Source: CFA Institute

In other words, crypto markets as a whole are “weakly sensitive to interest rate dynamics” that were at least partially responsible for a broad drawdown in equities throughout 2022.

Finally, Bonds bear little to no relationship with Bitcoin. Passive bond funds showed a correlation of just 0.11, while active bond funds were just two basis points higher at 0.13. All data points are for the timeframe of October 2019-October 2022.

Bitcoin's correlations are not a crystal ball

Due to Bitcoin’s large price swings, all correlations can change at a moment’s notice. Still, the data used here provides an accurate picture of the assets most closely correlated to Bitcoin in the recent past.

Related: Bitcoin and correlations: examining the relationship between btc, gold, and the nasdaq

It's likely that crypto-specific stocks will continue having a strong correlation due to their Bitcoin holdings, while the correlation with commodities and equity funds could quickly change course going forward.

This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.

Binance CEO Now Expects Bitcoin Price to Top Earlier Estimate of $80K This Year