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Coinbase Shares Declined 50% From All-Time High, Stock Follows Bitcoin’s Ups and Downs

Coinbase Shares Declined 50% From All-Time High, Stock Follows Bitcoin’s Ups and DownsRoughly nine months ago, Coinbase’s initial public offering (IPO) via a direct listing on Nasdaq launched, and shares swapped for $342 per share on April 16, 2021. Since then, Coinbase shares have dropped by close to half that value and today, COIN is swapping for more than 45% lower at $187 per unit. Coinbase Follows […]

‘Operation Choke Point 2.0’ may have contributed to SVB collapse: Mulvaney

Fact check: Has Coinbase launched a decentralized fact checking portal?

Coinbase has launched a fact-checking portal to combat “misinformation and mischaracterizations about Coinbase or crypto” being shared online.

Coinbase CEO Brian Armstrong has announced the launch of what he’s calling a “Fact-Check" via the company’s blog.

In a May 27 post titled “Announcing Coinbase Fact Check: Decentralizing Truth in the Age of Misinformation,” Armstrong expressed the firm’s desire to combat untrue assertions aimed towards Coinbase and the crypto industry as a whole:

“We will use this section of the blog to combat misinformation and mischaracterizations about Coinbase or crypto being shared in the world.”

The post was subtitled: “Every tech company should go direct to their audience, and become a media company,” which he suggested elsewhere in the piece isn't very difficult: "Whether traditional, social or corporate media, we're all just typing words on the internet."

While the title of Armstrong’s blog post article suggests that at some point in the future the fact-checking will involve some form of decentralization, at present the “fact-checking” simply consists of articles responding to what Coinbase deems as “misinformation”

So in other words, Coinbase intends to put out posts expressing Coinbase’s opinion on matters related to Coinbase and cryptocurrency on the Coinbase blog.

Some might argue they already do this. Indeed the Fact Check section currently contains four pretty standard blog posts: Coinbase's response to a negative New York Times article about Coinbase, the company's response to "misinformation" about Coinbase executives' share sales, as well as an opinion piece on Bitcoin's environmental effects and another on crypto's use in illegal activity.

Armstrong claims the blog will come to be seen as a “source of truth”.

“To become a source of truth, companies will increasingly need to be comfortable sharing facts which paint them in a negative light as well. There is nothing like sharing mistakes, to build trust.”

Armstrong is famously averse to dealing with the media, and in 2020 claimed that company leaders are increasingly opting to connect directly with customers as opposed to engaging with mainstream journalists:

“Publishing to our own blog/Twitter/YouTube lets us say what is on our mind and talk to our customers — not get one quote in an otherwise balanced (or sometimes outright mean/snarky) article.”

Later in the post Armstrong suggested that the company will become more proactive with content creation and may embrace blockchain-based fact-checking in the future:

“In the future, it will also likely move to more crypto native platforms, like Bitclout, or crypto oracles. Long term, the real source of truth will be what can be found on-chain, with a cryptographic signature attached.”

Some firms and news outlets have already begun experimenting with fact-checking and verification using blockchain.

In April 2020, Italian news publication Ansa unveiled a blockchain-based news tracking system to enable readers to verify the origin of any news appearing on any of the company's various media platforms.

In October 2020, Verizon launched a blockchain-based, open-source newsroom product that binds and secures the firm’s news publications using “cryptographic principles,” however, the firm noted at the time that “only text changes are currently tracked on the blockchain.”

‘Operation Choke Point 2.0’ may have contributed to SVB collapse: Mulvaney

Silicon Valley ‘Super Angel’ Investor Ron Conway Says Crypto Economy Is the Next Multitrillion Dollar Opportunity

Silicon Valley ‘Super Angel’ Investor Ron Conway Says Crypto Economy Is the Next Multitrillion Dollar OpportunityFamed Silicon Valley “super angel” investor Ron Conway sees the crypto economy as the next multitrillion-dollar opportunity in innovation. The Silicon Valley legend likens Coinbase to Google after the company’s IPO via a direct listing on Nasdaq. Crypto Is the Next Multitrillion Dollar Opportunity in Innovation Legendary investor Ron Conway, who is often described as […]

‘Operation Choke Point 2.0’ may have contributed to SVB collapse: Mulvaney

Federal Reserve Chairman Jerome Powell Says Cryptocurrencies Are ‘Vehicles for Speculation’

Federal Reserve Chairman Jerome Powell Says Cryptocurrencies Are ‘Vehicles for Speculation’The Federal Reserve chairman believes that cryptocurrencies are “really vehicles for speculation” and “No one is using them for payments.” He then compared crypto to gold. His comments about cryptocurrency followed Coinbase’s direct listing on Nasdaq. Fed Chair Powell Thinks Crypto Is for Speculation Federal Reserve Chairman Jerome Powell talked about cryptocurrency in an interview […]

‘Operation Choke Point 2.0’ may have contributed to SVB collapse: Mulvaney

‘Weird Coins Like DOGE and XRP Spike’- Galaxy Digital’s Mike Novogratz Warns of a Crypto Market ‘Washout’ 

‘Weird Coins Like DOGE and XRP Spike’- Galaxy Digital’s Mike Novogratz Warns of a Crypto Market ‘Washout’ Bitcoin bull and billionaire investor Mike Novogratz has warned about cryptocurrency market volatility in a recent interview stemming from the Barron’s and Marketwatch’s “Investing in Crypto” virtual event series. In general and over the long term, Novogratz is bullish about bitcoin and companies like Coinbase remaining prosperous. Novogratz Warns of a Crypto Market ‘Washout’ Shares […]

‘Operation Choke Point 2.0’ may have contributed to SVB collapse: Mulvaney

Bitcoin Price Captures a $64,895 High, Pantera CEO Says ‘BTC Rally Exactly Like Previous Halvings’

Bitcoin Price Captures a ,895 High, Pantera CEO Says ‘BTC Rally Exactly Like Previous Halvings’Cryptocurrency markets have been surging during the last 24 hours, as billions of dollars have flooded into the crypto-economy. Bitcoin’s value touched an all-time high (ATH) once again on Wednesday morning (EST), reaching $64,895 per unit. The latest price rise is leading up to the upcoming Coinbase direct listing on Nasdaq. Crypto-Economy Surpasses $2.2 Trillion […]

‘Operation Choke Point 2.0’ may have contributed to SVB collapse: Mulvaney

Coinbase IPO Today: Reference Price Set at $250, Investors See Nasdaq Listing as ‘Watershed’ for Crypto

Coinbase IPO Today: Reference Price Set at 0, Investors See Nasdaq Listing as ‘Watershed’ for CryptoCoinbase’s IPO via a direct listing on Nasdaq is today. Nasdaq has set a reference price of $250 for the stock which will trade under the ticker symbol COIN. Investors are describing Coinbase’s public debut as a “watershed” moment for the crypto industry. Coinbase’s Reference Price Set at $250 by Nasdaq Investors are eagerly waiting […]

‘Operation Choke Point 2.0’ may have contributed to SVB collapse: Mulvaney

Coinbase’s Q1 Revenue Soars 9-Fold to $1.8 Billion Ahead of IPO on Nasdaq

Coinbase’s Q1 Revenue Soars 9-Fold to .8 Billion Ahead of IPO on NasdaqCoinbase has announced its earnings estimates for the first quarter of 2021. The company says its estimated revenue for the period is nine times more than the amount generated in the same period last year. In addition, the crypto platform says it has 56 million verified users and a total trading volume of $335 billion. […]

‘Operation Choke Point 2.0’ may have contributed to SVB collapse: Mulvaney

The big $60K hodl is on: 5 things to watch in Bitcoin this week

No signs of selling as miners hoard their earnings and institutions keep piling into the latest Bitcoin exposure products to hit the market.

Bitcoin (BTC) is looking shaky at the start of a new week as $60,000 remains out of reach — could anything change in the coming days?

After an average weekend which failed to deliver the breakout that many had hoped for, Bitcoin is clinging to the mid-$50,000 range.

Cointelegraph takes a look at five factors that can help shape future price performance.

Coinbase IPO a beacon in flat macro sea

Stock markets were unimpressive on Monday, April 5 with many Asian markets closed for public holidays and United States futures seeing little movement.

Following the Suez Canal debacle, oil was the only commodity with noticeable energy as a decision from OPEC+ countries to increase supply put pressure on prices.

With a lack of momentum available, Bitcoin, therefore, had little to sustain any macro-influenced price run, and $60,000 resistance remained in place at the time of writing.

One major event that crypto analysts are eagerly waiting for, however, is Coinbase’s IPO set for April 14.

As Cointelegraph reported, the event is a milestone for the industry but could be accompanied by selling on launch day — a practice seen with other IPOs both old and new.

Elsewhere, U.S. bond yield rises remained a worry this week with their upward trajectory coinciding with a lack of progress for safe havens more widely.

“The repricing of inflation risk and U.S. rates, which will impact discount rates of future earnings and the way stocks are being valued is a source of uncertainty,” Johanna Chua, chief economist for Citigroup Global Markets, told Bloomberg.

“The other uncertainty is the pace of the vaccinations and the virus.”

Analyst: Bitcoin is at the “$3-5K stage” of 2021 bull run

Bitcoin may be struggling for new support, but hodlers need to zoom out for the real picture.

That was the mood among analysts on Monday as BTC/USD headed lower toward $56,000.

After challenging $60,000 yet again late on Friday, the weekend saw bearish moves take over, culminating in a dip to $56,500.

A subsequent rebound was muted, with $57,000 forming a temporary focal point at the time of writing.

“The support resistance battle is intense,” on-chain data service Whalemap added about current behavior on Sunday.

“Levels from last week are working pretty well. Bitcoin is being capped by the $60,045 level pretty spot on. Is this the calm before the storm?”
BTC/USD 1-hour candle chart (Bitstamp). Source: Tradingview

For popular Twitter analyst William Clemente, however, there was little reason to be bearish on longer timeframes, which have the support of a tranche of positive on-chain data.

“This Bitcoin Bull Run is still far from overheated on multiple on-chain indicators,” he summarized.

“In comparison to 2017, it appears we're around the $3k-5k range.”

Clemente uploaded a comparative chart showing Bitcoin’s 2013 and 2017 price tops via the Puell Multiple, a classic metric that continues to signal that there is room for growth before a profit-taking sell-off can begin.

Such an early position in the bull cycle implies that the majority of upward price performance is yet to come for Bitcoin, something which would give credence to some of the higher year-end forecasts — $288,000 and more.

BTC/USD halving price comparison chart. Source: William Clemente/ Twitter

No one’s selling

On the topic of miner selling, this is a habit yet to reappear this month.

Despite Bitcoin lingering near all-time highs alongside record network hash rate and mining difficulty, there is no appetite to take profit on mined coins yet, data shows.

Compiled by on-chain monitoring resource Glassnode, the miner net position change has signalled miners retaining their newly-acquired coins over the past week.

By contrast, 2021 has been broadly marked by sell-offs, particularly in January as Bitcoin hit $40,000 for the first time. Sales have come to a halt since, however, regardless of continued — albeit slower — price gains.

“Still not selling, still accumulating, clear trend,” quant analyst Lex Moskovski commented on the Glassnode numbers.

BTC miner net position change chart. Source: Glassnode

In tandem with miners come exchanges, which continue to see their BTC balances decrease. Traders, then, are no more interested in selling at near $60,000 than anyone else.

Purpose ETF nears 17,000 BTC holdings

Conspicuously bullish this month are institutions — and they are putting their money where their mouth is, the latest figures say.

With open interest in Bitcoin futures markets near all-time highs, institution-grade products continue to see huge demand — albeit if the price is right.

As such, the first licensed Bitcoin exchange-traded fund (ETF) in Canada, the Purpose Bitcoin ETF, keeps adding BTC in step with its assets under management (AUM).

As of April 5, Purpose held 16,462 BTC and $22.1 billion CAD ($17.56 billion USD) in AUM, having only launched its ETF two months ago.

Purpose Bitcoin ETF BTC holdings. Source: Bybt

As Cointelegraph reported, the pressure is likely on the U.S. to follow Canada in allowing an ETF onto the market, with such a product set to receive multiples of what Purpose has been able to draw from institutions in its home jurisdiction.

All this, however, could be coming at the expense of a stalwart institutional player, Grayscale, and its Grayscale Bitcoin Trust (GBTC).

In a battle over fees, GBTC may be losing interest to the more economical Purpose, which is one of multiple Bitcoin offerings undercutting the company on its management costs to clients.

Time to channel “situational awareness”

In a classic sign that the mantra of “the longer the perspective, the better” remains best for Bitcoiners, the popular stock-to-flow price forecasting model remains right on track for $288,000 and higher.

As noted by its creator, quant analyst PlanB on Sunday, the model’s “bull/bear recognition signal” is casually repeating its movements from 2013 and 2017.

An accompanying chart showed BTC/USD spot price following its predicted trajectory, with no sign that the model was being invalidated by short-term rumination below $60,000.

The incarnation of stock-to-flow used was stock-to-flow cross-asset (S2FX), an updated version which places Bitcoin within the context of other macro assets and tracks its transformation into a new standard.

“My favorite chart for Situational Awareness,” PlanB wrote in comments.

“S2FX for rough long term level forecast (white line), combined with accurate on-chain bull/bear recognition signal (color overlay).”
BTC/USD stock-to-flow cross-asset (S2FX) chart as of April 4, 2021. Source: PlanB/ Twitter

S2FX calls for a $288,000 price tag by the end of 2021, this forming an average price in the current halving cycle which will complete in roughly April 2024. The price peak before then, by contrast, could be double the average or $576,000, PlanB has said.

‘Operation Choke Point 2.0’ may have contributed to SVB collapse: Mulvaney

Coinbase IPO Set for April 14 via Direct Listing on Nasdaq

Coinbase IPO Set for April 14 via Direct Listing on NasdaqThe U.S. Securities and Exchange Commission (SEC) has greenlighted Coinbase’s initial public offering via a direct listing on Nasdaq, the company has confirmed. Coinbase’s IPO is set to debut in two weeks, on April 14. Coinbase IPO to Debut in 2 Weeks Coinbase Global Inc. announced Thursday that the U.S. Securities and Exchange Commission (SEC) […]

‘Operation Choke Point 2.0’ may have contributed to SVB collapse: Mulvaney