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Coinbase, Marathon stocks surge as Bitcoin lights ‘fire in the cauldron’

December 5, 2023 Coin Telegraph

Coin Telegraph

The anticipated Bitcoin halving and potential ETF approvals have lit “some serious fire in the cauldron" for crypto, said Zerocap investment chief Jon de Wet.

Publicly traded crypto firms have notched triple-digit percentage returns this year and closed up in green on Dec. 4, as Bitcoin (BTC) reached a new year-high of over $42,000.

Crypto exchange Coinbase (COIN) closed the day at just over $141 with a 5.5% gain, up 320% from its price at the start of the year, per Google Finance data.

Bitcoin miners Marathon Digital (MARA) and Riot Platforms (RIOT) closed the day with over 8% gains, recording 337% and 345% year-to-date (YTD) gains, respectively.

*A visual map of the one-day price of S&P 500 stocks shows mixed results on Dec. 4 Source: Finviz*

Crypto investment firm Galaxy Digital Holdings (GLXY) posted a daily gain of nearly 12% and is up 155% YTD and MicroStrategy (MSTR) — with the largest Bitcoin holdings of any public company valued at over $6.6 billion — saw a daily gain of over 6.5% and a YTD rise of 288%.

It comes despite the wider North American stock market seeing a mixed bag of gainers and losers on Dec.

Large-cap tech stocks, such as Microsoft, fell 1.43% on Dec.

The crypto-related stocks are well below their all-time highs, however.

IG Australia market analyst Tony Sycamore told Cointelegraph the crypto-related stock rally is “coming off the back of Bitcoin’s spectacular gains in recent months,” which is up nearly 152% YTD and is closing in on $42,000 — it has already hit a 19-month high.

Sycamore said investors see crypto stocks as a way to gain crypto exposure until the United States approves spot Bitcoin exchange-traded funds (ETFs).

Coinbase market share grows outside US trading hours amid Binance saga: Report

December 2, 2023 Coin Telegraph

Bybit

According to Kaiko Research, Bybit experienced a rise in market share around the clock, whereas Coinbase witnessed significant growth outside of the United States trading hours.

Following cryptocurrency exchange Binance reaching a substantial multi-billion-dollar settlement with United States regulators last week, an on-chain data analytics firm reported a surge in Coinbase's market share.

On November 21, Binance and the United States Department of Justice (DoJ) reached a settlement of $4.3 billion, settling allegations related to anti-money laundering.

However, the legal challenges have led to other crypto exchanges seeing an increase in market share, according to research firm Kaiko Research.

The firm recently published a report that indicates that Coinbase has seen an uptick in its trading volume, during the European trading day, outside the regular United States trading hours:

“Coinbase’s share grew the most outside of U.S. trading hours (14-22 UTC), instead surging in the middle of the trading day in Europe and the beginning of the trading day in eastern Asia.”

Meanwhile, Bybit is reportedly seeing significant changes across the entire day.

“Bybit is the immediate standout winner, gaining market share in every single hour and growing by more than 20% in 16 out of 24 hours," the report stated.

Percentage change in BTC market share.
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Binance settlement ‘net positive’ for cryptocurrency industry — Mike Novogratz

November 30, 2023 Coin Telegraph

Binance

Galaxy Digital CEO Mike Novogratz believes Binance has satisfied regulators and users after its $4.3 billion settlement with United States authorities.

Binance’s $4.3 billion settlement with the United States Department of Justice (DOJ) is being hailed as a positive move for the company and the wider cryptocurrency industry, according to Galaxy Digital’s Mike Novogratz.

In an interview with Bloomberg on Nov. 29, the CEO of the cryptocurrency investment firm expressed his belief that the high-profile settlement should assuage concerned investors and users of the global exchange:

“I think they’re de-risked in lots of ways. People were worried about dealing with Binance. There’s a lot less to worry about now.”

Novogratz also weighed in on the considerations for major investment firms dealing with exchanges, as well as traditional finance (TradFi) players, with regulatory oversight continuing to take center stage in the United States.

Binance didn’t steal money

The Galaxy Digital CEO said that a reasonable approach underpinned by investments and relationships with companies that “take their jobs seriously” remains key while stressing that mainstream finance has also found itself on the wrong side of regulators in recent years.

“If you went through the list of TradFi banks who have been sanctioned or fined by different regulators in the last 24 months, it’s a shocking list. So you’re not looking for zero mistakes, otherwise, there’d be no one to deal with,” Novogratz said.

He added that concerns over Binance potentially being shut down or that the exchange had “stolen people’s money” in a situation similar to FTX simply was not the case:

“It came down to some pretty serious violations of KYC [Know Your Customer] protocols, and they’ve worked to correct them, they paid their fine, and they’re moving on,” the Galaxy Digital CEO said.

“I think it’s a net positive for their company. I think it’s a net positive for our industry.”

Bitcoin price “will be significantly higher”

Novogratz also weighed in continued anticipation of a Bitcoin (BTC) exchange-traded fund (ETF) being approved in the U.S. and the looming mining reward halving in 2024.

“There’s a bunch of good things happening for Bitcoin. We are going to get an ETF. There’s a lot of anticipation, and some of that’s built into the price,” Novogratz said.

The investor added that if and when an ETF is approved, a number of investment and asset managers, including the likes of BlackRock, Fidelity, ARK Invest and Galaxy Digital, will mobilize their sales forces to convince people to adopt Bitcoin:

“The price is going to be significantly higher, especially at a time when the Fed is probably cutting rates. Could we go to old highs by this time next year? Of course we could.”

Novogratz also noted that the Bitcoin halving sets things up for “a wonderful story,” while the 2024 U.S. elections could also play a role.

“That uncertainty should help Bitcoin in the fact that the U.S., Europe and Japan still can’t come close to being fiscally responsible is why people got invested in Bitcoin in the first place,” Novogratz said.

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Bitcoin ETFs will drive institutional adoption in 2024 — Galaxy Digital’s Mike Novogratz

November 10, 2023 Coin Telegraph

Bitcoin

Galaxy Digital founder and CEO Mike Novogratz says approving a Bitcoin spot ETF is not “a matter of if but when,” which will drive institutional investment in the sector.

Galaxy Digital founder Mike Novogratz has told investors that 2024 will be headlined by institutional adoption of cryptocurrencies, which will be driven by the pending approval of Bitcoin (BTC) spot exchange-traded funds (ETFs).

During Galaxy Digital’s third-quarter earnings call on Nov. 9, Novogratz highlighted the firm’s belief that approving several ETFs “is now not a matter of if but when.” The fund manager filed its spot Bitcoin and Ether (ETH) ETF applications with the United States Securities and Exchange Commission in partnership with Invesco in Q3 2023.

Investors’ sentiment has turned bullish in November 2023, with prominent ETF research analysts predicting the SEC will have approved 12 major Bitcoin spot ETF applications by January 2024.

“2024 literally is going to be a year of institutional adoption, primarily first through the Bitcoin ETF, which will be followed by an Ethereum ETF,” Novogratz said during the Q3 earnings call.

“As institutions get more comfortable, if the government gives its seal of approval that Bitcoin is a thing, you are going to see the rest of allocators starting to look at things outside of that. And so, money will flow into the space.”

Novogratz added that institutional investment could come to a head in 2025 as investments “in tokenization and wallets” ramp up. The Galaxy Digital CEO added that a key focus for the U.S. landscape should be ensuring that dollar-backed stablecoins remain a central cog in the wider cryptocurrency ecosystem.

“We are going to continue to be dollar-dominant. We better have a dollar-backed stablecoin that reflects our values and is taken up around the world.”

According to Novogratz, a Bitcoin ETF will bring a measure of institutional confidence and a significant amount of funding to the cryptocurrency space.

“This ETF is giving us all breathing space, putting life in the system. That brings in capital that allows the rest of the stuff to flourish. But I think if you look at the crypto long-term plan, it’s on target,” he added.

The potential influence of an Ether spot ETF was also brought up during the investor call. Galaxy Digital’s CEO said its possible approval might not be as well received as a Bitcoin ETF, given that Ethereum’s validating model is based on a staking model and staking yields.

“Unless they can figure out an ETF that actually passes through the staking rewards, it will be kind of a subpar product from just owning Ethereum with someone like us and having it staked,” Novogratz explained.

He added that the technical difference would be significant if investors were looking at yields between 4% and 7%, depending on the method of staking. Utility remains an important factor, with Novogratz stressing that different blockchains and their native tokens need to “serve a purpose” and have “stuff built on them” to sustain long-term value.

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Galaxy Digital

Binance didn’t steal money

Bitcoin price “will be significantly higher”

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