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, […]
The post Coinbase Stock on the Rise After Oppenheimer Upgrade To ‘Outperform’: Report appeared first on The Daily Hodl.
The Coinbase CEO has been hugely critical of the U.S. failure to provide the crypto industry with regulatory clarity and has long argued it will push firms offshore.
“Adversary nations” like China could ultimately benefit from restrictive crypto policies in the United States, warns Coinbase CEO Brian Armstrong.
In a May 30 op-ed for MarketWatch, Armstrong again warned that while recent turbulence in crypto markets might tempt U.S. policymakers “to write it off as an unstable asset class,” doing so could see the U.S. cede its status as a financial leader and innovation hub.
In today's @MarketWatch I'm sharing an op-ed encouraging policymakers to see the big picture with crypto. It's important for American technology leadership and national security that this industry be built (at least in part) in America. https://t.co/I1702aHDGf
— Brian Armstrong ️ (@brian_armstrong) May 30, 2023
Armstrong urged policymakers to see that crypto is “about much more than individual transactions,” but represents a “transformative technology” that can revolutionize a variety of sectors — highlighting its ability to provide creators with royalties for secondary market transactions as an example and adding:
“Crypto, like the internet before it, has the potential to modernize finance and numerous other sectors, from supply chains to social media, by offering a faster, cheaper, more private, and accessible platform.”
Through his status as a public figure and head of Coinbase, Armstrong has long been pushing for U.S. policymakers to provide the crypto industry with regulatory clarity that can help realize crypto’s potential whilst protecting consumers.
Coinbase has continued to ask for clarity from the U.S. Securities and Exchange Commission around which digital assets qualify as securities and has argued against the agency’s “regulation by enforcement” approach. SEC chair Gary Gensler has previously argued that digital assets already fall under existing securities regulations.
Related: SEC settles case against Wahi brothers for Coinbase insider trading
In the op-ed, Armstrong added it was unsurprising that Hong Kong is positioning itself to be a global crypto hub, as China looks to challenge the U.S.’s role as the global financial leader in a variety of ways — such as the recent launch of the digital yuan and Belt and Road Initiatives.
Xi calls for deep alignment between Belt and Road Initiative and Eurasian Economic Union #BRI #China
— Zhang Heqing (@zhang_heqing) May 25, 2023
Chinese President Xi Jinping on Wednesday called for a deeper synergy between the Belt and Road Initiative (BRI) and the Eurasian Economic Union (EAEU) as China looks to enhance… pic.twitter.com/bwFcXIvgk4
He warned that failing to pass comprehensive crypto legislation would result in the U.S. needing to play catch-up and spend billions to bring innovation back to the U.S., but noted that even with a “colossal and sustained effort” it might be too late by then.
A company spokesman says the second-biggest publicly listed holder of BTC wants to have a “war chest” of liquidity composed of both cash and Bitcoin.
The second largest publicly-listed holder of Bitcoin, crypto mining firm Marathon Digital Holdings has offloaded some of its Bitcoin (BTC) for the first time in two years.
A spokesman told Cointelegraph this was not a result of financial distress.
According to an update posted on Feb. 2, the company disclosed that during January it sold 1,500 BTC, worth $35.3 million at current prices.
While some crypto miners have been forced to sell Bitcoin due to distress, Marathon vice president of corporate communications Charlie Schumacher said this was not the case for Marathon.
Schumacher said that Marathon had been diamond-handing its Bitcoin until now, as the firm didn’t want to sell while production was down, and has been bullish on the long-term prospects of the leading cryptocurrency.
But coming into the new year, Marathon wants to have a “war-chest” of liquidity composed of both cash and Bitcoin and is looking to continue paying down debt and increase its cash positions.
Schumacher also noted that Bitcoin’s recent uptick in price contributed to the decision to sell some of its holdings.
January saw Bitcoin rise above the $24,000 price level for the first time since August.
Even after the sale, Marathon managed to increase its unrestricted Bitcoin holdings in the month to 8,090 BTC ($189.8 million).
Marathon said it also had significantly ramped up Bitcoin production throughout January, producing 687 BTC, which represents an increase of 45% compared to the month prior. In the update, Marathon chairman and CEO Fred Thiel noted:
“The improvement in our bitcoin production was primarily a result of our team’s ability to work in tandem with the new hosting provider in McCamey, Texas, to address the maintenance and technical issues at the King Mountain data center that had suppressed our bitcoin production in the fourth quarter of 2022."
Last year, Marathon noted in a May 4 update that the last time it had sold any Bitcoin was on Oct. 21, 2020, and has been hodling since then.
When asked how it had managed to avoid selling the main product of its business operations, Schumacher pointed to the firm’s low headcount, consisting of “32 people as of today,” and suggested it was a result of sound long-term financial strategies.
Related: Bitcoin price is up, but BTC mining stocks could remain vulnerable throughout 2023
Marathon is the second-biggest publicly listed holder of Bitcoin according to CoinGecko, beaten only by software analytics company MicroStrategy. It has recorded a significant boost in its share price in recent days, with MARA stock rising 135% so far this year to $8, according to MarketWatch.
