Day: January 12, 2021

Seven times that US regulators stepped into crypto in 2020

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As digital assets made strides toward mainstream status in 2020, the guardians of the incumbent financial system have been working hard to minimize disruption caused by their integration. In the U.S., regulatory and law enforcement interventions throughout the year have left some projects out of business, empowered traditional players to take a closer look at crypto, and sent some unequivocal messages to cryptocurrency service providers globally. Naturally, the steady legitimization and expansion of the crypto space led regulators to get more involved than ever before. Below are the biggest cases…

First Mover: Market Signs Look Healthy as Bitcoin Sell-Off Subsides

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Bitcoin (BTC) was down for a fourth straight day, though changing hands well above Monday’s low around $30,000. After soaring to a new all-time high around $40,000 last week, prices have tumbled about 13% since Saturday, the most for a three-day stretch since March 2020, according to TradingView.  “Volatility is the price you pay for performance,” as the investing-legend-turned-bitcoin-bull Bill Miller put it last week to CNBC. In traditional markets, Asian shares rose on Tuesday and European indexes were little changed. U.S. stock futures pointed to a higher open. The possibility of further economic stimulus…

Bakkt CEO Confirms Firm Has No Plans to Support XRP

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The move from Bakkt further complements the decision of Coinbase and other exchanges including Binance US, OKCoin which had removed XRP coin from their platforms. Bakkt, the digital asset marketplace backed by Intercontinental Exchange Inc, has revealed that it has no plans to support XRP coin, the digital asset closely associated with blockchain-based payment firm Ripple Labs Inc. Per a report from Cointelegraph, the no-plan prospects for XRP coin by Bakkt was revealed by the company’s Chief Executive Officer Gavin Michael who had a sit out with the Axios Re:Cap…

Crypto Futures Exchange Bakkt Going Public at a Valuation of $2.1 Billion

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Bitcoin futures exchange Bakkt is going public via a merger with VPC Impact Acquisition Holdings, a special purpose acquisition company (SPAC) created for taking startup firms public. Both companies have now confirmed the transaction, and will be listed on the New York Stock Exchange (NYSE) under a new name – Bakkt Holdings Inc., – sometime in the second quarter of 2021. Rumours about the deal have swelled since early January. After the merger, Bakkt is expected to have an enterprise value of $2.1 billion, the company announced on Jan. 11.…

Winklevoss brothers top Forbes Bitcoin billionaires list

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Major business magazine Forbes has featured Gemini co-founders Cameron and Tyler Winklevoss as the richest Bitcoin (BTC) billionaires. Compiled by Forbes crypto-focused reporter Michael del Castillo, the ranking provides a list of Bitcoin investors that won the most from Bitcoin’s massive surge up to $42,000 in early January 2021.  The ranking includes three Bitcoin investors with an estimated crypto net worth above $1 billion, including the Winklevoss brothers, major industry investor Tim Draper and Matthew Roszak, chairman and co-founder of blockchain firm Bloq. The twins topped the list with an…

Nvidia Sold GPUs Directly to Crypto Miners!?

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BILI Stock Up Over 3%, Bilibili Files for Hong Kong Listing to Raise Over $2B

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The move by Bilibili to file for a secondary listing in Hong Kong is a clear manifestation of the tension between the United States and the Republic of China. Shares of Bilibili Inc (NASDAQ: BILI) jumped approximately 3.67% in Tuesday’s pre-market to trade around $116.60. Notably, BILI shares closed Monday’s trading session at $112.47, 5.06% down. The spike is attributed to news that the Chinese video-sharing website Bilibili has confidentially filed for a secondary listing in Hong Kong. It is reported that the company aims at raising $2 billion through…

Affirm Boosts Price Range for IPO, Targets Over $10B in New Filing

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In November 2020, Affirm announced that revenue for the fiscal year that ended September 30 had seen a substantial rise year over year. Affirm Holdings Inc., in a filing with the Securities and Exchange Commission (SEC) on January 11, announced that the firm is raising the expected pricing range of its initial public offering (IPO). The payment technology and lending startup is now targeting a valuation of over $10 billion in its stock market launch.  The firm made the announcement after an upward revision in the price range, which according…

Stellar Leads Crypto Gains as XLM Rallies by 49%; Pullback Ahead?

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Stellar Lumens’ native token XLM was among the biggest gainers in the cryptocurrency market in the previous 24 hours, rising by roughly 49 percent in the US dollar-pegged markets. The XLM/USD exchange rate reached an intraday high of $0.313 after dropping to as low as $0.20 in the previous session. Traders flocked into the Stellar token owing to a general recovery across the crypto assets that saw top coins, including Bitcoin, Ethereum, and XRP, emerging from their respective session lows. Fundamentals Stellar primarily benefited from its accessible upside fundamentals. The…

Snap Stock Rises 3% as Firm Acquires Location Data Startup StreetCred

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Although Snap did not disclose the financial side, it is expected that StreetCred will shut down its platform as part of the acquisition deal. Snap Inc (NYSE: SNAP) stock jumped 3.13% on Monday to close the day trading at $54.38. Meanwhile, SNAP shares were up approximately 1.25% during Tuesday’s premarket. The spike is attributed to news that Snapchat’s parent company Snap has inked a deal to acquire a New York City startup building a platform for location data StreetCred. Being an entertainment-based company amid the ongoing coronavirus pandemic, Snap stock…