Tag: Coinbase

Selling Pressure Subsides As Grayscale Sends 8.6K Bitcoin To Coinbase, Falling Below Average

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In the third week of January, Bitcoin (BTC) demonstrated a modest 3% price recovery, following increased selling pressure exerted by asset manager Grayscale since January 12.  Interestingly, there are indications that this selling pressure is now diminishing, pointing towards a potential restart of the bullish trend that Bitcoin has been experiencing since October 2023. Grayscale’s Resumed Selling Spree As previously reported, since the approval of the Bitcoin spot exchange-traded fund (ETF), Grayscale has deposited a significant sum of 103,134 BTC ($4.23 billion) into Coinbase Prime as of January 25.  However,…

Bitcoin Price At Risk? Grayscale’s $335M Coinbase Transfer Stirs $30,000 Plunge Potential

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The Bitcoin price has experienced a notable shift as selling pressure mounts, with BTC bears gaining the upper hand. Asset manager Grayscale, the owner and manager of the Grayscale Bitcoin Trust (GBTC), is a significant contributor to this trend.  Since the trading of spot Bitcoin exchange-traded funds (ETFs) began on January 12, Grayscale has been on a selling spree, as evidenced by substantial transfers of BTC to the United States-based crypto exchange Coinbase. Bitcoin Price Under Pressure As Grayscale Selling Spree Continues According to Akrham Intelligence data, in addition to…

Coinbase, Consensys, others critique US Treasury’s proposed bulk reporting for mixer transactions

Coinbase, Consensys, and Paradigm are urging the U.S. Treasury to reconsider its proposed reporting requirements for crypto mixer transactions, citing a lack of specificity and concerns over resource allocation. In a comment to the Treasury Department’s Financial Crimes Enforcement Network (FinCEN) on Jan. 22, Coinbase stated that regulated platforms already comply with existing rules for recordkeeping and reporting of suspicious activities and illicit crypto mixing. The firm is particularly critical of the proposal’s requirement for crypto platforms to report all crypto mixing activities, including those serving legitimate purposes. Coinbase contends…

Coinbase faces headwinds as Bitcoin and ETF interest dips, says JPMorgan

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Coinbase may face challenges due to decreasing Bitcoin values and declining interest in Bitcoin ETFs, as per insights from JPMorgan Chase & Co. Coinbase’s shares plummeted by 6.2% on Tuesday, as the downturn followed JPMorgan’s decision to issue its first negative assessment equivalent to a “sell” rating on the company since it began tracking the stock in May 2021. Despite a significant upsurge of nearly 400% by the end of 2023, Coinbase’s shares have mirrored the trajectory of Bitcoin, which saw a remarkable increase in the same period. In 2024,…

Spot Bitcoin ETFs, TrueUSD, Coinbase vs. SEC

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This week, spot Bitcoin ETFs recorded impressive inflows as the digital currency continued to battle the bears at the $41,000 mark. Meanwhile, the crypto scene witnessed updates on the Coinbase vs. SEC case. First week of trading: spot Bitcoin ETFs This week marked the first trading week for the recently-approved spot Bitcoin exchange-traded funds. Most products saw massive inflows, with BlackRock’s IBIT recording $500 million and Fidelity’s FBTC seeing $421 million inflows, per a Jan. 16 report. The Grayscale Bitcoin Trust (GBTC), which already commanded investments before its pivot to…

Grayscale’s $529 Million BTC Move To Coinbase Pushes Price Below $41,000

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Bitcoin (BTC), the largest cryptocurrency in the market, has experienced a sharp drop below the $41,000 mark as exchange-traded funds (ETFs) for Bitcoin went live on January 12.  The subsequent profit-taking, selling pressure, and outflows from Grayscale’s Bitcoin Trust ETF (GBTC) played a significant role in the downward trend. Grayscale’s Bitcoin Transfers To Coinbase Intensify On Tuesday, NewsBTC reported that six days ago, Grayscale initiated the first batch of BTC outflows from their holdings to a Coinbase, totaling 4,000 BTC (approximately $183 million) over six days.  However, the asset manager…

Coinbase poised to win dismissal over SEC lawsuit

Litigation analyst Elliott Stein thinks Coinbase will win full dismissal of the SEC’s current lawsuit against the exchange. Stein also correctly predicted Grayscale’s landmark victory over the SEC last year, which set the motion for spot Bitcoin ETFs earlier this month. Coinbase’s argument, perceived as more persuasive, hinges on the investment needing to be in a business and not merely an ecosystem, and it should come with an enforceable obligation. The perspective gained traction following a precedent set by the Ripple case, where the sale of digital assets on public…