Tag: Coinbase

Silvergate Rises and Coinbase Drops as Crypto Stocks React to Bitcoin on the Mend

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Several crypto stocks saw considerable increases in value while others dropped, as the 2023 Bitcoin price rally continued. Crypto-related stocks are riding higher following the recent resurgence of the leading digital currency Bitcoin (BTC). For example, Silvergate Bank (NYSE: SI) shares were up 11%, while several crypto-mining stocks recorded their best monthly performance in a year. Prominent Bitcoin mining firm Bitfarms (TSE: BITF) rose 140% in the first two weeks of this year, with Marathon Digital (NASDAQ: MARA) registering a 120% surge. In addition, Hive Blockchain Technologies (CVE: HIVE) also…

Crypto Exchange Coinbase Secures Big Sponsorship With Iconic German Soccer Team: Report

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US-based crypto exchange Coinbase is reportedly set to become a premium partner of German soccer team Borussia Dortmund (BVB). According to a report from Handelsblatt, the largest crypto trading platform in the US will get more sponsorship arrangements with BVB once Germany’s primary football league, the Bundesliga, resumes after the winter break.  Coinbase has been BVB’s partner since July last year, with the trading platform providing crypto education to the sports club’s employees.  The expanded partnership will enable the exchange to get perimeter advertising and cam carpets in Signal Iduna Parl…

Ark dumps 500K GBTC shares, adds Coinbase stock as Bitcoin recovers 40%

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Cathie Wood’s Ark Invest offloaded a chunk of its Grayscale Bitcoin Trust (GBTC) shares since November’s Bitcoin (BTC) price lows, the latest data shows. Cathie Wood’s Ark short-term cautious on GBTC Ark Invest added 450,272 GBTC shares worth $4.5 million to its ARK Next Generation Internet ETF (ARKW) in November 2022. At the time, GBTC was trading in the $7.46-$9.48 range versus $12.25 in January 2023. GBTC price, of course, recovered alongside Bitcoin, rising roughly 40% from its November lows. The recovery in January also helped reduce the GBTC “discount” from nearly…

Coinbase Exec Accuses Binance Of Crypto Price Manipulation

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The world’s largest cryptocurrency exchange Binance was in the crossfire of critics for a long time after the FTX collapse. In particular, there was harsh criticism because of an opaque proof of reserves issued by the auditing firm Mazars, which paused the cooperation with the exchange shortly thereafter. Over the turn of the year, however, the criticism has become quieter and Binance has disappeared from the spotlight as DCG and Genesis became the crypto industry’s biggest headache. But Conor Grogan, Head of Product Business Operations at Coinbase, presented new serious…

Coinbase CEO urges Bitcoin legal tender for Brazil, Argentina — Reaction

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As Brazil and Argentina started preparatory work for a potential common currency, Coinbase CEO Brian Armstrong floated the idea of the two countries moving to Bitcoin (BTC), sparking various discussions over the viability of BTC as a national currency.  On Jan. 22, the two South American countries announced they starting to prepare to create a common currency that would run parallel with the Argentine peso and Brazilian real. The move could potentially create the second-largest currency bloc. As the news broke, Armstrong took to Twitter to suggest that BTC would…

JPMorgan Sees Coinbase Benefitting from Upcoming Ethereum Shanghai Update

JPMorgan believes as many as 95% of Coinbase Global’s retail customers will opt in for the staking service after the Shanghai update. Ahead of the upcoming Shanghai Update of the Ethereum network, analysts at American multinational investment bank, JPMorgan Chase & Co (NYSE: JPM), are optimistic that Coinbase Global Inc (NASDAQ: COIN) will be among the major beneficiaries. With the Shanghai update scheduled to go live in March, investors will be able to withdraw their staked Ethereum, some going as far back as December 2020 when the deposit address for…

Coinbase cut costs and bolstered rep, but profits remain challenged: Analysts

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Cryptocurrency exchange Coinbase won’t escape from the profitability challenges it will face from the crypto market downturn, despite having a strong brand and credibility in the crypto market, according to investment analysts. Credit rating firm Moody’s released a note on Coinbase on Jan. 19 discussing its downgrade of Coinbase’s senior debt and corporate family rating (CFR) — a rating assigned to reflect the opinion of a company’s ability to honor its financial obligations. Coinbase’s CFR and senior debt were re-graded to B2 and B1 from Ba3 and Ba2 respectively, indicating…

Crypto Winter Chills at Digital Currency Group, Coinbase

Digital Currency Group, a crypto conglomerate that owns CoinDesk, is suspending its dividends until further notice. “In response to the current market environment, DCG has been focused on strengthening our balance sheet by reducing operating expenses and preserving liquidity. As such, we have made the decision to suspend DCG’s quarterly dividend distribution until further notice,” the firm wrote in a letter to shareholders on Tuesday. Source

Coinbase to Halt Operations in Japan Following Crypto Underperformance

Coinbase says that its customers in Japan have a 1-month deadline to withdraw all holdings, as operations would cease after that.  According to recent reports, Coinbase Global Inc (NASDAQ: COIN) is halting operations in Japan due to volatile market conditions. The leading American crypto exchange also said it would conduct a “complete review of our business in [Japan].” Coinbase, which promised to make the transition in Japan as smooth as possible, also said: “We want to assure you that we have segregated the Japanese Yen and crypto assets of our…