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Coinbase, MicroStrategy, and Crypto Stocks Record Weekly Upswing
Published
4 days agoon
By
admin![](https://blocknewsmedia.com/wp-content/uploads/2024/06/42301-1-1.jpg)
Crypto stocks have turned the tide following previous weeks of outflows as market sentiment remains low. This week, most assets saw inflows wiping out losses due to the market downturn. Crypto stocks continue to trade alongside the cryptocurrency market and the wider stock market. These assets are influenced by happenings in Bitcoin (BTC), altcoins, or blockchain technology.
Weekly figures show that crypto stocks picked up compared to digital assets although mid-week trading showed slight positivity. The market cap still stands at $2.26 trillion portraying the negative sentiments in the crypto market. Here is the performance of some crypto stocks this week.
Crypto Stocks Soar to Weekly Gains
Digital asset exchange, Coinbase saw shaky numbers with low volumes at the start of the week before massive gains and another round of plummeting figures. COIN trades at $222.23, a 0.7% drop today after the market wore a bullish outlook. However, weekly gains were up above 2.5% following positive mid-week trading.
Coinbase stock has always represented the market performance during multiple cycles due to the fluctuations in activity. This week, the company announced a partnership with payment firm Stripe to reach more customers.
MicroStrategy (MSTR), the company known for its Bitcoin holdings saw significant inflows this week although numbers are still in the redzone. MARA is down 9% today while weekly numbers are low by 1%. However, longer-term outflows show the level of recovery of the asset this week. Trading at $1,377, MSTR plunged 17.7% this month wiping out a significant part of gains recorded in Q1 2023.
Bitcoin Mining Stocks Are Up
Bitcoin mining stocks were probably the biggest gainers among crypto stocks this week. This is because of the upswing in midweek trading and the increased price of the asset. Marathon Digital (MARA) is up 0.97% today at $19.85. This week, the asset is up over 7% wiping out previous losses.
Similarly, Canadian-based miner Hut 8 soared 24% this week as market and industry activity increased. Riot Platforms also ticked 0.22% gains today to trade at $9.14.
Also Read: Could Solana Mimic Ethereum and Surge To $1000? Analysts Weigh In
David is a finance news contributor with 4 years of experience in Blockchain Technology and Cryptocurrencies. He is interested in learning about emerging technologies and has an eye for breaking news. Staying updated with trends, David reported in several niches including regulation, partnerships, crypto assets, stocks, NFTs, etc. Away from the financial markets, David goes cycling and horse riding.
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
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Toncoin (TON) v Cardano (ADA): On-chain Data Show Gains
24/7 Cryptocurrency News
Toncoin (TON) v Cardano (ADA): On-chain Data Show Gains
Published
5 hours agoon
July 3, 2024By
admin![](https://blocknewsmedia.com/wp-content/uploads/2024/07/TONCOIN-1-1-1-1.jpg)
The crypto market fluctuations continue to dominate the market while assets like Toncoin and Cardano move away from bearish sentiments. In the past week, most top assets traded sideways after exits recorded by institutional investors in the market. The status quo saw Bitcoin (BTC) price hovering around $61,000 before attempts at a rebound.
Toncoin and Cardano have shown promise ahead of the market outpacing top crypto assets by market capitalization. At press time, the market cap slumped 1.42% to $2.29 trillion with Bitcoin and Ethereum posting 24-hour losses. Major drivers of TON and ADA prices are bullish on-chain factors and key industry developments.
Toncoin Leads Asset Gainers
Toncoin soared 4.5% in the last 24 hours, leaving the wider market in the dust and adding to its recovery numbers. In the last seven days, TON moved up 8% wiping out previous losses. While most monthly numbers dropped for most assets, TON continued to soar hitting 22%. The asset flipped Dogecoin to become the 8th largest crypto by market cap inching closer to a new all-time high.
TON price stands at $8.05 taking its market cap to $19.8 billion while volumes are up 57% today. Last month, Toncoin tapped a new all-time high at $8.24 and remains 2.37% behind the mark. With rising bullish interest, some users expect the asset to break that level.
Toncoin recorded traction as Kazakhstan exchanges began trading the asset following regulatory approval. Similarly, Pantera Capital also increased its investment in Toncoin.
Cardano Attracts Growth
The community dubbed ETH killer jumped 3.5% to trade at $0.418 pushing its market capitalization to $14.9 billion. Weekly numbers were up 6% while daily trading volumes saw a slight increase. Overall, ADA’s recent bullish following anticipated network upgrades and a rise in on-chain volumes. The asset is tipped by bulls to breach the current resistance level despite market fluctuations.
Also Read: Why Are Ethereum Institutional Products Depleting Before ETF Launch?
David is a finance news contributor with 4 years of experience in Blockchain Technology and Cryptocurrencies. He is interested in learning about emerging technologies and has an eye for breaking news. Staying updated with trends, David reported in several niches including regulation, partnerships, crypto assets, stocks, NFTs, etc. Away from the financial markets, David goes cycling and horse riding.
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
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24/7 Cryptocurrency News
Ripple and Coinbase Use Binance Win to Contest SEC Claims
Published
9 hours agoon
July 2, 2024By
admin![](https://blocknewsmedia.com/wp-content/uploads/2024/07/Ripple-Labs-Inc.jpg)
Coinbase and Ripple Labs are using Binance’s pivotal legal victory to challenge ongoing cases with the U.S. Securities and Exchange Commission (SEC). Both companies argue that the SEC’s approach needs more clarity and consistency, necessitating formal rulemaking to better define the regulatory perimeter for digital assets.
Ripple, Coinbase Cite Binance Case Against SEC
Ripple Labs and Coinbase have intensified their legal defenses by referencing a recent court order involving Binance, which achieved a partial dismissal in its SEC lawsuit. The companies argue that this precedent highlights the need for the SEC to establish clear regulations. In its latest court filing, Ripple emphasized the judge’s remark that cryptocurrency does not align seamlessly with existing securities laws, such as those established by the 1946 Howey Test. This test is crucial for determining whether a transaction qualifies as an investment contract and thus falls under securities regulation.
Coinbase has concurrently voiced concerns over the SEC’s expansive interpretation of securities laws applied to the crypto industry. The exchange asserts that this broad application could be more extensive and better defined, pushing for a definitive rulemaking process to provide legal clarity. In its appeal, Coinbase cited the recent Binance ruling to bolster its case for rulemaking, arguing that the decision underscores the inconsistencies in current regulatory applications.
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Coinbase Demands Clarity in SEC Regulatory Battle
The SEC has engaged with various cryptocurrency platforms and assets, deeming some of their operations as securities offerings without proper registration. In the case of Ripple, the SEC’s lawsuit initiated in December 2020 alleged that Ripple raised over $1.3 billion through sales of its XRP token, which the SEC classified as an unregistered security. However, in a significant turn, Judge Analisa Torres ruled that certain “programmatic sales” of XRP did not constitute securities transactions, introducing a nuanced interpretation Ripple now seeks to leverage to challenge broader SEC claims.
Coinbase faces similar regulatory scrutiny. The SEC argues that the platform operated as an unregistered securities exchange, a claim that Coinbase refutes, urging a formal rulemaking process to clarify these regulatory boundaries. Both Coinbase and Ripple use recent judicial outcomes, notably the Binance case, to argue for a more structured and transparent regulatory framework from the SEC, stressing that the current state of affairs is inefficient and unclear.
Crypto Firms Rally Around Binance Court Decision
The partial victory for Binance in its own SEC lawsuit has become a strategic reference point for other crypto entities embroiled in legal challenges with the regulator. Despite Judge Amy Berman Jackson’s decision to proceed with most of the SEC’s claims against Binance, her dismissal of the charge regarding secondary sales of Binance Coin (BNB) as securities has been perceived as a significant legal precedent. Coinbase and Ripple have particularly highlighted this aspect of the ruling in their ongoing litigation.
Further developments are anticipated, with a scheduled conference for the SEC’s case against Binance set for July 9. Meanwhile, Coinbase and Ripple continue to press for regulatory clarity, which they argue is crucial for the industry’s stability and growth.
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Maxwell is a crypto-economic analyst and Blockchain enthusiast, passionate about helping people understand the potential of decentralized technology. I write extensively on topics such as blockchain, cryptocurrency, tokens, and more for many publications. My goal is to spread knowledge about this revolutionary technology and its implications for economic freedom and social good.
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
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Forced BTC Selling By Bitcoin Miners to Continue As Network Fees Collapse 90%
Published
17 hours agoon
July 2, 2024By
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According to the latest report from Kaiko Research, forced selling by Bitcoin Miners is likely to continue ahead amid reduced rewards and lower network fees. Over the past two months following the Bitcoin halving event, Bitcoin miners have been divesting their holdings to cover their operation expenses.
Bitcoin Network Fees Tank By 90%
As per the Kaiko report, the Bitcoin network fees have collapsed by 90% in the last six months. While the Bitcoin network fee was $45 in January 2024, it has not come down to an average between $3 to $5.
Soon after the Bitcoin halving event, the network fees surged all the way to $150 for a very short period of time amid the massive surge in the NFT minting taking place on the Bitcoin blockchain. This was a short-term respite to the Bitcoin miners before the network fees headed significantly downwards.
Bitcoin miners are also facing growing pressure as block rewards have dropped from 6.25 BTC before halving, to 3.125 BTC post halving. On the other hand, mining costs have surged as the demand for computational power has increased.
At the same time, the Bitcoin price remaining almost flat and showing sideways consolidation has added to further woes. Also, there’s less bullish optimism among retailers or institutions with inflows into spot Bitcoin ETFs dropping significantly in comparison to the first quarter.
With the BTC price receiving little stimulus from other ends, the Bitcoin miners will have no option but to sell more of their holdings.
Also Read: Europe’s Bitcoin Mining Giant Northern Data Eyes A US IPO
Here’s How Bitcoin Miners Are Coping Up
Kaiko reported that one of the largest Bitcoin miners – Marathon Digital – had to sell 390 BTC during the months of May and plans for additional sales to stabilize its operations. This could push the BTC price even lower if other miners join the bandwagon. Currently, the immediate support for Bitcoin on the downside is $60,000. Losing this can trigger a BTC price drop to $57,000 and $54,000 subsequently.
Also Read: Bitcoin Price Slips Below $63K As Entity Dumps $114M BTC To Binance
Amid the Bitcoin mining profitability sinking, players like Marathon Digital also resorted to mining other PoW cryptocurrencies like Kaspa (KAS).
Kaiko also predicts that financial pressures will lead to mergers among miners aiming to streamline operations and enhance profitability. This trend of consolidation is expected to persist as the effects of Bitcoin halving continue to impact the industry.
For instance, Riot Blockchain attempted a hostile takeover of Bitfarms Ltd., illustrating the consolidation trend. Similarly, CleanSpark Inc. recently announced an all-stock acquisition of Griid Infrastructure Inc. for $155 million.
Bhushan is a FinTech enthusiast and holds a good flair in understanding financial markets. His interest in economics and finance draw his attention towards the new emerging Blockchain Technology and Cryptocurrency markets. He is continuously in a learning process and keeps himself motivated by sharing his acquired knowledge. In free time he reads thriller fictions novels and sometimes explore his culinary skills.
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
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