TronWeekly

Crypto World News

You are here: Home / Search for "coinbase"

Search Results for: coinbase

Ark Invest Sells More Coinbase Shares; Wraps Up GBTC Exit

by

Remaining steadfast in their commitment, Ark Invest, under the guidance of Cathie Wood, made strategic moves in their portfolio by selling an additional 148,885 shares of Coinbase, amounting to approximately $27.5 million, on December 27. Concurrently, Ark Invest also liquidated its entire stash of Grayscale Bitcoin Trust [GBTC] worth $200 million on Dec. 28, revealed Bloomberg ETF analyst Eric Balchunas. This strategic maneuver is part of the firm’s ongoing efforts to recalibrate its fund weightings.

image 98 3
Ark Invest Sells More Coinbase Shares; Wraps Up GBTC Exit 3

Delving deeper into the specifics, Ark Invest exhibited a sophisticated strategy in managing its portfolio, where the ARK Next Generation Internet ETF [ARKW] opted to part ways with Coinbase shares. The rationale behind this decision is in line with Coinbase’s remarkable 54.6% surge in value over the last month.

Meanwhile, half of the proceeds from the GBTC sale, equivalent to approximately $100 million, were employed by the prominent AUM to venture into Bitcoin Futures ETF Bito. Nonetheless, experts in the field of ETFs suggest that this move serves as a transient placement for the investment firm, to seek a portfolio with enhanced liquidity. According to Eric Balchunas, an ETF analyst at Bloomberg, Ark’s complete divestment from GBTC has positioned it as the second-largest holder of Bito.

Ark Invest CEO Spills Trade Strategy

Ark Invest also positioned itself by acquiring 4,320,928 units of the ProShares Bitcoin Strategy ETF [BITO], a U.S. bitcoin futures-linked ETF. Notably, institutional players, including Ark Invest, eagerly await SEC approval for the first-ever spot Bitcoin ETF filing.

image 99
Source: YouTube

In a recent interview, Cathie Wood shed light on Ark Invest’s strategic moves, including the earlier sale of $13 million worth of Grayscale Bitcoin Trust [GBTC] and the ongoing divestment of $200 million in Coinbase shares. Wood explained that these actions are driven by portfolio management considerations. She highlighted the positive performance of Bitcoin this year and the closing of the discount relative to Net Asset Value [NAV] for GBTC, constituting a dual impact on appreciation.

Wood Further commended the SEC’s evolving stance on cryptocurrency. She emphasized the regulator’s shift from outright denials to active discussions as a positive development, signifying a deepened understanding of relevant issues.

Coinbase Could Be The Powerful Index Play In Crypto With Uncertain Future

by

Coinbase, the largest cryptocurrency exchange in the U.S., has been attracting praise and criticism from various stakeholders in the crypto space. Some analysts see Coinbase as a potential index play for traditional finance firms (TradFi) who want to gain exposure to the crypto sector, while others question its execution and profitability.

In a Dec. 22 Space on X (formerly Twitter) hosted by Anthony Pompliano, Reflexivity Research co-founder Will Clemente said that Coinbase shares could serve as an index play for TradFi firms who are looking for a way to diversify their portfolios and access the crypto market.

Someone might come in the space and say, I bought some Bitcoin, I don’t really know which of these other assets to pick; Coinbase feels like a pretty safe kind of index style play, said Clemente.

Matt Hougan, the chief investment officer of cryptocurrency asset manager Bitwise, also shared his optimism over the future of Coinbase on the same Space on X. Hougan said that he thinks the exchange is executing better than any financial services company in America.

Bitwise operates a Bitwise Crypto Industry Innovators exchange-traded fund (ETF), which holds Coinbase shares. Clemente added that Wall Street views Coinbase as just a pure exchange but noted that it has launched other revenue verticals such as staking, becoming a Bitcoin ETF custodian, and acquiring part of Circle.

Coinbase As A Risky Investment

However, not everyone is convinced that the exchange is worth investing in. The exchange is still facing legal challenges from the United States Securities and Exchange Commission (SEC), which accuses it of offering unregistered securities through its lending program.

The crypto exchange is also facing regulatory scrutiny from several U.S. senators passing bills to restrict cryptocurrency activity in the U.S., which could impact its operations and growth prospects. Moreover, Base has been plagued by several hacks and exit scams since its launch, including the $6.5 million Magnate Finance rug-pull and the $865,000 exploit on RockSwap.

Additionally, Cathie Wood’s ARK Invest has been selling off its Coinbase shares since December 5. According to data from Wood’s official website, ARK’s ARK Innovation ETF has sold off over 900,000 of its shares since then.

Related Reading | Shiba Inu Listing Amplifies With CoinMENA’s Licence Win

Coinbase vs. SEC Epic Clash Steals Spotlight from Bitcoin ETF

by

The January 17th meeting between Coinbase and the SEC holds more significance than the widely debated January 10th deadline for the Bitcoin spot ETF, according to widespread discussions. Popular analyst Dan Gambardello cited the detailed analysis of legal expert MetaLawMan on what could be crypto’s most significant legal development. The spotlight is on Coinbase, as the countdown begins with 30 days until the hearing on the crypto giant’s motion for judgment on the pleadings.

If Coinbase emerges victorious, it could mark a resounding rejection of the SEC’s controversial “regulation by enforcement” strategy targeted at the crypto space. While the recent Ripple case captured widespread attention, the current legal battle involving Coinbase is touted as one that could decide the fate of the entire industry.

Coinbase
Coinbase vs. SEC Epic Clash Steals Spotlight from Bitcoin ETF 5

The significance of Coinbase’s motion lies in its attempt to secure a judgment on the pleadings even before the initiation of any discovery process—a strategy that is typically met with limited success. MetaLawMan suggests that the outcome of this case could be a game-changer, with potential implications for the broader regulatory landscape surrounding cryptocurrencies.

With the hearing scheduled in just 30 days, anticipation is building as industry observers wait to see if Judge Failla will take a bold step and dismiss the case. The rarity of such dismissals before any discovery adds to the intrigue surrounding this legal maneuver. MetaLawMan expresses confidence in the possibility of Judge Failla making a decisive move, hinting at the potential for a case dismissal.

Coinbase Takes Center Stage in Battle Against SEC

In a commitment to closely monitor these developments, the legal expert reveals plans to attend the hearing personally. The crypto community awaits this legal face-off, which could significantly shape the regulatory future of Coinbase and, by extension, the entire crypto market.

Previously, the U.S. Securities and Exchange Commission rejected Coinbase’s request for customized regulations on cryptocurrencies, stating that such regulations were deemed “unwarranted.” In response to this denial, Coinbase has taken the matter to the courts, pursuing legal action to attain regulatory clarity within the cryptocurrency industry. As of December 18, the U.S. Third District Court of Appeals has instructed the SEC to submit a record of its decision by January 24, 2024.

Crypto Waves: BONK Surges On Coinbase Listing, INJ, SOL, & ICP Lead Decoupling Trend

by

In the landscape of the crypto market, this week unfolded with remarkable events. Santiment, a leading provider of crypto insights, took to the X platform to highlight the week’s trending tokens, showcasing the dynamic nature of the crypto space.

Santiment’s Insights On This Week’s Trending Crypto Tokens

One token that stole the spotlight was Bonk Token (BONK), propelled into the limelight by the announcement of its listing on Coinbase. The news resonated across the crypto sphere, triggering a surge in social volume and a trading frenzy. Notably, on December 14, Bonk Token topped the trending list, achieving highs of $0.00002604.

BONK 7D graph coinmarketcap 1
CoinMarketcap

Injective Protocol (INJ) also had its moment in the sun on December 11, as the token experienced a notable price surge, reaching $24.32, however, it is currently trading at an impressive peak of $39.3. The excitement surrounding INJ was further fueled by the anticipation of an upcoming airdrop for stakers, solidifying the coin’s growing popularity among crypto enthusiasts.

INJ 7D graph coinmarketcap
CoinMarketcap

Solana (SOL), a consistent performer, climbed the ranks between December 11 and 17. Its ascent was attributed to a series of high-profile projects and partnerships, drawing attention to the ecosystem’s growth. The ongoing narrative of Solana challenging Ethereum’s dominance in Web3 fueled discussions among traders and enthusiasts alike.

SOL 7D graph coinmarketcap 11
CoinMarketcap

Meanwhile, Internet Computer (ICP) took the lead on December 17, claiming the top spot on Santiment’s list. The coin’s surge was marked by substantial trading activity, with prices reaching highs of $11.56. Market optimism prevailed, evident in the remarkable 132% profit margins recorded by traders.

Amidst the challenges the crypto market faces, a prevailing sense of cautious optimism endures. Established projects like Bitcoin (BTC) remain steadfast pillars, maintaining a consistent presence in the top 10. Bitcoin’s resilience amidst the broader market’s ebbs and flows underscores the crypto industry’s enduring strength.

In the broader sentiment overview, MIR Coin experienced a positive surge following a strategic partnership and a key software update. Conversely, SushiSwap (SUSHI) faced a dip in sentiment due to a front-end exploit, causing a negative outlook between December 11 and 17. Both MEX and Gas Token grappled with security concerns and high transaction fees, leading to a sentiment slump.

Related Reading | Crypto Markets Enter Institutional Era: Goldman Sachs Report

Coinbase Takes SEC To Court After Crypto Regulations Denied

by

The U.S. Securities and Exchange Commission (SEC) dismissed Coinbase’s plea for tailored regulations on cryptocurrencies, deeming them “unwarranted,” as reported by TronWeekly. The denial has prompted Coinbase to escalate the matter to the courts, seeking legal recourse in its quest for regulatory clarity in the crypto industry.

Coinbase’s Co-founder and CEO, Brian Armstrong, revealed the newest development in the ongoing narrative. In a recent X post, he expressed satisfaction with the outcome of their court challenge against the SEC’s reluctance to establish clear rules for the crypto sector. Armstrong revealed that the court compelled the SEC to respond formally, which, despite resounding “no,” opens the door for further legal action.

The SEC’s decision comes after a prolonged wait since 2022, during which the exchange sought a response to its formal petition for specific regulations governing cryptocurrencies. In a press release, the SEC asserted no need for a new regulatory framework, highlighting its ongoing efforts to craft targeted crypto rules and enforce existing authorities. However, it is worth noting that two out of the five SEC commissioners dissented from this standpoint.

Coinbase Challenging SEC’s Denial In Court

Paul Grewal, Chief Legal Officer at Coinbase, affirmed their commitment to challenging the SEC’s denial. He tweeted, “Promise made, promise kept,” announcing their filing with the Third Circuit to contest what they perceive as the SEC’s arbitrary and capricious dismissal of their petition for crypto rulemaking.

In an official filing with the Third Circuit Coinbase, the SEC’s long-awaited response was outlined, characterizing it as the culmination of their mandamus petition. The petition had compelled the SEC to issue a judicially reviewable decision on Coinbase’s request for crypto rulemaking, which the SEC had allowed to linger for over a year.

Coinbase’s move to seek judicial review signifies a turning point in their battle for regulatory clarity as they challenge the SEC’s refusal to act on their rulemaking petition. The rejection may pave the way for a thorough examination of the SEC’s stance on crypto regulations, providing the crypto industry with an opportunity to address outstanding regulatory uncertainties.

SEC Stands Firm: Denies Coinbase’s Bid For Special Crypto Regulation

by

The U.S. Securities and Exchange Commission (SEC) has denied a Petition for Rulemaking filed by Coinbase Global, which is aimed at altering the regulatory landscape for crypto securities markets. Chair Gary Gensler, in a press release, outlined three key reasons supporting the Commission’s decision.

image 57

SEC’s Response To Coinbase’s Claims

Firstly, Gensler emphasized that existing laws and regulations already apply to crypto securities markets. The definition of a security, established by Congress in 1933 and 1934, is broad and includes various forms of financial instruments, ensuring that investors and issuers are entitled to the same protections as traditional securities.

Gensler referred to landmark Supreme Court decisions, particularly SEC v. W.J. Howey Co., which defines an investment contract as the investment of money in a common enterprise with a reasonable expectation of profits derived from the efforts of others. This flexible principle has been successfully applied to various investment forms, including crypto assets, with federal courts consistently upholding the applicability of securities laws.

The second point addressed the SEC’s commitment to addressing crypto securities markets through rulemaking. Gensler contested the petitioner’s claim that the current regulatory landscape was unsuitable, highlighting ongoing initiatives and proposals, such as the Special Purpose Broker-Dealers Release and various rule proposals applicable to crypto asset securities.

Finally, Gensler stressed the importance of maintaining Commission discretion in setting its rulemaking priorities. With the crypto market representing a fraction of the broader capital markets, the SEC asserted the need to focus on areas requiring updated regulation, underscoring the Commission’s role in deploying resources efficiently.

Gensler expresses a willingness to engage with crypto projects and intermediaries committed to compliance. He reinforces the necessity of registration and compliance, asserting that these measures ensure investors receive comprehensive and truthful disclosures. However, the SEC’s decision to deny the petition aligns with Gensler’s belief that the existing securities regime appropriately governs crypto asset securities, safeguarding the investing public’s interests.

Related Reading | Coinbase Launch SEAM: The First Base Native Token in Town

Coinbase Launch SEAM: The First Base Native Token in Town

by

Coinbase, a premier cryptocurrency platform, has officially announced the upcoming launch of the Seamless Protocol governance token, SEAM. Notably, SEAM is set to become the inaugural and exclusive Base Native project token available for trading on the exchange. At the same time, Seamless Protocol, the brains behind the innovative Base lending protocol, revealed plans for a generous airdrop of 400,000 SEAM tokens. Eligible recipients can anticipate receiving their SEAM tokens within a three-month timeframe.

Coinbase will add support for Seamless [SEAM] on the Base network [ERC-20 token]. Do not send this asset over other networks, or your funds may be lost. Transfers for this asset are available on Coinbase in the regions where trading is supported.

As per the official announcement, trading for SEAM is scheduled to kick off on or after 1 PM ET on December 11, 2023, upon meeting liquidity conditions. Once an ample supply of SEAM is established, Coinbase will initiate trading on SEAM-USD pairs in a phased manner. It’s important to note that SEAM support may be subject to restrictions in certain jurisdictions where Coinbase operates.

Coinbase

For those eager to engage with SEAM on the Base network, the ERC-20 token contract address is 0x1C7a460413dD4e964f96D8dFC56E7223cE88CD85. This announcement marks a significant development in the cryptocurrency space as Coinbase expands its offerings to include the pioneering SEAM token, providing users with a new avenue for participation in the evolving crypto landscape.

Coinbase Stocks Drop

Meanwhile, the crypto market experienced a significant retracement, triggering a “flash crash” in both Bitcoin and various altcoins. This sudden downturn has raised concerns about the possibility of an impending bear market. The overnight decline in BTC’s value also led to a substantial decrease in the stock prices of major companies associated with cryptocurrencies. For instance, MicroStrategy [MSTR], which holds nearly 175,000 BTC in its treasury, witnessed a 6% decrease, while the shares of the crypto exchange Coinbase [COIN] dropped by over 5%.

Bitcoin mining companies listed on the Nasdaq, including Marathon Digital Holdings [MARA], Riot Platforms [RIOT], Hut 8 [HUT], and CleanSpark [CLSK], experienced even more significant losses ranging from 10% to 15% during late-morning Monday trading. Despite the cautious optimism among investors, some entities’ shares have more than doubled since the beginning of the year, driven by the crypto market’s rally, decreasing interest rates, and heightened expectations for potential regulatory approval of a spot bitcoin exchange-traded fund [ETF] in the United States.

The Role Of Bitcoin In Safeguarding Western Civilization: Coinbase CEO’s Perspective

by

In a recent tweet, Brian Armstrong, the Co-founder and CEO of Coinbase, shared his perspective on the potential role of Bitcoin in preserving Western civilization. Armstrong expressed the idea that Bitcoin could serve as a crucial factor in extending the longevity of Western societies.

He pointed out a natural trend observed in countries with reserve currencies, explaining that there is a tendency to inflate the money supply and engage in deficit spending until the currency loses its advantage. Armstrong suggested that the United States is currently navigating this journey, a topic previously discussed by financial experts, including Ray Dalio in his work, “The Changing World Order.”

Armstrong acknowledged the challenges faced by other major currencies like the Yuan and Euro, dismissing them as viable alternatives at present. However, he introduced the concept that people now have a viable alternative in the form of cryptocurrency, particularly Bitcoin. He theorized that individuals might begin shifting from traditional fiat currencies to cryptocurrencies to protect themselves against inflation.

Bitcoin As A Complement, Not A Threat

Contrary to the potential concerns of some observers, Armstrong asserted that he doesn’t view this shift as a threat to the U.S. dollar or the United States. Instead, he sees it as a natural check and balance system that could complement the dollar and act as the best defender of long-term American interests and, by extension, Western civilization.

Armstrong elaborated on his perspective by stating that individuals should move from dollars to cryptocurrencies rather than relocating to another country or adopting a different region’s fiat currency. He further emphasized that both fiat and cryptocurrencies could coexist for an extended period, with the two serving as complementary elements rather than direct substitutes. Additionally, Armstrong highlighted the significance of dollar-backed stablecoins, such as USDC, in bridging the gap between traditional and crypto financial worlds.

Nevertheless, Armstrong opened the floor for additional perspectives and opinions on the matter as he contemplated this idea. The potential impact of Bitcoin on the future of Western civilization remains a topic of interest and discussion within the financial and technological communities.

Related Reading | Crypto Lawyers Call For Ethical Conduct Amid SEC Criticism: Report

Binance Settlement Spurs Coinbase & Bybit Growth

by

In the aftermath of Binance’s recent settlement with the U.S. Department of Justice, two major players have emerged as the apparent victors in the crypto exchange landscape. According to a report from Kaiko, Coinbase and Bybit are enjoying newfound prominence, while the fate of Binance remains uncertain.

Binance’s Regulatory Settlement

The settlement, which saw Binance agreeing to a hefty $4 billion penalty, the retention of an independent compliance monitor for three years, and an overhaul of its AML/KYC programs, also involved agreements with the CFTC, FinCEN, and OFAC.

Notably absent from the resolution was the SEC’s ongoing lawsuit against Binance and its U.S. arm. The Wall Street Journal reported that the SEC is actively investigating whether Binance executives had backdoor access to customer funds, keeping the legal cloud over the exchange.

With Binance facing regulatory scrutiny, speculation is rife about the implications for a potential spot Bitcoin ETF and which exchanges stand to benefit from the fallout. COIN, DYDX, and UNI have all experienced a rally following the settlement, prompting industry watchers to assess the landscape for potential winners.

In terms of ETF prospects, an analysis of BTC volumes and the SEC’s historical decisions suggests that the settlement may not significantly impact the likelihood of approval. The SEC has previously emphasized the need for a surveillance sharing agreement with a market of significant size, making the fate of a BTC ETF uncertain despite Binance’s settlement.

image 5 3
Binance Settlement Spurs Coinbase & Bybit Growth 14

Turning the spotlight on Binance itself, despite significant outflows, there’s limited evidence of a mass exodus from the exchange based on liquidity data. Market depth has actually increased since news of the settlement broke, with only minor disturbances in spreads for top BTC instruments.

The only cause for concern arose when TUSD experienced a rapid depegging down to 0.995 Tether, attributed in part to a massive $3 million market sell order. Some speculated a connection to Tron being used in terror financing, but it appears the swift sell-off was triggered by the conclusion of Binance’s Memecoin “Launchpool” on November 26.

image 5 1
Binance Settlement Spurs Coinbase & Bybit Growth 15

Coinbase & Bybit Gain Traction

In the aftermath, Coinbase has emerged as a strong performer, with its stock gaining a remarkable 75% in a single month. The prevailing narrative suggests that Coinbase is poised to benefit from improving market conditions as the bear market potentially recedes.

image 5 2
Binance Settlement Spurs Coinbase & Bybit Growth 16

Examining market share trends, Bybit stands out as the immediate winner, consistently gaining market share in every hour, growing by more than 20% in 16 out of 24 hours. Coinbase, on the other hand, experienced significant growth outside of U.S. trading hours, particularly in Europe and Asia.

Despite Coinbase’s gains, Binance remains the leader in liquidity for both BTC and altcoins, with Bybit quietly improving its liquidity over the past year. While early trends appear positive for Coinbase and Bybit, Binance’s resilience is evident in its ongoing leadership in liquidity.

As the crypto exchange competition unfolds, a recent development adds an intriguing twist – Coinbase’s revelation to customers of a subpoena from the CFTC related to Bybit. While theories abound that Binance may lose market share, the compliance monitor and enhanced AML/KYC procedures could potentially bolster trust in the exchange, maintaining its standing in the market.

In the evolving saga, it seems that a positive outcome may be in store for all parties involved: the U.S. government secures a win, Binance can continue operations with increased compliance, and other exchanges have the opportunity to grow in the shifting landscape of the cryptocurrency market.

Related Reading |  XRP Three-Candle Symphony – Will It Hit $10 Or Soar To $50? 

Coinbase’s Fortunate 19: Riding High on Transparency Success: Report

by

Coinbase unveiled its latest transparency report, covering the period from October 1, 2022, through September 30, 2023. This report marks the company’s commitment to maintaining transparency as it navigates the evolving landscape of global cryptocurrency regulations.

Coinbase’s Global Reach

The momentum behind the global surge in cryptocurrency adoption has propelled Coinbase to execute Phase II of its “Go Broad, Go Deep” strategy for international expansion. During the reported period, Coinbase witnessed a notable 6% year-on-year increase in requests from jurisdictions worldwide.

Intriguingly, the company received requests from 19 new jurisdictions, signaling the growing interest and engagement with cryptocurrencies on a global scale. With a robust presence of 245,000 ecosystem partners spanning over 100 countries, Coinbase’s growth is evident in its diverse range of products and services, including ventures into derivatives and layer 2 solutions.

The platform has successfully obtained new licenses, allowing it to enter untapped markets and introduce innovative products. Coinbase continues to respond to government agencies and law enforcement’s requests as it scales its operations.

Moreover, these requests, which encompass subpoenas, court orders, search warrants, and other formal legal processes, are handled in adherence to financial regulations and applicable laws.

Coinbase’s Transparency Commitment

The transparency report emphasizes the delicate balance Coinbase aims to strike: safeguarding customer privacy while complying with legal obligations. The company acknowledges that privacy is integral to the economic freedom and security customers entrust to them, and, as such, Coinbase implements stringent privacy practices to ensure the confidential treatment of customer information.

Coinbase sees transparency as the bedrock of trust and, by openly sharing information in its report, aims to reinforce its commitment to earning and maintaining the trust of customers, partners, and communities it serves.

The report reveals that Coinbase received a total of 13,079 requests during the reporting period, reflecting a 6% increase over the previous year. Notably, approximately 57% of these requests originated from outside the United States, with 19 countries sending requests for the first time in 2023.

image 2
Coinbase's Fortunate 19: Riding High on Transparency Success: Report 20

The majority of law enforcement requests, approximately 73%, came from the United States, Germany, the United Kingdom, and Spain. The United States maintained its position as the top country with the highest number of requests, experiencing a slight increase in 2023.

image
Coinbase's Fortunate 19: Riding High on Transparency Success: Report 21

Australia and Portugal exhibited substantial growth in requests during the reporting period, with increases of 262% and 211%, respectively. The United Kingdom, while experiencing a decrease in requests from 1,744 in 2022 to 1,415 in 2023, remained among the top requesting countries.

Australia saw a notable surge in requests, climbing from 125 in 2022 to 453 in 2023, while France experienced a significant rise from 351 requests in 2022 to 535 in 2023.

As in previous years, the overwhelming majority of requests received by Coinbase globally and in the United States were from law enforcement agencies, primarily connected to criminal enforcement matters. Coinbase assures that each request undergoes careful review by a trained expert team following established procedures to determine its legal sufficiency.

image 1
Coinbase's Fortunate 19: Riding High on Transparency Success: Report 22

However, the company also aims to provide anonymized or aggregated data, where possible, instead of individual customer information to aid law enforcement and government agencies in their work.

Related Reading |  Shiba Inu Soars 1,000% Despite Market Slump