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Symbol COIN
Name Coinbase Global, Inc.
Currency USD
Sector Information Technology
IndustryGroup Software & Services
Industry Software
Market NASDAQ Global Select
Country United States
State DE
City Wilmington
Zipcode 19801
Website http://www.coinbase.com
Matt Hougan, Chief Investment Officer at Bitwise Asset Management, predicts Bitcoin could exceed $200,000 by the end of 2024, driven by demand from ETFs, corporate investments, and potential government acquisitions. He suggests that a US Strategic Bitcoin Reserve could push prices to $500,000, emphasizing the importance of regulatory clarity and political support for sustained growth. Despite his optimism, Hougan acknowledges risks that could hinder Bitcoin's ascent, including the possibility that politicians may not fulfill their promises.
SEC Commissioner Caroline Crenshaw, known for her critical stance on cryptocurrency, will not be reappointed after the Senate Banking Committee canceled her renomination vote. This decision follows significant backlash from the crypto industry, which has labeled her as "more anti-crypto than Gensler." With her future uncertain, the industry anticipates a more crypto-friendly successor in 2025, potentially leading to a favorable regulatory environment for digital assets in the U.S.
Tether is solidifying its position in Europe's stablecoin market, moving an average of $40 million daily to exchanges as the MiCA regulations approach. Despite Coinbase's delisting of USDT for European users, other major exchanges continue to support it. Tether's investment in StablR, a compliant stablecoin issuer, highlights its commitment to regulatory adaptation and innovation, with StablR's MiCA-compliant stablecoins enhancing liquidity and accessibility in the growing European market.
Donald Trump delivered a goodwill speech at the Washington Crypto Policy Summit, emphasizing the U.S. government's commitment to becoming a global leader in cryptocurrency. He assured attendees that the U.S. aims to retain its crypto business domestically, rather than allowing it to shift to countries like China. The summit featured participation from Congress members and industry leaders, focusing on crucial legislative areas such as decentralized infrastructure, stablecoins, and DeFi. A presentation highlighted that 70% of crypto investors considered candidates' digital asset policies in the last election, with 25% of voters owning crypto.
The ongoing legal battle between XRP and the SEC is pivotal for the future of digital asset regulation, with significant implications for Ripple and the broader crypto market. Under SEC Chair Gary Gensler, the commission's aggressive stance has led to numerous enforcement actions, impacting exchanges and institutional interest in XRP, particularly for cross-border payments. As XRP's trading volume surges and institutional adoption increases, analysts predict a transformative period for the cryptocurrency landscape, especially with potential regulatory shifts on the horizon.
MiCA-compliant stablecoins are rapidly gaining market share in Europe, with euro-denominated trading volumes consistently surpassing 2023 averages, peaking at over $42 billion monthly. Despite Tether discontinuing its euro-pegged stablecoin, euro-backed stablecoins like Circle’s EURC and Societe Generale’s EURCV collectively held 91% of the market by November 2024. Binance has emerged as a key player, nearly matching Coinbase's market share after listing EURI.
Ethereum spot ETFs have seen a significant net inflow of $145 million, reflecting growing institutional interest, with BlackRock’s ETHA leading at $3.365 billion. Grayscale’s ETH also contributed, increasing its net inflow to $616 million, while cumulative net assets for Ethereum spot ETFs reached $14.04 billion.In related news, President-elect Trump met with Crypto.com CEO Kris Marszalek to discuss establishing a U.S. Strategic Bitcoin Reserve, aimed at enhancing economic security and consolidating government-held Bitcoin. This initiative follows Trump's engagement with other crypto leaders and coincides with Bitcoin hitting an all-time high of $108,268.45.
Cardano's meme coin scene is thriving, with Adadeng quickly gaining traction as a promising new token. With over 75,000 ADA raised, its valuation exceeds $100,000, attracting early investors eager to secure tokens before the upcoming listing on Minswap. Adadeng combines meme culture with community engagement, offering 70% of its total supply to presale participants.
Tether has invested in Malta-based stablecoin firm StablR, which operates the StablR Euro (EURR) and StablR USD (USDR) stablecoins, as Europe prepares for the implementation of the Markets in Crypto-Assets Regulation (MiCA) on December 30, 2024. StablR, founded in 2023, recently obtained an Electronic Money Institution license, enabling it to issue compliant stablecoins. Tether's investment reflects a strategic shift towards supporting MiCA-compliant projects, allowing it to navigate regulatory challenges while fostering innovation in the European stablecoin market.
Ethena Labs has launched USDtb, a stablecoin backed by BlackRock’s BUIDL Fund, designed to maintain a 1:1 value ratio similar to USDC and USDT. With 90% of its backing from BUIDL, USDtb aims to enhance the resilience of Ethena’s existing USDe stablecoin and provide a lower-risk yield-bearing option.The stablecoin is expected to thrive in volatile markets, allowing Ethena to mitigate risks associated with negative funding rates while potentially exceeding $100 billion in total value locked. Major custodians and liquidity providers are supporting USDtb, which has passed rigorous security audits.
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