The leading crypto, Bitcoin, set a new all-time high this week as Coinbase officially listed on the NASDAQ stock exchange
Here’s a rundown of this week’s crypto news:
Bitcoin, Ether, and BNB set new all-time highs
This week was a generally good one for the cryptocurrency market as several cryptocurrencies rallied to new all-time highs. The leader in the space, Bitcoin, set a new all-time high at $64,804, following a rally earlier this week. Ether was able to cross the $2,500 mark after an extended rally to further cement its place as the second-largest cryptocurrency. This week’s surprise was Binance Coin (BNB), which reached over $600 to set a new all-time high. Over the past few weeks, BNB overtook Tether (USDT), XRP, and several other cryptocurrencies to occupy the third spot on the leaderboard.
Coinbase now live on NASDAQ
The US-based cryptocurrency exchange finally launched on the NASDAQ stock exchange. This occasion was one of the most anticipated in the crypto space, and Coinbase didn’t disappoint. Trading under the ticker COIN, it began trading at $380 despite NASDAQ setting an initial reference price of $250. COIN’s price rose to over $420, briefly allowing Coinbase’s market capitalisation to surpass $100 billion. With Coinbase now a publicly-listed company, other exchanges could follow the same path as the crypto space garners more attention globally. Coinbase’s listing came after the exchange delivered an excellent quarter earlier this year. Bitcoin and other cryptocurrencies’ performances helped Coinbase rake in huge revenues as more retail and institutional investors enter the market.
Gary Gensler confirmed as SEC chairman
The United States Senate confirmed Gary Gensler’s appointment as the new Securities and Exchange Commision (SEC) chairman earlier this week. Gensler’s appointment is viewed with optimism within the cryptocurrency space due to his Bitcoin-friendly stance. The new chairman previously served as the chairman of the Commodity Futures Trading Commission (CFTC) during the Obama administration. The crypto community is optimistic that Gensler will finally approve a Bitcoin exchange-traded fund (ETF) in the United States. Currently, there are nine Bitcoin ETF applications, and the SEC has started reviewing some of them.
The United States concerned about the digital Yuan
United States officials are concerned that China will use the digital Yuan to bypass sanctions and affect the dollar’s dominance as the number one reserve currency. Officials in the Biden administration are currently monitoring the digital Yuan’s development. Amongst the leading economies, China has gone perhaps the furthest in its central bank digital currency (CBDC) development. The Chinese government is already live-testing the digital Yuan to see how it performs in the real world. The United States is afraid that China will use the digital Yuan to disrupt the dollar’s dominance as the global reserve currency. Hence, officials at the U.S. Treasury, State Department, Pentagon, and National Security Council will keep monitoring the short and long-term effects of the digital Yuan on the U.S. Dollar.
Galaxy Digital files Bitcoin ETF application
Galaxy Digital, the digital asset management firm owned by Mike Novogratz, is the latest American company to file for a Bitcoin ETF with the SEC. The firm submitted its S-1 form earlier this week and plans to trade the Bitcoin ETF on the NYSE Arca exchange. It also intends to use the Bloomberg Galaxy Bitcoin index as its pricing mechanism. Galaxy Digital’s Bitcoin ETF is already live in Canada, but the asset management firm wants to break new ground in the United States. The SEC is now reviewing nine Bitcoin ETF applications, including those from VanEck, Fidelity, WisdomTree, Kryptoin and others.
Binance launches tokenised stock trading services
Popular cryptocurrency exchange Binance this week launched a tokenised trading service for its users. According to Binance, it is a zero-commission service that allows users to trade fractional stocks. The cryptocurrency exchange began by listing Tesla Inc. (TSLA), citing Elon Musk’s role in helping cryptocurrency adoption as the reason why it listed TSLA first. Binance also listed the Coinbase stock (COIN) after the US-based cryptocurrency exchange went live on the NASDAQ stock exchange. According to Binance, trading the stock tokens will be in line with traditional stock exchange hours, and it intends to list more stocks over the coming weeks and months.
Kraken could leave the U.S. due to overregulation
Kraken CEO Jesse Powell revealed earlier this week that the cryptocurrency exchange is planning an initial public offering (IPO) in the second half of the year. However, the exchange is not sure if it will go public in the United States, as overregulation could force them to relocate. Powell lamented the fragmented cryptocurrency regulatory regime in the United States, making it harder for exchanges and other crypto companies to do business competitively. The CEO said Kraken is considering other crypto-friendly countries such as Japan, the United Kingdom, and the United Arab Emirates.
Time magazine will hold Bitcoin on its balance sheet
Tesla, MicroStrategy, and Square are some of the popular companies holding Bitcoin on their balance sheets. Time magazine is set to join this list after partnering with Grayscale Investments. Grayscale will work with the publication to create an educational video series on cryptocurrencies, and this is expected to be released this summer. Grayscale will pay Time in Bitcoin, and the magazine said it intends to hold the cryptocurrency in its balance sheet.
New York Stock Exchange to mint six NFTs of historic listings
The New York Stock Exchange (NYSE) is jumping aboard the NFT train after announcing that it would mint six of its most popular listings. The stock exchange operator will create NFTs to celebrate the first trades of Spotify, Snowflake, Unity, DoorDash, Roblox and Coupang. These companies hold a significant place in NYSE history, and the exchange said it intends to release NFTs of more notable listings in the coming months.