Another Week in Crypto
The top 5 headlines, the top 5 tweets, and the top 5 memes
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Top 5 Headlines
Coinbase Valued at $86 Billion in ‘Landmark Moment’ for Crypto
Shares in Coinbase, the first major cryptocurrency company to list its shares on a U.S. stock exchange, jumped in their market debut on Wednesday, showing that investors are hungry to get a piece of the hot market for digital currencies.
The stock swung as low as $310 and as high as $429 in a volatile day of trading that reflected the unpredictable nature of cryptocurrency prices. Coinbase ended the day at $328.28, valuing the company at $85.7 billion counting all of its outstanding shares — more than 10 times its last valuation as a private company.
Bitcoin in Stasis as Crypto Bull Mike Novogratz Warns of Market Washout
“I’ve seen a lot of weird coins like dogecoin and even XRP have huge retail spikes, which means there’s a lot of frenzy right now,” bitcoin bull and CEO of Galaxy Digital Mike Novogratz told MarketWatch. “That never ends well, and so we’ll probably have a washout at one point.”
Janet Yellen, Bitcoin And Crypto Fearmongers Get Pushback From Former CIA Director
Michael Morell, a 33-year veteran of the agency, published an independent paper commissioned by the newly formed lobbying group Crypto Council for Innovation (whose founding members include Coinbase, Fidelity Digital Assets, and Square) directly refuting this well-traveled narrative. In an expansive study, Morell came to two key conclusions:
The broad generalizations about the use of bitcoin in illicit finance are significantly overstated.
Blockchain analysis is a highly effective crime fighting and intelligence gathering tool.
First Bitcoin ETF in North America Hits $1 Billion in Assets
Its quick cash accumulation underscores the intense demand for Bitcoin products, as U.S. issuers line up to win approval for the first Bitcoin ETF in the U.S. At least eight firms including VanEck Associates Corp. and WisdomTree Investments now have live applications for with the Securities and Exchange Commission, despite regulator reluctance to approve the strategies.
ConsenSys raises $65M from JP Morgan, Mastercard, UBS to build infrastructure for DeFi
ConsenSys, a key player in crypto and a major proponent of the Ethereum blockchain, has raised a $65 million funding round from J.P. Morgan, Mastercard and UBS AG, as well as major blockchain companies Protocol Labs, the Maker Foundation, Fenbushi, The LAO and Alameda Research. Additional investors include CMT Digital and the Greater Bay Area Homeland Development Fund. As well as fiat, several funds invested with Ethereum-based stablecoins, DAI and USDC, as consideration.
The fundraise looks like a highly strategic one, based around the idea that traditional institutions will need visibility into the increasingly influential world of “decentralized finance” (DeFi) and the Web3 applications being developed on the Ethereum blockchain.
Top 5 Tweets
Top 5 Memes
About Grokking Crypto
Crypto is moving so fast and trying to keep up with everything can feel a bit overwhelming. Dozens of crypto-related articles, podcasts, and YouTube videos are published every day. Moreover, 90% of these resources aren’t even worth reading or listening to, which makes the task of keeping up even more difficult.
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