Investors3
7 days ago
Stand with Crypto Expands to Canada
TL;DR: Stand with Crypto unites global crypto advocates, forming a passionate community committed to driving sensible crypto innovation and crypto policy. In the United States the movement has reached over 1.1 million advocates and continues to grow. In the UK, the movement is also building momentum; Stand with Crypto recently published a manifesto calling for the next UK Government to drive web3 innovation, jobs and a more digital economy. Now is the time to expand the Stand with Crypto movement to Canada and make sure crypto advocates' voices are heard.
By Tom Duff Gordon, Lucas Matheson International, July 12, 2024
Mission of Stand with Crypto in Canada
Stand with Crypto was born in the US as a movement focused on mobilizing the crypto community. Stand with Crypto in Canada is all about shining a light on the pioneers building businesses onchain, driving real-world use cases, and solving society’s problems with blockchain technology. We believe that Canada can be a leader internationally in the adoption and commercialisation of this transformative technology, and it begins with crypto. With an estimated 5 million crypto holders calling Canada home[color=red][color=red][/color][/color], now is the perfect time to rally Canadian voices and ensure they're seen and heard.
According to a survey Coinbase conducted with Angus Reid, 86% of Canadians agree the Canadian financial system could use an update. The majority feel that the system is not fair for everyone (80%), is out of touch (76%) and is designed to benefit corporations (83%) and the wealthy (73%). 72% think that the regulation of cryptocurrency exchanges is important. Nearly a third of Canadians (29%) said they would be more inclined to buy cryptocurrency if there was more regulation in the industry. The appetite for this movement in Canada is clear.
Policymakers have expressed a desire to deepen their understanding of the opportunities presented by emerging technologies like blockchain, and industry needs to do a better job of explaining the social and economic value that can be unlocked through applications of cryptocurrency, blockchain and decentralised innovation.
Calgary Launch Event: A Major Milestone
SwC reached a significant milestone with a launch event today on Friday, 12th July in Calgary on the sidelines of the Calgary Stampede. The event heard remarks from the Honourable Dale Nally, Minister of Service Alberta and Red Tape Reduction; Lucas Matheson, CEO, Coinbase Canada; Tom Duff Gordon, Vice President of International Policy at Coinbase; Alexis Pappas, Chief Innovation Officer, GuildOne Inc.; and Samantha Robertson, Director of Global Energy Strategy, at Bitdeer. The event brought together some 100 blockchain entrepreneurs, industry leaders, investors, leading academics and media.
The launch event is the culmination of a week-long trade mission in Alberta organised by the Canadian Blockchain Consortium. Delegates met with Danielle Smith, the Premier of Alberta; Honourable Nathan Neudorf, Minister of Affordability and Utilities, Government of Alberta; Alexis Pappas, Chief Innovation Officer, GuildOne Inc. and Samantha Robertson, Director of Global Energy Strategy at Bitdeer. The agenda was designed to foster collaboration between Government and industry, to ensure that collaborative governance of the digital asset ecosystem results in common-sense regulation.
The Calgary launch event marks a pivotal moment in the campaign’s expansion. As SwC continues to grow, its impact on Canada’s blockchain landscape is set to be profound, fostering a grassroots movement that champions blockchain innovation and economic growth.
If you believe in the power of the blockchain and want to Stand with Crypto in Canada, sign up to the movement here, and join us on this journey.
https://www.coinbase.com/blog/stand-with-crypto-expands-to-canada?__cf_chl_rt_tk=strhvXqapGE8gfJV_ms1tWpQ9NEo4vzJppvkal9eC1w-1721073197-0.0.1.1-4500
Investors3
1 month ago
Coinbase (NASDAQ:COIN) – Coinbase launched a $2 million campaign targeting Latino voters in the US, promoting cryptocurrencies for remittances, highlighting lower fees with USD Coin.
Honeywell Acquires CAES Systems for $1.9 Billion, Sarepta Therapeutics Surges 34%, Gilead Continues Gains
June 21 2024 - 8:00AM
IH Market News
Honeywell (NASDAQ:HON) – Honeywell announced the acquisition of CAES Systems for $1.9 billion, focusing on expanding its aerospace and defense technology operations. Under the leadership of CEO Vimal Kapur since June 2023, Honeywell seeks growth in automation, future aviation, and energy transition, consolidating its third major deal of the year.
Sarepta Therapeutics (NASDAQ:SRPT) – The Food and Drug Administration (FDA) approved expanded indications for Elevidys, Sarepta Therapeutics’ treatment for Duchenne muscular dystrophy. The drug is now approved for both ambulatory and non-ambulatory individuals with confirmed DMD gene mutations, aged four and older. Sarepta Therapeutics surged 33.6% in pre-market trading.
Gilead Sciences (NASDAQ:GILD) – Gilead Sciences closed up 8.5% on Thursday after a study showed its semi-annual antiviral injection, lenacapavir, effectively prevented HIV in all female participants tested in South Africa and Uganda. This could potentially expand the market for HIV pre-exposure prophylaxis (PrEP). Gilead’s shares rose 5.3% in pre-market trading.
Novo Nordisk A/S (NYSE:NVO) – The World Health Organization (WHO) issued a warning about counterfeit batches of Novo Nordisk’s Ozempic, used for diabetes and obesity, found in Brazil, the UK, and the US. These counterfeit products pose health risks due to incorrect ingredients or the presence of harmful substances like insulin.
Nvidia (NASDAQ:NVDA) – Nvidia’s put options trading on Thursday saw significant volume, with 365,000 contracts at a $135 strike price and 250,000 at a $130 strike price. This increased the put-to-call ratio to 0.70 from 0.58 a few days prior. Volatility in Nvidia’s stock led to an intraday movement of over 6%, peaking and then falling 3.5%, closing at $130.78, putting Microsoft’s market capitalization back on top. Nvidia’s recent rise as the world’s most valuable company is driven by its AI chip leadership, with revenues expected to double to $120 billion. Despite risks of overvaluation and competition, investor optimism is sustained by the company’s innovation and profitability potential, with a P/E ratio starting the year at 25, now at 45, modestly above the five-year average of 41. However, not all investors are optimistic. Paul Wick of Seligman Investments has been reducing his Nvidia holdings due to concerns about profit growth prospects and high valuations. He compared Nvidia’s current situation to Cisco’s boom during the dot-com bubble, highlighting dependence on a few large customers as a significant risk. Nvidia shares fell 1.0% in pre-market trading.
Alphabet (NASDAQ:GOOGL) – A judge from Brazil’s Superior Court ended the investigation into Google and Telegram, accused of coordinating opposition to an anti-fake news bill, due to a lack of evidence for criminal proceedings.
Oracle (NYSE:ORCL) – Oracle plans to invest over $1 billion in Spain over 10 years, focusing on artificial intelligence and cloud computing. This investment aims to expand local capabilities, help companies adopt the cloud and comply with European regulations, and strengthen strategic partnerships like Telefónica España.
Autodesk (NASDAQ:ADSK) – Autodesk confirmed its annual shareholder meeting will occur on July 16, after a judge rejected Starboard Value’s attempt to delay it. Starboard sued the company seeking to postpone the meeting to nominate new directors following allegations of lack of transparency about accounting practices.
Micron Technology (NASDAQ:MU) – Micron is developing a project for up to four semiconductor factories in Syracuse but faces delays due to the discovery of endangered bats. This complexity highlights the challenges of combining industrial expansion with stringent environmental requirements, despite strong government support and plans to start construction in 2025.
Advanced Micro Devices (NASDAQ:AMD) – Advanced Micro Devices’ shares rose 4.5% on Thursday, driven by analyst Harsh Kumar’s optimistic outlook from Piper Sandler on its AI server business. Kumar highlighted AMD’s strong chip performance and its direct competition with Nvidia, along with expansion potential with key customers like Microsoft and Meta. AMD shares fell 0.55% in pre-market trading.
LendingTree (NASDAQ:TREE), Snowflake (NYSE:SNOW) – Hackers are auctioning consumer data from LendingTree’s subsidiary QuoteWizard after a data breach in a Snowflake-hosted database. LendingTree is investigating the impact and cooperating with Snowflake and Mandiant to understand the extent of the leak and its causes.
Trump Media & Technology Group (NASDAQ:DJT) – After regulators allowed potential stock dilution, Trump Media’s stock closed down 14.6% on Thursday and declined for five consecutive trading sessions, losing 33.9% during that period. The Securities and Exchange Commission approved the company’s registration statement and resale of shares and warrants this week. The stock rose 2.3% in pre-market trading on Friday.
AT&T (NYSE:T) – California rejected AT&T as the “provider of last resort,” preventing it from ending essential landline services for over 580,000 households. The decision aims to protect continued access to voice and 911 services, requiring AT&T to maintain these services until modern alternatives are available.
American Airlines (NASDAQ:AAL) – The American Airlines flight attendants’ union did not reach an agreement in the latest negotiations, moving closer to a strike. However, a strike requires permission from the National Mediation Board, a lengthy and complex process, making effective strikes difficult.
Southwest Airlines (NYSE:LUV) – The FAA is investigating an incident involving Southwest Airlines flight 4069, which departed from Las Vegas and descended abruptly to a low altitude near Oklahoma City’s airport on Wednesday. The minimum altitude alert sounded, and the crew was notified by an air traffic controller. The investigation follows multiple recent incidents with the airline.
United Airlines (NASDAQ:UAL) – A United Airlines aircraft, an Airbus SE A320, departed Bradley International Airport in Hartford en route to Denver International Airport but had to return to Connecticut after losing part of its engine cowling during takeoff on Thursday. There were no injuries, and the FAA is investigating the incident.
Boeing (NYSE:BA), Spirit AeroSystems (NYSE:SPR) – Boeing is close to finalizing the repurchase of Spirit AeroSystems after progress in negotiations with Airbus over program division. The deal aims to resolve a conflict over Airbus component manufacturing while Boeing seeks to strengthen its supply chain after 737 MAX issues. Additionally, Boeing is shifting engineers from the experimental X-66A project to support the production and delivery of the 737-7, 737-10, 777-9, and 777-8F models. This move aims to accelerate deliveries while maintaining commitments to customers and advancing zero-emission aviation goals with the X-66A in partnership with NASA.
Joby Aviation (NYSE:JOBY) – Joby Aviation received FAA approval to use its in-house software, ElevateOS, to manage air taxi operations, such as pilot workload and passenger coordination. Preparing for a 2025 launch, Joby plans to integrate the software with Uber and Delta Air Lines, facing technological and regulatory challenges.
Hertz Global Holdings (NASDAQ:HTZ) – Hertz plans to raise $750 million through secured notes to strengthen its balance sheet, facing challenges after losses with electric vehicles. The company faces high depreciation pressures and expectations of significant losses, alongside a strategic adjustment to reduce reliance on these vehicles.
General Motors (NYSE:GM) – Cruise, General Motors’ unit, received the maximum penalty for lacking transparency about an accident involving its autonomous vehicle in California. The fine totals $112,500, highlighting rigorous scrutiny of autonomous vehicle safety by regulators.
Ford Motor (NYSE:F) – Jim Farley, CEO of Ford, is tackling high recall costs, amounting to $4.8 billion annually. To improve quality, Farley adopted a strategy of retaining redesigned models for up to six weeks for additional checks, aiming to reduce future failures and warranty costs.
Toyota Motor (NYSE:TM) – Toyota suspended production and delivery of the Grand Highlander and Lexus TX SUVs due to an issue with the driver’s side curtain airbag. This affects 145,000 model year 2024 vehicles in the US, where the airbag may not deploy correctly if the driver’s window is down during certain crashes.
VinFast (NASDAQ:VFS), BYD (USOTC:BYDDY) – Electric vehicle sales are rapidly growing in Southeast Asia, with the Chinese BYD and Vietnamese VinFast leading the way. These brands are entering a market previously dominated by Japanese and Korean manufacturers. According to Counterpoint Research, EV sales in the region doubled in the first quarter compared to the previous year, while combustion car sales fell 7%. In Canada, Prime Minister Justin Trudeau’s government is considering imposing tariffs on electric vehicles made in China. This move aligns with similar policies in the US and the EU, which have already announced or plan to increase tariffs to curb these imports.
Chevron (NYSE:CVX), Hess (NYSE:HES), Exxon Mobil (NYSE:XOM) – An arbitration panel between Chevron and Hess, delayed by the non-appointment of the third arbitrator, is postponing the decision on Hess’s $53 billion sale to Chevron in Guyana. The dispute involves Exxon’s right of first refusal over Hess’s operations in the country, impacting the transaction’s conclusion.
Nikola (NASDAQ:NKLA) – Nikola announced a 1-for-30 reverse stock split to meet Nasdaq requirements, aiming to increase the share price. The move comes after disappointing first-quarter revenues and a significant drop in shares, which hit a historic low of 40 cents.
Mastercard (NYSE:MA), Visa (NYSE:V) – China is negotiating with Visa and Mastercard to reduce foreign card transaction fees in the country, aiming to facilitate payments for international visitors, according to Bloomberg. The proposal is to lower the fee from 2% to 1.5%.
PayPal (NASDAQ:PYPL) – PayPal hired Srini Venkatesan from Walmart as its new chief technology officer to lead advancements in artificial intelligence, information security, and product engineering. He brings significant experience in digital transformation and technology leadership, highlighting the company’s renewed focus on innovation and personalization to drive global commerce.
Upstart (NASDAQ:UPST) – Castlelake, a private credit lender, will acquire up to $1.2 billion in installment loans from Upstart to expand its presence in the retail lending sector. Investors are seizing opportunities in risky loans, driven by less restrictive regulations and high interest rates.
PicPay – The Brazilian mobile banking app with 35 million active customers owned by J&F Investimentos SA, is seeking an initial public offering in the U.S. in collaboration with Citigroup. The company intends to proceed as soon as market conditions allow, after having reported a net profit in 2023 and reached operational breakeven for the first time.
JPMorgan Chase (NYSE:JPM) – JPMorgan sees signs of recovery in the Chinese economy, which could revitalize its business in the country after a slow period. Mary Erdoes, the bank’s CEO of asset and wealth management, noted that despite previous challenges, there is growing optimism, particularly since March.
Citigroup (NYSE:C) – US regulators rejected Citigroup’s recovery plan, known as a “living will,” which outlines procedures in case of bankruptcy. The decision, based on deficiencies in the bank’s data controls, raises doubts about Citi’s ability to reorganize without risks to the financial system. Additionally, Germany fined Citigroup around $13.94 million for failures in its trading system controls after a 2022 incident involving erroneous orders of $1.4 billion. The BaFin regulator criticized Citi for not preventing errors that could disrupt the financial market.
HSBC (NYSE:HSBC) – Danielle Johnson, formerly of Goldman Sachs, was appointed global head of institutional clients at HSBC, bringing over 20 years of experience in relationship management and equity sales in the US. She will strengthen HSBC’s client coverage, based in New York and reporting to global banking coverage directors.
NatWest Group Plc (NYSE:NWG) – J Sainsbury Plc, a London-based supermarket chain, agreed to transfer its banking business to NatWest for $159 million (£125 million), aiming to divest personal loans, credit cards, and deposits. This decision reflects the difficulty supermarkets face in effectively competing in the financial sector against traditional lenders.
BlackRock (NYSE:BLK) – Global Infrastructure Partners (GIP) announced that after being acquired by BlackRock for $12.5 billion, it will retain control of its operations. This comes amid criticism in Malaysia, a Muslim-majority country, against airport privatization due to alleged ties between BlackRock and Israel. Malaysia, which supports Palestine, protested GIP’s participation due to BlackRock’s investments in Israel, currently in conflict with Hamas. The $3.9 billion airport privatization has faced opposition similar to previous boycotts of Western brands.
Coinbase (NASDAQ:COIN) – Coinbase launched a $2 million campaign targeting Latino voters in the US, promoting cryptocurrencies for remittances, highlighting lower fees with USD Coin.
Target (NYSE:TGT) – Target is implementing the generative AI chatbot “Store Companion” in 400 stores to improve operational efficiency and integrate new employees. This growing trend in retail, where AI promises to transform operations from customer service to e-commerce optimization, aims to increase productivity and profitability.
McDonald’s (NYSE:MCD) – McDonald’s is set to launch a $5 meal in select US restaurants. The promotion, starting June 25, includes a McDouble or McChicken, fries, Chicken McNuggets, and a small drink. This initiative aims to attract low-income consumers amid rising inflation and competition in the fast-food sector.
Chipotle Mexican Grill (NYSE:CMG) – Chipotle Mexican Grill shares fell 6.1% on Thursday ahead of its stock split, despite recent strong financial performance with rising revenues and profits. The decline may be attributed to profit-taking by institutional investors after significant gains, while the company faces criticism over smaller portions and higher prices.
MGM Resorts International (NYSE:MGM) – MGM Resorts International will introduce online betting with live dealers at its Bellagio and MGM Grand resorts in Las Vegas, a first for Strip casinos. Local dealers will manage games like roulette and baccarat for online customers outside the US, under the “MGM Live” brand.
Boyd Gaming (NYSE:BYD), Penn Entertainment (NASDAQ:PENN) – Boyd Gaming approached Penn Entertainment for a possible acquisition, according to Reuters. Penn, known for its involvement in online gaming and sports betting, has made strategic partnerships, including renaming Barstool Sportsbook to ESPN Bet.
Nike (NYSE:NKE) – Sam Poser, an analyst at Williams Trading, cut Nike’s price target to $75, matching the lowest on Wall Street, citing company stagnation and a lack of attractive new products. He predicts a more than 20% drop in shares, criticizing current management and product strategy.
FedEx (NYSE:FDX) – FedEx shares have been volatile this year, initially gaining over 20% by March but have since moved to a 0.2% loss for the year. With concerns about profits and sales below expectations, the company focuses on cost-cutting and operational improvements to boost margins and returns to shareholders.
Earnings
Smith & Wesson Brands (NASDAQ:SWBI) – In the fourth quarter, Smith & Wesson reported earnings per share of 45 cents, above the 34 cents expected by analysts. The company had revenue of $159.15 million, a 10% increase from the last quarter, and 1.50% better than the $156.80 million forecast. Despite outperforming estimates, shares fell 3.96% in pre-market trading.
Algoma Steel Group (NASDAQ:ASTL) – In the fourth quarter, Algoma Steel reported earnings per share of 7 cents, beating analysts’ expectations of a 1 cent per share loss. However, its revenue of $460.44 million was 19.92% below analysts’ estimate of $575.00 million. Shares are flat premarket.
Kroger (NYSE:KR) – In the first quarter, Kroger reported net income of $947 million, equivalent to $1.29 per share, adjusted to $1.43 per share, beating the FactSet expectation of $1.35. Sales reached $45.269 billion, surpassing the $44.867 billion consensus. Sales grew modestly, driven by lower pricing strategies and promotions. Kroger reaffirmed its annual forecasts despite outperforming in the first quarter, expecting 0.25% to 1.75% same-store sales growth, excluding fuel, and earnings per share between $4.30 and $4.50. FactSet consensus forecasts a 1.1% sales increase and $4.44 earnings per share.
Accenture (NYSE:ACN) – In the fiscal third quarter, Accenture PLC (NYSE: ACN) reported net income of $1.934 billion, or $3.04 per share, adjusted to $3.13, close to the FactSet consensus of $3.16. Total revenue was $16.467 billion, slightly below expectations of $16.548 billion. For the fiscal fourth quarter, the company projected revenue between $16.05 billion and $16.65 billion. For the full fiscal year, adjusted earnings per share are expected to be between $11.85 and $12.00.
Darden Restaurants (NYSE:DRI) – Darden Restaurants reported adjusted earnings per share of $2.65, exceeding expectations of $2.61, but its revenue of $2.96 billion was slightly below the forecast of $2.97 billion. Olive Garden faced a 1.5% sales decline, while LongHorn Steakhouse saw 4% growth. Fiscal 2025 projections include 1% to 2% sales growth, $9.40 to $9.60 earnings per share, and net sales between $11.8 billion and $11.9 billion, with 2% to 3% price increases and capital expenditures of $550 million to $600 million.
https://ih.advfn.com/stock-market/NASDAQ/coinbase-global-COIN/stock-news/94084296/honeywell-acquires-caes-systems-for-1-9-billion
Investors3
1 month ago
Robinhood Acquires Bitstamp for $200 Million, Binance Reactivates Mastercard Purchases, and More Crypto News [Coinbase]
June 06 2024 - 3:37PM
IH Market News
Coinbase integrates network alerts in encrypted wallet with Notifi
The mobile wallet of Coinbase Global (NASDAQ:COIN) now offers automated alerts about network activities through the Notifi messaging service. The launch, in partnership with GMX, allows users on Arbitrum and Avalanche to receive notifications about imminent liquidations and governance changes. The integration uses the XMTP protocol, enabling secure communications between wallet users. This new functionality aims to enhance the user experience by providing relevant and timely information directly in the wallet.
Binance reactivates cryptocurrency purchases with Mastercard
Binance, the largest cryptocurrency exchange by volume, has announced the reactivation of Mastercard (NYSE:MA) for cryptocurrency purchases. According to a statement on the X platform, the functionality has been restored with a single purchase limit of up to 5,000 euros, about $5,440, and $20,000 for transactions in U.S. dollars. This return is part of a larger effort by Binance to meet stringent compliance standards, reinforcing trust among users and regulators. The company also plans to expand regulated payment options to further facilitate user transactions.
Robinhood acquires Bitstamp for $200 million to expand crypto operations
Robinhood Markets (NASDAQ:HOOD) has finalized the acquisition of Bitstamp, one of the world’s oldest cryptocurrency exchanges, for $200 million. This acquisition, expected to be completed in the first half of 2025, aims to expand Robinhood’s Bitcoin and cryptocurrency business, increasing its global reach and its ability to serve institutional and retail customers. Bitstamp, known for its resilience and reliability, will complement the services already offered by Robinhood, which sees in cryptography the potential to reorganize the financial system.
Bitdeer acquires Desiweminer in a $140 million transaction
Bitcoin miner Bitdeer (NASDAQ:BTDR) has purchased ASIC chip designer Desiweminer in an all-stock deal valued at $140 million. The transaction, announced on June 3, involves 20 million Class A ordinary shares of BTDR. The Desiweminer team will join Bitdeer’s ASIC design team in Singapore, with combined products ready for immediate launch. This move comes after a $150 million investment from Tether in Bitdeer. In response to the announcement, BTDR shares rose about 6.3%, to $7.45, in Thursday’s trading.
Core Scientific rejects acquisition offer from Coreweave
Core Scientific (NASDAQ:CORZ), a prominent cryptocurrency miner, has declined an acquisition proposal from Coreweave valued at $5.75 per share. The board stated that the offer undervalues the company, considering its recent deals and growth projections. This announcement comes after Core Scientific overcame a bankruptcy petition and demonstrated a robust financial recovery in the first quarter of 2024.
Ark’s Cathie Wood withdraws from Ether ETF due to intense fee war
Cathie Wood of Ark Investment has abandoned the launch of an Ethereum ETF in the U.S., citing the competitive fee war as a decisive factor. At the Consensus conference, Wood revealed that Ark’s spot Bitcoin ETF, with a fee of 0.21%, was not profitable. With Grayscale setting higher fees and losing market leadership, the industry faces a race to offer low fees. Analysts view Ark’s exit as a response to reduced margins and potentially lower demand for Ether ETFs compared to Bitcoin ETFs.
Bitcoin ETFs record record inflows of $1.4 billion in two days
On June 5, Bitcoin ETFs recorded inflows of $488.1 million, marking 17 consecutive days of inflows, a new record. In the past two days, inflows totaled an impressive $1.4 billion. The Fidelity ETF (AMEX:FBTC) led with $220.6 million, followed by the BlackRock ETF (NASDAQ:IBIT) with $155.4 million. The ARK ETFs (AMEX:ARKB) and the Bitwise ETF (AMEX:BITB) registered $71.4 million and $18.5 million, respectively. The Grayscale ETF (AMEX:GBTC) recorded inflows of $14.6 million, but still faces a total net outflow of $17.9 billion.
Bitcoin volatility increases with futures expiration and high projections for 2024
Bitcoin (COIN:BTCUSD) is fluctuating around $71,000 this Thursday, hitting an intraday high of $71,650.56 and trading at $70,956 at the time of writing. Among the top 10 cryptocurrencies, all are experiencing slight declines, except Ether (COIN:ETHUSD), which is up over 1%, and Toncoin (COIN:TONCOINUSD), which is up over 3%. The price of ETH is $3,831, while Toncoin is valued at $7.43.
However, with $2.2 billion in futures options expiring on June 7, Bitcoin could fall below the psychological mark of $70,000. Of these, $1.22 billion are Bitcoin futures options, indicating a “maximum pain point” of $69,500. This expiration may increase Bitcoin’s price volatility, creating a scenario of uncertainty.
Parallelly, Fernando Pereira, analyst at Bitget, highlighted with optimism the positive correlation between the performance of the S&P 500 and the price of Bitcoin. He predicts that “a 2.5% to 5% rise in the S&P 500 in the coming days could drive BTC up about 12%, reaching $80,000”. Additionally, Geoffrey Kendrick, head of forex and digital assets research at Standard Chartered, also shares an optimistic view, predicting that Bitcoin could reach $100,000 before the U.S. presidential elections. Kendrick suggests that, should Trump win, the price could reach $150,000 by the end of the year, attributing this outlook to the political climate, recent regulatory decisions, and potential favorable economic data.
Franklin Templeton plans crypto fund for institutional investors
Franklin Templeton, a $1.6 trillion asset manager, is considering launching a private cryptocurrency fund, according to The Information. The fund, aimed at institutions, will focus on assets beyond bitcoin and ether, with the possibility of passing on staking rewards. The manager has previously taken initiatives in the digital asset sector, including a bitcoin ETF and a tokenized government bond fund.
Tim Draper recommends Bitcoin for treasury diversification after SVB collapse
Venture capitalist Tim Draper suggests that companies diversify their treasuries by including Bitcoin (COIN:BTCUSD) as protection against banking risks. This recommendation follows the collapse of Silicon Valley Bank (SVB) in March 2023, which severely impacted several startups, including cryptocurrency clients. Draper proposes that companies split their capitals between large banks, smaller banks, and Bitcoin to avoid similar challenges in the future. This method offers a safety net, allowing operations to continue even in financial crises.
High short positions in MicroStrategy signal potential volatility
Analyses of net short positions released by Fintel reveal that MicroStrategy (NASDAQ:MSTR) faces high exposure to short selling, representing 23.14% of its market capitalization, indicating strong bearish sentiment. In contrast, Coinbase (NASDAQ:COIN) and Marathon Digital (NASDAQ:MARA) show lower exposure, with 1.77% and 1.68%, respectively. These positions may reflect hedging strategies, especially in contexts where companies maintain long positions in Bitcoin (COIN:BTCUSD), as is the case with Kerrisdale Capital.
SushiSwap expands to Bitcoin’s Rootstock sidechain
The decentralized exchange SushiSwap (COIN:SUSHIUSD) now operates on Bitcoin’s Rootstock sidechain, seeking to integrate DeFi features into the BTC ecosystem. Rootstock, launched in 2018, is one of the first Ethereum Virtual Machine (EVM)-compatible sidechains dedicated to Bitcoin. Its goal is to combine the security of Bitcoin with the flexibility of Ethereum’s smart contracts. SushiSwap’s migration follows the trend of expanding DeFi on Bitcoin, initiated by the Ordinals protocol and other projects seeking to incorporate typical features of networks like Ethereum and BNB Chain into Bitcoin.
B2BinPay launches TRX staking and expands blockchain support
B2BinPay, a leader in blockchain payment solutions, has introduced staking of Tron (COIN:TRXUSD) and expanded its blockchain support in the latest update. Now, in addition to Polygon (COIN:MATICUSD) and Avalanche (COIN:AVAXUSD), the platform includes Optimism (COIN:OPUSD), Arbitrum (COIN:ARBUSD), and Base. The highlight of the version is TRX Staking with an annual yield of 3-5%, allowing users to save on transaction fees by converting staking into bandwidth and energy. These additions reinforce the versatility of B2BinPay, offering more options and efficiency to its customers.
Avalanche and Blockaid join forces to enhance security in blockchain wallets
Avalanche (COIN:AVAXUSD) has announced a partnership with Blockaid to integrate security features into its Core wallet. The initiative aims to combat phishing scams and other attacks, using Blockaid’s threat database to simulate and verify transactions before execution. This measure intends to provide an extra layer of security for Avalanche network users. Despite criticisms about the false positives generated by the system, Blockaid emphasizes that this is a small price to pay to effectively block fraudulent transactions, promoting greater security in the decentralized finance ecosystem.
Web3 developer loses $40,000 after exposing keys on GitHub
Brian Guan, co-founder of Unlonely, lost $40,000 after accidentally making public a GitHub repository containing his secret keys. The incident, disclosed in a post on X on June 5, highlights the security risks in managing digital assets. The cryptocurrency community reacted mixedly, with some offering support, while others criticized his previous views on using ChatGPT for programming. The event raises questions about security practices and developers’ responsibility to effectively protect their digital assets.
Taiko innovates with decentralized sequencing on Ethereum Layer 2
Taiko, an Ethereum Layer 2 project, has launched its mainnet with permissionless sequencing and proof, becoming the first rollup to offer such functionality. This allows anyone to participate in block sequencing and validation, promoting greater decentralization compared to other rollups that use centralized sequencers. Taiko’s co-founder and CEO, Daniel Wang, highlighted the commitment to decentralization and the security inherited from Ethereum’s base layer. With this, Taiko aims to enhance Ethereum’s scalability and efficiency, reducing central dependencies and increasing community participation.
The Sandbox announces $20 million funding for metaverse expansion
The Sandbox (COIN:SANDUSD), a subsidiary of Animoca Brands, has raised $20 million to expand its creative economy in the metaverse. Led by Kingsway Capital and with participation from investors such as LG Tech Ventures, the funds will be used to enhance tools like Game Maker and VoxEdit, and to introduce advanced social interactions. The company is also developing a mobile version, scheduled for 2025, reinforcing its commitment to making the metaverse accessible and inclusive to a global audience.
Roger Ver released on bail in Spain awaiting extradition
Bitcoin investor Roger Ver has been released on bail of $163,000 by a Spanish court while awaiting possible extradition to the U.S. Accused of fraud and tax evasion, Ver must remain in Spain and appear in court every two days.
JPMorgan evaluates regulatory trend against crypto and CBDC in the U.S.
According to a report by JPMorgan (NYSE:JPM), cryptocurrency regulations in the U.S. are taking a restrictive direction, especially against the launch of a central bank digital currency (CBDC) and the adoption of cryptocurrencies by local banks. The report highlights that non-compliant stablecoins, such as tether (COIN:USDTUSD), are also under increasing scrutiny. The Payment Stablecoins Clarity Act, which favors regulated stablecoins, has a better chance of approval before the presidential elections. Other initiatives, including the FIT21 Act and regulations that make it difficult for banks to custody crypto assets, face significant challenges to be implemented.
https://ih.advfn.com/stock-market/NASDAQ/coinbase-global-COIN/stock-news/94000505/robinhood-acquires-bitstamp-for-200-million-bina
Minddoc7
2 months ago
UNCHAINED 6/5/2024 article: Coinbase Launches its Smart Wallets, Dubbing It Crypto's 'IPhone Moment" by Sage D. Young
On Wednesday, crypto heavyweight Coinbase announced the rollout of its smart wallets, which it is calling web3’s “iPhone moment” to onboard more than a billion users onchain, said Luke Youngblood, founder of Base-native lending application Moonwell in an interview with Unchained.
Rather than using a traditional wallet typically in the form of an application or browser extension that is reliant on passwords, third-party installations, or seed phrases to recover one’s private key, users can use smart wallets which gain security from passkeys.
A traditional wallet depends on a private key to sign, while smart wallets use passkeys that often depend on biometric identification to sign transactions, such as facial recognition or a fingerprint. The rollout of smart wallets is a move expected to simplify the onboarding experience of new users who are not crypto native.
“Onchain app developers today lose many of their many new users during the onboarding process when they leave the app to go install and fund a separate wallet,” wrote Coinbase senior director of product management Sid Coelho-Prabhu in the announcement.
Smart wallets enable people without crypto wallets to get one quickly and jump into using an application. As part of the effort to bring more users onchain, Base is also supplying gas credits to help developers sponsor the transactions of their application’s users. Of the several ways to earn gas credits, one way a developer can get $15,000 worth of sponsored gas, according to Moonwell’s Youngblood, is putting a “Create Wallet” button on their application.
Alternatively, to gain $1,000 worth of sponsored gas a developer can release a demo of their Coinbase Smart wallet integration, according to information platform smartwallet.dev.
“When the iPhone was launched into the 2000s and the 2010s, it took off. All of a sudden, anyone could use apps without having to buy a computer,” Youngblood added, “We feel really strongly this is going to cross the chasm from DeFi and onchain finance being this niche tool only usable by wealthy people in developed countries like ours to broad mainstream adoption.”
New Login Mechanism
Passkeys were developed by Apple, Google Microsoft, and the FIDO Alliance to act as a new method of logging in.
“Passkeys are generated on your device and are not shared or stored on any server, according to a Coinbase blog post.”The public key is stored securely on Coinbase servers, while the private key is securely stored on your device, protected by your device’s native authentication method, such as biometrics (e.g., Face ID or fingerprint) or a PIN.”
The announcement comes as a different Coinbase initiative is attracting substantial mindshare among those in the crypto ecosystem, namely, its layer 2 blockchain network Base, which has crossed 10 million total users in less than one year since launch and nearly 321,000 daily users on a seven-day rolling average as of Tuesday. Despite the rapid growth, Base’s total number of users is still a fraction of Coinbase’s 110 million.
Moonwell, the fourth largest protocol on Base with a total value locked of almost $95 million, is a day-one launch partner of Coinbase’s smart wallets, meaning users who already have smart wallets can interact with Moonwell onchain without paying gas fees on Wednesday.
Coinbase’s smart wallets is supported on a number of blockchain networks such as Base, Arbitrum, and Avalanche. While the base layer of Ethereum is also supported, it is “not preferred for use, due to gas cost,” according to a website dedicated to smart wallets.
https://cointelegraph.com/news/coinbase-smart-wallet-no-gas-fees
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