The leading cryptocurrency Bitcoin reached a new all-time high this week when Coinbase was officially listed on the NASDAQ stock exchange
Here is an overview of this week’s krypton news:
Bitcoin, Ether and BNB set new All-time Highs
This week was generally a good one for the cryptocurrency market as several cryptocurrencies hit new highs. The market leader Bitcoin has reached a new all-time high with 64,804 US dollars after a rally earlier this week. Ether passed the $ 2,500 mark after an extended rally to further consolidate its position as the second largest cryptocurrency. This week’s surprise was the Binance Coin (BNB). It rose above 600 USD to set a new all-time high. In recent weeks, BNB has overtaken Tether (USDT), XRP and several other cryptocurrencies to take third place in the rankings.
Coinbase now tradable on NASDAQ
The US-based cryptocurrency exchange has finally been launched on the NASDAQ exchange. This development was one of the most anticipated in crypto space, Coinbase did not disappoint. Trading under the ticker COIN started at $ 380, although the NASDAQ had set an initial reference price of $ 250. The price of COIN rose to over 420 US dollars, which briefly exceeded the market capitalization of Coinbase 100 billion US dollars. Since Coinbase is now a publicly traded company, other exchanges could follow the same path as the crypto space attracts more attention worldwide. Coinbase’s listing came after the stock exchange delivered an excellent quarter earlier this year. The performance of Bitcoin and other cryptocurrencies helped Coinbase generate huge revenues as more retail and institutional investors came onto the market.
Gary Gensler confirmed as SEC Chairman
The United States Senate confirmed Gary Gensler’s appointment as the new chairman of the Securities and Exchange Commission (SEC) earlier this week. Gensler’s appointment is viewed optimistically due to his Bitcoin-friendly attitude in the cryptocurrency field. The new chairman was previously chairman of the Commodity Futures Trading Commission (CFTC) under the Obama administration. The crypto community is optimistic that Gensler will finally approve a Bitcoin Exchange Traded Fund (ETF) in the US. Currently there are nine Bitcoin ETF applications, the SEC has reviewed some of them.
United States is concerned about digital yuan
U.S. officials are concerned that China will use the digital yuan to circumvent sanctions and influence the dominance of the dollar as the main reserve currency. Officials from the Biden administration are currently monitoring the development of the digital yuan. Among the leading economies, China is perhaps the most advanced in its development of the digital central bank currency (CBDC). The Chinese government is already testing the digital yuan live to see how it works in the real world. The United States fears that China will use the digital yuan to disrupt the dollar’s dominance as a global reserve currency. Therefore, officials from the U.S. Treasury, State Department, Pentagon, and National Security Council will continue to monitor the short-and long – term impact of the digital yuan on the U.S. dollar.
Galaxy Digital submits Bitcoin ETF Application
Galaxy Digital, the digital asset management firm of Mike Novogratz, is the latest American company to introduce a Bitcoin ETF to the SEC. The company filed its S-1 form earlier this week and plans to trade the Bitcoin ETF on the NYSE Arca exchange. It is also intended to use the Bloomberg Galaxy Bitcoin index as a price mechanism. Galaxy Digital’s Bitcoin ETF is already active in Canada, but the wealth management firm wants to break new ground in the US. The SEC is currently reviewing nine Bitcoin ETF applications, including those from VanEck, Fidelity, WisdomTree, Kryptoin and others.
Binance introduces Tokenized Stock Trading Services
The popular crypto exchange Binance has this week launched a tokenized trading service for its users. According to Binance, it is a zero-commission service that allows users to trade stock that is stacked. The crypto exchange began listing Tesla Inc. (TSLA), with Elon Musk’s role in supporting the introduction of cryptocurrencies being cited as the reason for TSLA’s initial listing. Binance continued to list the Coinbase stock (COIN) after the US-based cryptocurrency exchange went online on the NASDAQ exchange. According to Binance, trading in stock tokens will be in line with traditional stock market times. In addition, further shares are to be listed in the coming weeks and months.
Kraken could leave US due to overregulation
Kraken CEO Jesse Powell announced earlier this week that the crypto exchange is planning an IPO in the second half of the year. However, the exchange is not sure whether it will go public in the United States, as over-regulation could force it to move. Powell lamented the fragmented US regulatory system for cryptocurrencies, which makes it difficult for exchanges and other crypto companies to conduct competitive business. The CEO said Kraken was considering other crypto-friendly countries such as Japan, the United Kingdom and the United Arab Emirates.
Time Magazine will keep Bitcoin in its balance sheet
Tesla, MicroStrategy and Square are some of the most popular companies that keep Bitcoin on their balance sheets. According to this list, Time Magazine will enter into a partnership with Grayscale Investments. Grayscale will work with the Medium to create an educational video series on cryptocurrencies. This is expected to be published in the summer of this year. Grayscale pays Time in Bitcoins. The magazine said it intended to keep the cryptocurrency in its balance sheet.
New York Stock Exchange shapes six NFTs of Historical Listings
The New York Stock Exchange (NYSE) is jumping on the NFT bandwagon after announcing it will mint six of its most popular listings. The exchange operator will create NFTs, to celebrate the first Trades of Spotify, Snowflake, Unity, DoorDash, Roblox, and Coupang. These companies occupy a significant place in NYSE history. The exchange announced that it intends to publish NFTs of other impressive listings in the coming months.