Wednesday, 10 November 2021

Market Summary

Market Summary 10 November 2021

Coinbase says Q3 revenue, trading volumes cooled compared to previous quarter

  • Coinbase’s earnings for the third quarter of the year reflect a cooler period in the crypto market after a strong spring, with trading volumes, revenue and the number of monthly transacting users all declining.
  • The publicly traded exchange company said net revenue came in at $1.31 billion for the period, down from Q2’s $2.27 billion. Per the earnings report, adjusted EBITDA was $618 million compared to Q2’s $1.15 billion.
  • Trading volume fell from $462 billion to $327 billion, with the bulk of the volume coming from the institutional segment. The share of volume and transaction revenue from non-BTC and ETH digital assets inched upward during the period. Assets held on its platform rose from $180 billion to $255 billion, according to Coinbase. 


Grayscale CEO: Bitcoin ETF ‘Has Become a Political Issue’

  • The ongoing question of whether U.S. regulators will approve a Bitcoin spot exchange-traded fund has “become a political issue,” according to Michael Sonnenshein, CEO of digital asset manager Grayscale.
  • Speaking at the “Crypto Goes Mainstream” event hosted by Decrypt and Yahoo Finance, Grayscale CEO Michael Sonnenshein said that the debate has now spread beyond the “investment community” to draw in politicians. “In the last week, we’ve actually seen bipartisan support for a Bitcoin spot ETF from Emmer and Soto,” he said, referring to the bipartisan letter sent by Rep. Tom Emmer (R) and Rep. Darren Soto (D) to SEC chairman Gary Gensler.


Ethereum 2.0 node count drops to a one-month low as ETH price climbs to new heights

  • The number of Ethereum addresses holding 32 or more Ether (ETH) reached a one-month low on Nov. 9.
  • The number of externally owned Ethereum accounts (EOAs) holding at least 32 ETH fell to 108,949 compared to 108,965 on Oct. 22, according to data from Glassnode, a sign that traders and investors ignored the prospects of becoming validators on its upcoming proof-of-stake blockchain, dubbed Ethereum 2.0.
  • Notably, ETH price surged almost 37% in the last 30 days, hitting a record high around $4,842 on Nov. 8. In other words, it now costs more than $153,000 to become a full node validator on the Ethereum 2.0 blockchain versus about $23,600 at the beginning of this year.


Alexis Ohanian, Solana Ventures launch $100M Web 3.0 growth fund

  • Reddit co-founder Alexis Ohanian has teamed up with Solana Ventures to launch a new investment fund dedicated to Web 3.0 and social projects, potentially setting the stage for the next wave of budding crypto startups. 
  • Ohanian announced Tuesday at the Breakpoint Conference in Lisbon, Portugal that his Seven Seven Six venture firm and Solana Ventures have allocated $100 million to Web 3.0 and “decentralized social projects.” In an accompanying news release, the internet entrepreneur touted his venture firm’s expertise in “identifying and investing in early social and crypto trends,” such as Reddit, Patreon and Coinbase, among others.


Apple CEO Tim Cook Says He Holds Crypto

  • Today, at the New York Times DealBook Online Summit, CEO of Apple Tim Cook stated his personal opinions about owning crypto. 
  • “I think it’s reasonable to own it as part of a diversified portfolio,” he said.
  • The CEO also confirmed that he personally owns crypto, though explicitly stated that this is not investment advice but his personal opinions in regards to his own portfolio.
  • Furthermore, the company Apple does not have any holdings in crypto, nor does Apple have any plans to join the countless companies that have already added crypto to their portfolio.


Crypto market cap tops $3 trillion as bitcoin and ether reach record highs

  • The market capitalization of the entire cryptocurrency market crossed the $3 trillion mark on Tuesday for the first time, according to data from CoinGecko.
  • The milestone comes as bitcoin (BTC) and ether (ETH) have surged to record highs. At the time of writing, BTC is trading at around $68,000 and ETH is changing hands at about $4,800.
  • The global crypto market cap has grown dramatically over the last year. In November 2020, the market cap was around $500 billion. As crypto continues to gain mainstream attention, its market cap has topped from $1 trillion in January 2021 to over $2 trillion in May 2021 to over $3 trillion currently.


Crypto Lender Nexo Acquires Stake in US Broker-Dealer Texture Capital

  • Nexo has announced it acquired a stake in Texture Capital Holdings Corp., a parent company of the U.S. broker-dealer Texture Capital. The stake in Texture Capital is part of a seed round for the broker.
  • Texture Capital is a member of the Financial Industry Regulatory Authority (FINRA) and is registered as a broker-dealer with the U.S. Securities and Exchange Commission (SEC). The firm specializes in the issuance and trading of digital securities using blockchain technology. Texture Capital is incorporated in the state of Delaware and registered in all 50 states.


Discord CEO hints at integrating Ethereum via wallets such as MetaMask

  • Jason Citron, founder and CEO of Discord, has hinted that the chat app could integrate the Ethereum network via wallets such as MetaMask.
  • In a tweet early on Tuesday, Citron posted a screenshot that shows Discord connecting to Ethereum, saying “probably nothing” — a phrase often used to mean it is probably something.
  • If Ethereum is successfully integrated into Discord, the app’s millions of users could send each other crypto, and Discord might be able to monetize the offering through transaction fees generated from a native token swap feature.


Kraken predicts $96K BTC price top as analyst says $1T Bitcoin market cap is ‘now cemented’

  • Bitcoin (BTC) could nail the now-popular $98,000 price target — but it could end up being the cycle top, new research argues.
  • In its “October 2021 Market Recap & Outlook,” major United States exchange Kraken said that Bitcoin should reach around $96,000 if this quarter copies the last bull run.
  • With BTC price predictions reaching $300,000, the new analysis from Kraken suggests that if BTC/USD were to copy its 2017 performance, this cycle’s top could end up still being under $100,000.
  • While facing calls for a “worst-case scenario” November closing price of $98,000, it could be that Bitcoin ends up peaking at around that level instead.

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