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Robinhood Adds 9.5 Million New Crypto Users As Mainstream Adoption Continues

As cryptocurrencies continue to surge to new highs and bask in the media’s limelight, Robinhood reported major growth in the number of users trading crypto on their platform. According to their blog post, the California-based broker saw its crypto user base grow to an all-time high of 9.5 million — up approximately 558% from 1.7 million in the previous quarter.  Robinhood began offering cryptocurrencies on its platform back in 2018. Since then, its offerings have grown to include Bitcoin, Ethereum, Litecoin, Dogecoin and Ripple, among others. The company recorded six million new customers on its crypto platform in the first…

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Coinbase Reports Incredible Quarter, But Valuations Remain Uncertain: What to Expect

Crypto exchange giant Coinbase released its earnings for the first fiscal quarter of 2021 ahead of its direct listing on the Nasdaq on April 14. Its revenue skyrocketed to a record-setting $1.8 billion — singlehandedly topping all of last year’s revenue combined.  The company attributed its parabolic growth and blowout earnings to Bitcoin’s red-hot rally. As the major cryptocurrency retests $60,000, its yearly return on investment (ROI) sits at 900% — an unprecedented level of growth for an asset class with a market capitalization over $1 trillion.  “We have seen all time high crypto prices drive elevated levels of user…

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Bitcoin Investment Firm NYDIG Raises Additional $100 Million

Crypto investment provider NYDIG raised an additional $100 million in growth capital earlier this week. The new funding round featured MassMutual, Stone Ridge Holdings, New York Life, and Liberty Mutual Insurance, among others as strategic partners. This follows the investment firm’s $200 million cash injection back in early March.  In the previous funding round, Robert Gutmann, CEO of NYDIG, stated that the additional funds would be used to develop “Bitcoin-related strategic initiatives spanning from investment management, insurance, banking, clean energy, and philanthropy.” With recent funding and strategic hires, Gutmann promised to deliver an “explosion of innovation in Bitcoin products and…

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Bitcoin Miner Riot Blockchain Invests $780 Million to Expand Operations 

Bitcoin mining firm Riot Blockchain announced its milestone purchase of $138.5 million in mining equipment this Wednesday. In a statement, the company announced that it will be purchasing 42,000 units of Bitmain’s Antminer S19J for $3,300 per unit. The standard hash rate of the model is 90 TH/s — meaning that Riot would be paying approximately $36 per TH/s of computing power.  The global chip shortage and rising demand for crypto mining have led mining equipment to command exorbitant premiums. Research from the Block showed that the newest generation of Bitcoin mining equipment now cost five times more than its…

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Grayscale Bitcoin Trust to Convert to an ETF, Premium Remains Negative: What’s Next?

Earlier this Monday, Grayscale Investments announced its plans to transform Grayscale Bitcoin Trust (GBTC) into an exchange-traded fund. Up until recently, GBTC was one of the only investment funds for institutions and retail investors alike. Amidst growing competition, however, the fund’s high management fees and stringent lock-up periods lost favor with many investors. Since February, GBTC had continued to trade at a negative premium — meaning that the fund was trading below the price of Bitcoin.  In late 2020, GBTC premium shot up to as high as 50% thanks to a surge in institutional demand for Bitcoin. The premium sunk…

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MicroStrategy Acquires An Additional $15 Million in Bitcoin 

Microstrategy announced today that it purchased $15 million worth of Bitcoin. The company’s CEO, Michael Saylor, tweeted this morning that his company had bought approximately 253 BTC, bringing its total holdings to about 91,579 BTC. In his tweet, Saylor said that the company’s latest buy was at an average cost of $59,339 per Bitcoin, which is about $1,600 below the cryptocurrency’s all-time high.  With Bitcoin prices hovering around the $59,000 mark at the time of writing, Microstrategy’s current holdings amount to more than $52 billion dollars. Since his company’s first Bitcoin purchase last August, Saylor has remained incredibly bullish on…

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VC Money Flows Into Crypto As Companies Receive More Funding

VC Money flows heavily into crypto as companies receive more funding in the last quarter than they did in the entire 2020 as we can see in our latest crypto news today. Without a doubt, the mainstream resurgence of crypto spurred on some new movements in the industry and ranged from Defi to NFT. The industries within the broader crypto scene resulted in thousands of new startups and venture capitalists that are pouring money like never before. According to a report from CB Insights, the venture capital funds are investing $2.6 billion in over 129 crypto-based startups in the first…

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Is Grayscale Bitcoin Trust’s Demise Inevitable? GBTC Premium Negative for a Consecutive Month

Since February, Grayscale Bitcoin Trust (GBTC) has continued to trade at a negative premium. The Bitcoin fund, available to institutional investors on the traditional stock market, has traded below the price of Bitcoin since February 22, 2021 — a telling sign that its demand was drying up. Just four months ago, GBTC”s premium was at a whopping 33.12%. Since then, its premium has fallen into a downward spiral, hitting an all-time low of -14.34% on March 25 and currently trading at -9.32%. What’s surprising is that, in the exact same time period, Bitcoin’s price has appreciated 57% — from $36,850…

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VC Money Continues to Flow into Crypto: Firms Received More Funding Last Quarter than Entirety of 2020 

Without a doubt, the mainstream resurgence of cryptos have spurred on new movements within the industry, ranging from decentralized finance (DeFi) to non-fungible tokens (NFTs). These red-hot sub-industries within the broader crypto scene have resulted in hundreds if not thousands of new startups — and venture capitalists are pouring money into them like never before.  Crypto firms got more funding last quarter than in all of 2020. Startups raised $2.6 billion, according to CB Insights.https://t.co/xDVKSxmFo2 pic.twitter.com/ZDMjx7y5cx — unfolded. (@cryptounfolded) April 2, 2021 According to a report from CB Insights, venture capital funds invested $2.6 billion in over 129 crypto-based startups…

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Coinbase to Direct List on the Nasdaq on April 14th 

After months of wait and uncertainty, cryptocurrency exchange Coinbase finally received the greenlight from the U.S. Securities and Exchange Commission (SEC) to list its shares on the Nasdaq Composite. Since filing for an IPO last December, the crypto giant has decided to make its trading debut on the stock exchange through a direct listing on April 14th.  Regulatory Scrutiny? Just days ago, Coinbase announced that it hired Brett Redfearn, an ex-SEC director, to run its capital markets business. Mr. Redfearn’s hire comes at a time of increased attention from lawmakers. With the exchange going public, its past controversies have also…

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Bubble or a drop in the ocean? Putting Bitcoin’s $1 trillion milestone into perspective

Bitcoin is relatively small compared to stocks and real estate, and those holders might reinvest dividends in other assets. On Feb. 19, Bitcoin's (BTC) market capitalization surpassed $1 trillion for the first time. While this was an exciting moment for investors, it also concerned investors that the asset is in a bubble. Although a handful of listed companies ever achieved this feat, unlike gold, silver, and Bitcoin, stocks potentially generate earnings, which in turn can be used for buybacks, dividends, or developing additional sources of revenue. On the other hand, as Bitcoin adoption increases, those same companies will likely be…

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NFT Sales Volume Plummets From Recent Highs: Is the Hype Over? 

Only weeks ago, it seemed impossible for the digital art market to cool off. Throughout February, the non-fungible token (NFT) craze was in full spotlight, with the mania reaching its peak with the record setting $69 million Beeple auction. At its height, even Tesla’s CEO Elon Musk tweeted about selling his NFT.  But as the novelty began to wear off and speculators moved on, the NFT market has been in a continuous downtrend. Sales figures across online marketplaces for digital art and collectibles have dropped precipitously, potentially exposing the absence of organic demand in the NFT space. According to figures…

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Breaking Down Coinbase’s Ex-SEC Hire as Crypto Regulations Mount 

Cryptocurrency exchange Coinbase announced today that it hired Brett Redfearn, ex-director of SEC’s trading and markets division, to run its capital markets arm. These recent regulatory hires have been nothing new for the crypto space, as governments have continued to enforce stricter regulatory mandates on the industry. Back in February, Binance hired Max Baucus, a long-time member of the U.S. Senate, to guide the exchange through future regulatory matters.  The Crypto Giant Looks to Gain Regulatory Clarity and Goodwill following $6.5m in fines  Mr. Redfearn’s hire comes at a time of increased scrutiny and attention from lawmakers. Only weeks ago,…

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Bitcoin Has Won Over Institutional Investors: Could Governments Be Next?

When Bitcoin surged to an all-time high of $17,000 in late 2017, the cryptocurrency headlined media outlets and financial journals — but not for the right reasons. Analysts and major institutional figureheads bashed and ostracized the promising digital asset, dubbing it a “fraud” and “useless as a payment system.” Not soon after, Bitcoin suffered a major correction, with prices plummeting down 70% in a single year. For retail investors, the warnings of doubtful institutions and analysts that they previously ignored seemed to ring truer than ever. Even at the time, one thing was for certain: cryptocurrencies would never become mainstream…

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Visa to Accept Cryptocurrencies for Payment Settlements 

According to Reuters, Visa announced today that it will begin accepting cryptocurrency USD Coin (USDC) to settle transactions on its payment network. The move by the fintech giant coincides with the growing institutional acceptance of digital currencies. The company has launched a pilot payment program with Crypto.com, and plans to roll out its services to various partners later this year.  Visa’s recent move is to no surprise, as rival merchants such as MasterCard began to embrace the potential uses of cryptocurrencies earlier this year. Back in mid-February, MasterCard announced its plans to incorporate cryptocurrencies into its digital payment infrastructure, citing…

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Ark Invest CEO on Bitcoin: “1 Trillion is Nothing” Compared to Future Growth

Back in 2018, Ark Invest CEO Cathie Wood infamously predicted that Tesla shares would reach $4,000 in a matter of a few years. Investors and critics ostracized her high-conviction bet, as at the time, Tesla was facing a major liquidity crunch and on the brink of bankruptcy.  It seemed like an impossible task for the automaker to appreciate by 1,200% when it could barely stay solvent. But as luck would have it, Wood’s bet on Tesla came true earlier this year, as Tesla shares rose to $800, or the predicted $4,000 pre-stock split.  Cathie Wood remains Ultra-Bullish on Bitcoin Now,…

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What “Green Bitcoin” May Mean for the Crypto Mining Industry

Breaking Down What “Green Bitcoin” May Mean for the Crypto Industry  London-based cryptocurrency firm Argo Blockchain recently announced plans to create the world’s first clean energy Bitcoin mining pool. The firm confirmed its partnership with DMG Blockchain Solutions to launch the world’s first Bitcoin mining pool powered by clean energy.  Bitcoin’s Energy Consumption Continues to Skyrocket Bitcoin’s environmental concerns are nothing new. Crypto critics have always questioned the hefty electrical consumption of miners, but as Bitcoin surged to new highs and found itself in the limelight once again, electrical consumption levels have bubbled to an astronomical figure. Simply put, rising…

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DragonFly Capital Launches $225 Million Crypto Fund

Crypto fund DragonFly Capital announced the launch of a new $225 million fund to invest in projects across the crypto space. Following the success of the original $100 million fund kickstarted in late 2018, the Dragonfly Fund II will target four potential areas: decentralized finance (DeFi) protocols, non-fungible token projects, Ethereum Layer 2-based businesses, and centralized finance (CeFi) platforms.  The San Francisco-based venture capital fund have been early backers of notable projects such as ByBit, Compound, Celo, and Maker, among others. Much of DragonFly Capital’s past investments have been focused on the DeFi space, but as the crypto space continues…

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GrayScale Bitcoin Trust (GBTC) Premium Sinks To All-Time Lows

Since trading at a negative for nearly 2 months, GrayScale Bitcoin Trust (GBTC) premium plummeted to -14.21% this morning. Historically, GBTC has traded at a high premium relative to the underlying Bitcoin, commanding an average of 15.02% premium since the fund’s inception. But as competition grows and firms create cheaper, more accurate financial products, GBTC’s appeal has dropped dramatically — and its premium clearly shows for it.  Analyzing Why Grayscale Bitcoin Trust Premium Continues to Trade at a Discount In late 2020, when Bitcoin prices nearly doubled, investors were willing to pay a hefty premium to gain exposure to the…

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Breaking Down What South Korea’s Crypto Crackdown Means for the Industry

With a blistering start to the year, cryptos have enjoyed the highs of what seemed like a never-ending bull run. Bitcoin, Ethereum, and other altcoins made headlines every day, surging far past their previous highs as institutions rushed to get their hands on the red-hot asset class. But now, as significant regulatory challenges set in for cryptocurrencies, its future seems more uncertain than ever.  South Korea Lays the Groundwork for Crypto Regulations Just weeks prior, the Indian government proposed a total ban on cryptocurrencies, which would effectively criminalize the possession, mining, trading, and transferring of crypto-assets. Since then, other governments…

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