Weekly Roundup: Historic Coinbase IPO brings fresh all-time highs

Bitcoin, the most popular cryptocurrency, reached a new all-time high this week after Coinbase was officially listed on the NASDAQ stock exchange.

Here’s a summary of the top crypto news from around the world this week:

Bitcoin, Ether, and BNB all hit new highs.

The cryptocurrency market had a strong week overall, with many cryptocurrencies rallying to new all-time highs. Following a rally earlier this week, Bitcoin, the market leader, reached a new all-time high of $64,804. After an extended rally, Ether was able to break through the $2,500 barrier, solidifying its position as the second-largest crypto. Binance Coin (BNB), which hit a new all-time high of over $600 this week, was the biggest surprise of the week. BNB has recently surpassed Tether (USDT), XRP, and many other cryptocurrencies to take third place on the leaderboard.

Coinbase crypto exchange is now listed on  NASDAQ

The largest cryptocurrency exchange located in the United States has finally debuted on the NASDAQ stock exchange. This was one of the most awaited events in the crypto world, and Coinbase delivered. Despite NASDAQ setting an initial reference price of $250, it started trading at $380 under the ticker COIN. The price of COIN climbed above $420, causing Coinbase’s market capitalization to briefly reach $100 billion. With Coinbase now becoming a publicly traded firm, other exchanges will follow suit as the crypto space grows in popularity around the world. Coinbase’s listing came after the exchange had a strong first quarter of the year. As more retail and institutional investors joined the market, the success of bitcoin and other cryptocurrencies has helped Coinbase rake in huge profits.

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Gary Gensler has been appointed chairman of the SEC.

Gary Gensler’s nomination as the new chairman of the Securities and Exchange Commission (SEC) was approved by the US Senate earlier this week. Because of his pro-Bitcoin stance, Gensler’s appointment has sparked excitement in the cryptocurrency community. During the Obama administration, the current chairman was the chairman of the Commodity Futures Trading Commission (CFTC). Gensler is expected to sanction a Bitcoin exchange-traded fund (ETF) in the United States, according to the crypto group. There are 9 Bitcoin ETF applications currently pending, and the SEC has begun evaluating some of them.

The digital Yuan is causing alarm in the United States.

Officials in the United States are worried that China will use the digital Yuan to circumvent sanctions and undermine the dollar’s position as the world’s reserve currency. Officials in the Biden administration are keeping a close eye on the digital Yuan’s progress. China has progressed the most in the growth of central bank digital currency (CBDC) among the major economies. The Chinese government is now putting the digital Yuan through its paces to see how it works in practice. The US is concerned that China will use the digital Yuan to challenge the dollar’s status as the world’s reserve currency. As a result, officials from the US Treasury, State Department, Pentagon, and National Security Council will continue to track the digital Yuan’s short and long-term impact on the US Dollar.

Galaxy Digital submits an application for a Bitcoin ETF.

Mike Novogratz’s digital asset management firm, Galaxy Digital, is the first American company to apply for a Bitcoin ETF with the Securities and Exchange Commission. The firm filed its S-1 form earlier this week, and the Bitcoin ETF will be traded on the NYSE Arca market. It also aims to price bitcoins using the Bloomberg Galaxy Bitcoin index. Galaxy Digital’s Bitcoin ETF is already available in Canada, but the asset management company aims to make history in the US. The Securities and Exchange Commission is currently evaluating nine Bitcoin ETF applications from VanEck, Fidelity, WisdomTree, Kryptoin, and others.

Binance has launched a tokenized stock exchange platform.

a well-known cryptocurrency exchange Binance introduced a tokenized trading service for its users this week. It is a zero-commission service that allows users to trade fractional stocks, according to Binance. Tesla Inc. (TSLA) was the first cryptocurrency to be listed on the exchange, owing to Elon Musk’s role in promoting cryptocurrency adoption.  The Coinbase stock (COIN) was also listed on Binance after the US-based digital currency exchange went live on the NASDAQ. Trading of the stock tokens will take place during regular stock exchange hours, according to Binance, and the company plans to list more stocks in the coming weeks and months.

Overregulation could force Kraken to leave the United States.

Jesse Powell, the CEO of Kraken, announced today this week that the crypto exchange is planning an IPO in the second half of the year. However, the exchange is undecided about going public in the United States, fearing that excessive regulation would cause it to move. Powell bemoaned the United States’ fractured cryptocurrency regulatory system, which makes it difficult for exchanges and other crypto businesses to compete. Kraken is looking at other crypto-friendly countries like Japan, the United Kingdom, and the United Arab Emirates, according to the CEO.

Bitcoin will be kept on Time magazine’s balance sheet.

Tesla, MicroStrategy, and Square are only a few of the well-known businesses that have Bitcoin on their books. After partnering with Grayscale Investments, Time magazine is set to join this list. Grayscale will collaborate with the publication to create a cryptocurrency educational video series, which will be published this summer. Grayscale will pay Time in Bitcoin, and the publication has stated that it will keep the cryptocurrency on its books.

Six NFTs of historic listings will be provided by the New York Stock Exchange.

The New York Stock Exchange (NYSE) has joined the NFT train by announcing that six of its most famous listings will be minted. To commemorate the first trades of Spotify, Snowflake, Unity, DoorDash, Roblox, and Coupang, the stock exchange operator will build NFTs. The NYSE plans to release NFTs of more prominent listings in the coming months, as these businesses have a significant background with the exchange.

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