Bitcoin hit a price of $42,874.62 early this Saturday morning. The largest cryptocurrency asset has not seen prices like this in nearly two months, and nonetheless in a 12% decline overnight. While many fear this to be a sign of an impending bear market, it is nothing more than a shakeout influenced by the recent decline in the stock market. Stock Market Pressure In recent weeks the stock market has seen selloffs of billions of dollars from billionaires like Elon Musk and Jeff Bezos. This is because the Biden administration is imposing a surtax on multimillionaires and billionaires. The tax is 5 percent on households making $10 million or more,…
Kraken looks for $10B valuation as Coinbase prepares to go public
The U.S. based exchange’s funding round set to value it at as much as $20 billion, while larger rival Coinbase’s S-1 filing could see it worth $100 billion
Kraken is in talks with firms including Fidelity, Tribe Capital and General Atlantic to raise the funds. However, if demand is as high as some suspect it will be, Kraken’s value could exceed $20 billion. That follows yesterday’s news that its larger competitor, Coinbase, filed a Form S-1 with the U.S. Securities and Exchange Commission, confirming reports that it will go public with a direct stock listing, probably on Nasdaq.
Pipe manufacturing giant launches a DeFi protocol: sign of a bubble or mainstream interest?
The new protocol aims to provide “a new level of transparency and legitimacy” to the DeFi space thanks to the backing of a major steel pipe producer
In some ways it sounds like a reverse version of New York-based beverage company Long Island Iced Tea’s December 2017 decision to rename itself Long Blockchain Corp when it began considering entering the blockchain business—a move that saw its stock jump 200%. Wenzhou, China-based xSigma, on the other hand, is sure is putting a lot of emphasis on the backing of its NASDAQ-listed pipe-making parent firm as proof of legitimacy.
Fidelity bringing bitcoin trading to Europe
The $8 trillion discount brokerage has announced Chris Tyrer will expand its growing Fidelity Digital Assets custody and trading service into the U.K. and EU
Fidelity is expanding its digital assets business into Europe. Former Barclays exec Chris Tyrer will head up Fidelity Digital Assets in the U.K. and EU.