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Weekly summary: Coinbase is listed on Nasdaq, and leading assets renewed highs

Coinbase went to Nasdaq, a hard fork of Berlin took place on the Ethereum network, leading cryptocurrencies updated price highs, Gary Gensler was approved for the post of SEC chairman and other events of the outgoing week.

Bitcoin and other leading cryptocurrencies by capitalization have updated price records, but a correction followed

On Wednesday, April 14, the bitcoin price surpassed the $ 64,000 mark, setting a new all-time high.

The quotes did not hold the taken level, but before the weekend the asset was confidently trading above $ 60,000.

Together with the first cryptocurrency, the price record was set by Ethereum at levels above $ 2350, on April 15, the price of the coin was more than $ 2500.

Binance Coin hit a new high on Monday, April 12, with quotes in excess of $ 600. On Friday, April 16, the price of Bitcoin Cash exceeded $ 1000 for the first time since the summer of 2018, the Dogecoin rate approached a record $ 0.4 for itself. The asset rose to the top 5 in terms of capitalization.

Over the next day, Dogecoin fell by 40%.

The bitcoin price collapsed on Sunday morning, April 18, when the coin rate dropped below $ 52,000 at the moment.

BTC / USD hourly chart on the Bitstamp exchange. Data: TradingView.

The fall of the flagship pulled the entire market, did not react to the movement of Dogecoin, the price of which had already experienced a serious correction.

Several experts including Willie Wu and Tone Weiss, attributed the Bitcoin crash to a sharp drop in hash rate caused by power outages in some regions of China.

The head of research at The Block, Larry Cermak, disagreed with their conclusions, who believes that the reason for the fall was the natural exhaustion of the market.

“Liquidity is low on weekends, markets have been rallying for weeks, many players are overwhelmed by leverage, and many negative narratives converge,” he listed.

The market plunge resulted in the largest daily liquidation in history, worth more than $ 10 billion, according to Bybt. More than a million traders have become its victims.

Data: bybt.

At the time of writing, Bitcoin is trading near the $ 55,000 level.

At the end of the week, almost all the leading cryptocurrencies were in the red zone or approached it. Dogecoin and Bitcoin Cash (according to CoinGecko) have shown strong growth over the period.

Data: CoinGecko.

The aggregate market capitalization fell close to the 2 trillion mark, with a bitcoin dominance rate of 50.3%.

Coinbase enters the Nasdaq with a capitalization of $ 100 billion

On April 14, a direct listing of shares of the cryptocurrency exchange Coinbase on Nasdaq took place. The opening price was $ 381.

At the start of trading, the COIN rate rose to $ 429.54. The capitalization of the exchange exceeded $ 100 billion, which made it the most capitalized exchange in the world – larger than the New York Stock Exchange and the Nasdaq itself.

The trades closed at $ 328.28 (-13.9% from the opening). The minimum price during the first trading session was $ 310, the maximum – $ 429.54. Capitalization slipped to $ 85.7 billion.

On the eve of the Nasdaq set the reference price of Coinbase at $ 250, which implied a capitalization of $ 66 billion. On FTX, traders estimated COIN at more than $ 620.

The company has immortalized its listing on the bitcoin blockchain. The F2Pool mining pool included in block # 679187 the title of the article “House Gives Final Approval to Biden’s $ 1.9T Pandemic Relief Bill Mine” by The New York Times on March 10, 2021. This is a reference to the genesis block.

On the day of the start of COIN trading on the Nasdaq, Binance announced the addition of Coinbase securities in the form of tokens to the listing. But due to high volatility, the platform postponed the start of Coinbase Stock Token trading for a day, until April 15.

After being listed on the Nasdaq, many Coinbase executives sold large stakes in their shares.

On the contrary, the asset management company Ark Invest bought 749,205 for $ 246 million on the first day of COIN trading, and a day later acquired an additional 341,186 shares for $ 110 million.

Against the background of the listing, one of the early investors at Coinbase revealed the return on his investment. According to him, the amount of $ 300,000 he allocated to the exchange in 2012 turned into $ 2.4 billion.

According to Forbes, we are talking about increasing investments only up to $ 565 million.

On April 16, Coinbase announced that it would be giving away $ 1.5 million in Bitcoin to users in honor of the listing.

According to the terms, the user must register on the trading platform by April 22nd and be verified by April 29th. Only US residents can participate in the drawing.

More than 12,000 BTC stolen from Bitfinex started moving

14 amid the Coinbase listing and new Bitcoin price records, the coins stolen from the Bitfinex exchange in 2016 were set in motion.

In total, hackers moved about 12,200 BTC (~ $ 770 million), making over 65 transactions.

Ethereum hosts Berlin hardfork. After that, the network recorded a failure

On April 15, a Berlin hard fork took place on the Ethereum main network on block # 12,244,000, within which four proposals were implemented:

  • EIP-2565;
  • EIP-2929;
  • EIP-2930;
  • EIP-2718.

After block # 12 244 294, problems with the synchronization of nodes with the OpenEthereum software version 3.2.1 were fixed in the network. At the same time, most of the network remained operational.

The OpenEthereum bug affected data providers like Etherscan and Coin Metrics. After a few hours, the problem was fixed.

Gary Gensler named SEC chairman

The US Senate approved the candidacy of Gary Gensler, nominated by US President Joe Biden, for the post of head of the US Securities and Exchange Commission (SEC).

Gensler is the ex-head of the CFTC, who previously spoke positively about blockchain, bitcoin and cryptocurrencies. He also called digital gold a “catalyst for change” and promised, if approved, to work on “driving innovation.”

Hashrate of Leading Mining Pools Drops After Mining Accidents in China

The hashrate of the leading Bitcoin mining pools has plummeted amid problems with electricity supplies following explosions and floods in coal mines in several provinces in China.

According to Xinhua News Agency, the first incident occurred at the end of March: methane exploded in a coal mine in Shanxi province. On April 9, a gas release occurred during coal mining in Guizhou, on April 10, a mine flooded in the Xinjiang Autonomous Region.

Primitive Ventures Managing Partner Dovi Wan reported a nearly 30% drop in hashrate as a result of power outages due to security due diligence.

Russian banks will create the first blockchain operator in the Russian Federation

Several large Russian banks have agreed to create the first blockchain operator to develop technologies using distributed ledgers.

The documents on the establishment of Distributed Register Systems LLC were signed by Gazprombank, VTB, PSB, the National Payment Card System (NSPK), the Moscow Exchange and AFL itself.

The AFL participants decided to separate the blockchain direction into a separate legal structure for the development of Russian IT services and technologies using the blockchain.

Binance burned almost $ 600 million of BNB tokens

Binance cryptocurrency exchange has carried out the fifteenth quarterly burning of Binance Coin (BNB) tokens. 1 099 888 BNB has been withdrawn from circulation.

At the time of the transaction, this amounted to $ 595 million – a record amount in fiat currency.

Bitmain unveils ASIC miner for Ethereum mining

Mining equipment manufacturer Bitmain will release a new device model designed to mine the second largest cryptocurrency by capitalization.

AntMiner E9 model is compatible with Ethash algorithm. The company did not disclose detailed specifications and cost of the device.

According to journalist Colin Wu, Bitmain’s AntMiner E9 hashrate could be around 1,500 MH / s.

Edward Snowden sold his own NFT for $ 5.5 million

Former National Security Agency (NSA) and CIA employee Edward Snowden sold his first non-fungible token (NFT) for 2,224 ETH – about $ 5.5 million at the time of the deal.

Sold by Snowden via Foundation NFT Stay Free Marketplace [Stay Free] is a digitized portrait of Snowden in the form of clippings from documents with a lawsuit for violation of US law by the NSA.

Other news from the growing industry:

  • An anonymous artist under the pseudonym Murat Pak sold his work “The Pixel” as a non-fungible token (NFT) for $ 1.36 million.
  • Video blogger Stas Davydov tokenized the cult phrase “And this is good” from the YouTube show “This is good”.
  • Film director, producer and actor Kevin Smith will auction his new horror film “Killroy Was Here” as an NFT.
  • The New York Stock Exchange (NYSE) has released the first NFT collection in honor of the IPO of high-tech US companies.
  • Collectibles maker Topps will release the first official Major League Baseball (MLB) card series in NFT format.
  • Members of the art association INTROVADERS from Kiev created a video with the image of journalist Dmitry Gordon and put it up for sale in the form of NFT.

Developers have implemented the Taproot activation method in Bitcoin Core

The developers have implemented the Speedy Trial update activation method in the Bitcoin Core release in May, which will allow miners to approve or reject the Taproot implementation as soon as possible.

The mechanism implies a three-month window during which 90% of mined blocks must signal support for the update. This will mean that approximately 90% of miners agree to accept the new rules.

If the required threshold is reached, Taproot will be activated within the next three months – otherwise, the update will not take place.

In Ukraine, it was proposed to indicate the addresses of bitcoin wallets in the declaration

The Public Union “Virtual Assets of Ukraine” and the inter-factional association of deputies Blockchain4Ukraine proposed to the head of NAPK Oleksandr Novikov to change the procedure for declaring cryptocurrencies.

The authors of the initiative are in favor of replacing the term “cryptocurrency” with “virtual assets”, enshrined in the law of the same name on the regulation of their turnover. This will cover a wider range of digital assets, including cryptocurrencies, tokens, stablecoins, NFTs, DeFi tokens and in-game currencies.

Also, members of the organization propose to include in the declaration the addresses of non-custodial cryptocurrency wallets on which digital assets are stored, and verification data of the owners of custodial cryptocurrency wallets.

At the same time, the Verkhovna Rada adopted in the first reading a bill providing for prison sentences for hiding cryptocurrencies by officials in the amount of over $ 40,500.

Ukrainian MP David Arakhamia commented on the situation with the declared 46,000 BTC. He believes that those who indicated in the declarations of the cryptocurrency will face litigation regarding the origin of digital assets. He also described how he lost access to the 400 BTC wallet.

ForkLog also wrote:

What else to read and see

The Nasdaq listing of Coinbase has become one of the most significant events in the industry. In the new material, ForkLog recalled the history of the exchange, studied its ecosystem and figured out the financial indicators.

On Monday, April 12, at Max Bit, I spoke with analyst Maxim Onegin. We discussed the ecosystem and development of the Filecoin project, as well as touched upon a number of other cryptocurrencies.

Subscribe to the ForkLog YouTube channel!

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Fidenge Pecold

My profession is a journalist, but my hobby for 8 years has been studying Forex investing and trading. During this time, I managed to gain extensive experience in investing and trading cryptocurrencies and double my capital in the Forex market. To be the author of this magazine, the site owners invited me to participate in one of the 2020 trading webinars, and I will try to reveal the most relevant crypto market news for you.

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