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Dogecoin Value Grows Following Coinbase Pro Listing

Dogecoin value Coinbase Pro

Rate this post The value of Dogecoin, the world’s sixth-largest cryptocurrency, has increased nearly 15% on Tuesday after Coinbase Pro announced its listing. Dogecoin Value Grows Since It Was Listed on Coinbase Pro Dogecoin, the world’s sixth most valuable cryptocurrency, increased nearly 15% on Tuesday after Coinbase Pro added DOGE support. Dogecoin inbound transfers are now allowed in the exchange’s supported jurisdictions, according to an announcement made yesterday. It will start trading on Thursday, June 3, 2021, at 9 a.m. Pacific Time, subject to liquidity conditions, according to an official announcement. Dogecoin is now trading around $0.37, with a market capitalization of more than $48 billion. DOGE deposits are now available for clients of Coinbase’s Pro platform, the most prominent regulated cryptocurrency exchange in the United States — and the only publicly traded one. Coinbase Pro is a platform designed by Coinbase for professional investors and individuals with advanced day trading skills. Unlike its “vanilla” version, Coinbase Pro’s UI is more technical as seen on other crypto exchanges, and offers a wider range of trading pairings to its customers. Dogecoin Is Finally Supported By Coinbase Trading in Dogecoin will begin in three days if all goes as planned and the predicted minimum liquidity is met. If all goes well and the projected minimum liquidity is met, trading in Dogecoin will commence in three days. Trading will begin at or after 9 a.m. PT on Thursday, June 3, assuming liquidity conditions are met. Traders will be able to exchange their DOGE for BTC and the USDT stablecoin if the prerequisites are met. They’ve also added fiat currency pairs versus the USD, EUR, and GBP. The Puppy Has Grown Up Several institutions throughout the world, including the NBA’s Dallas Mavericks and Latvia’s airBaltic, have begun accepting Dogecoin as a form of payment. DOGE’s price has been incredibly volatile this year, with the world’s 6th largest cryptocurrency reaching a high of $0.72.  

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The value of Dogecoin, the world’s sixth-largest cryptocurrency, has increased nearly 15% on Tuesday after Coinbase Pro announced its listing.

Dogecoin Value Grows Since It Was Listed on Coinbase Pro

Dogecoin, the world’s sixth most valuable cryptocurrency, increased nearly 15% on Tuesday after Coinbase Pro added DOGE support. Dogecoin inbound transfers are now allowed in the exchange’s supported jurisdictions, according to an announcement made yesterday.

It will start trading on Thursday, June 3, 2021, at 9 a.m. Pacific Time, subject to liquidity conditions, according to an official announcement. Dogecoin is now trading around $0.37, with a market capitalization of more than $48 billion.

DOGE deposits are now available for clients of Coinbase’s Pro platform, the most prominent regulated cryptocurrency exchange in the United States — and the only publicly traded one.

Coinbase Pro is a platform designed by Coinbase for professional investors and individuals with advanced day trading skills. Unlike its “vanilla” version, Coinbase Pro’s UI is more technical as seen on other crypto exchanges, and offers a wider range of trading pairings to its customers.

Dogecoin Is Finally Supported By Coinbase

Trading in Dogecoin will begin in three days if all goes as planned and the predicted minimum liquidity is met.

If all goes well and the projected minimum liquidity is met, trading in Dogecoin will commence in three days. Trading will begin at or after 9 a.m. PT on Thursday, June 3, assuming liquidity conditions are met.

Traders will be able to exchange their DOGE for BTC and the USDT stablecoin if the prerequisites are met. They’ve also added fiat currency pairs versus the USD, EUR, and GBP.

The Puppy Has Grown Up

Several institutions throughout the world, including the NBA’s Dallas Mavericks and Latvia’s airBaltic, have begun accepting Dogecoin as a form of payment. DOGE’s price has been incredibly volatile this year, with the world’s 6th largest cryptocurrency reaching a high of $0.72.

READ  61 Million XRP Tokens Transferred by Coinbase and Binance

#Coinbase #Coinbase-Pro #DOGE #Dogecoin #Liquidity #Meme coin

Source: https://www.cryptoknowmics.com/news/dogecoins-value-increasing-since-it-was-listed-on-coinbase-pro/

Blockchain

Bitcoin Reserves on BlockFi to New Lows as BTC Price Sluggish

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The bitcoin reserves on BlockFi – the popular lending and borrowing platform enabling users to receive interest – have declined to an all-time low. This, combined with recent reports claiming that whales have started to sell off their positions, raises the question of whether large BTC investors may have averted from HODLing.

BlockFi BTC Reserves Decline

Founded in 2017, BlockFi allows investors to lend their cryptocurrency assets in order to gain interest. However, it seems that large investors don’t find the APY provided by the company incentivizing enough lately, and they have withdrawn large portions of their positions.

Data from CryptoQuant reveals that the bitcoin reserves on the platform have decreased substantially in the past several weeks to new all-time lows.

According to the analytics company’s researchers, this means that “whales and high-net-worth individuals are not interested in collecting interest on BTC” at the moment. They added that “this indicates HODLing is not the whales’ incentive right now.”

Bitcoin Reserves on BlockFi. Source: CryptoQuant
Bitcoin Reserves on BlockFi. Source: CryptoQuant

Although this narrative might not be popular, it actually received support from previous analyses. As CryptoPotato reported earlier, whales, meaning large wallets containing between 100 and 10,000 bitcoins, have indeed started to dispose of their assets.


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Or Maybe It’s the Competition?

Lending your bitcoins through a centralized platform to other users to earn up to 5% APY sounds compelling, but a lot has changed in the market in the past year or so for BlockFi.

On the one hand, the company reduced its interest rates as BTC’s price started to appreciate, and the 5% APY now (for relatively small players holding up to 0.5 BTC) can be matched on other platforms.

Larger holders, especially whales, can benefit from 0.5% APY. Although this is still higher than what most banks offer for storing funds, it’s not sufficient in the cryptocurrency market for some.

Numerous DeFi platforms offer more lucrative options. As such, it’s not really a surprise that over 1% of all BTC is now in the form of wrapped bitcoins (WBTC). Despite the hidden risks of decentralized protocols, investors are increasingly more open to earning interest through them.

After all, even the prominent businessman Kevin O’Leary recently bragged about earning between 4% and 9% APY on his BTC stash (which is safe to assume is bigger than 0.5 BTC) through DeFi platforms.

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Coinsmart. Beste Bitcoin-Börse in Europa
Source: https://cryptopotato.com/bitcoin-reserves-on-blockfi-to-new-lows-as-btc-price-sluggish/

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Blockchain

Another Week Another Failed Attempt For Bitcoin at $40K: The Weekly Crypto Recap

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Over the past seven days, we saw yet another unsuccessful attempt of Bitcoin to breach the coveted $40K mark definitively.

Let’s roll back a little. Last weekend, the price was rather indecisive as it was struggling beneath $36K. All this changed on Sunday, however, when bulls stepped in and took control over the market. By Monday, BTC was trading above $40K, and it actually managed to stay there for a few days.

This saw the community rather enthusiastic as the price was seemingly ready to continue with its recovery. Unfortunately, bears had other plans. On Wednesday, BTC’s price started trending downward and dropped to about $38,000. Yesterday was no better as we saw the market dropping even further. At the time of this writing, BTC trades at around $35,000 for a 4% loss on the weekly.

While bitcoin’s price is just 4% down over the past seven days, altcoins had it much worse. Ethereum crashed by almost 14%, ADA by 10%, DOGE by 13.6%, XRP by 11%, and so forth. In other words – Bitcoin continues to establish and recover its dominance over the market, which currently sits at above 45%.

Elsewhere, we had quite a few bullish news. MicroStrategy – the tech giant, spearheaded by Michael Saylor revealed its plans to sell Class A common stocks for as much as a whopping $1 billion, with part of the proceeds potentially used for making more bitcoin purchases. If history and Saylor’s preferences are any indicators – this is likely to become a reality.

A report conducted by FT also showed that hedge funds plan to allocate up to 7% of their portfolios in cryptocurrencies over the next five years, highlighting the long-term potential of the industry.

It wasn’t all good news, though. The United States Securities and Exchange Commission (SEC) once again postponed its decision on the Bitcoin ETF proposition made by investment manager VanEck, which shows that regulators are not yet ready to take a decisive step of the kind.

Price-wise, the market is pretty much range-bound, and it remains very interesting to see if we’ll see a breakout in any direction soon.

Market Data

Market Cap: $1472B | 24H Vol: 79B | BTC Dominance: 45.2%

BTC: $35,360 (-4%) | ETH: $2,153(-13.8%) | XRP: $0.777 (-11.1%)

The Crypto Headlines You Better Not Miss

Spanish Banking Giant BBVA to Launch Bitcoin Trading and Custodial Services in Switzerland. The Spanish banking giant Bilbao Vizcaya Argentaria (BBCA) will be launching a bitcoin trading and custody service for private clients in Switzerland starting June 21st. However, the entity has no plans to actively manage any funds related to crypto investment.

Paraguayan Official Confirms: In July, We Legislate Bitcoin. After hinting that they would draw out cryptocurrency legislation last week, an official from Paraguay has now confirmed that the laws are coming in the month of July.

VanEck’s Bitcoin ETF Application Further Delayed by the SEC. The United States Securities and Exchange Commission (SEC) has decided to postpone its decision on the Bitcoin ETF proposition made by the investment manager VanEck for yet another time.

Rep. Maxine Waters Announces a Task Force to Study Crypto and CBDCs. Trying to stay on top of cryptocurrency regulations, Representative Maxine Waters announced a task force on Financial Technology that will be studying crypto and CBDCS, as well as their impact on US politics.

Hedge Funds Plan to Allocate 7% of Portfolios in Cryptocurrencies by 2026: FT Survey. According to a recent survey conducted by FT, hedge funds plan to allocate up to 7% of their portfolios in cryptocurrencies in the next 5 years. This signals their confidence in the long-term potential of the industry.

MicroStrategy Could Buy More Bitcoin With $1 Billion Stock Offering. The technology company MicroStrategy, spearheaded by one of Bitcoin’s biggest proponents – Michael Saylor – revealed its plans to sell Class A common stocks worth $1 billion. It also plans to buy more BTC with some of it.

Charts

This week we have a chart analysis of Bitcoin, Ethereum, Ripple, Cardano, and Solana – click here for the full price analysis.

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Disclaimer: Information found on CryptoPotato is those of writers quoted. It does not represent the opinions of CryptoPotato on whether to buy, sell, or hold any investments. You are advised to conduct your own research before making any investment decisions. Use provided information at your own risk. See Disclaimer for more information.

Cryptocurrency charts by TradingView.


Coinsmart. Beste Bitcoin-Börse in Europa
Source: https://cryptopotato.com/another-week-another-failed-attempt-for-bitcoin-at-40k-the-weekly-crypto-recap/

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Blockchain

How Many Bitcoin U-Turns? Goldman Sachs Now Says Bitcoin Is Not a Viable Investment

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The US multinational investment bank Goldman Sachs continues with its 180-turns on the cryptocurrency industry. After its recent interest that included filing for a Bitcoin ETF and exploring crypto as an asset class, the institutions’ latest report said virtual currencies are not a “viable investment.”

Crypto Is Not a Viable Investment: Goldman

It’s safe to say that Goldman Sachs has displayed a controversial approach to the cryptocurrency space. The latest report coming from the Wall Street giant takes it back a notch by going to its hostile policy from previous years.

Titled “Digital Assets: Beauty Is Not in the Eye of the Beholder,” it touched upon some of the most recent concerns, including high energy consumption required in the process of mining. This topic was raised in May by Tesla’s Elon Musk, who criticized BTC for using too much coal fuel.

Despite numerous reports claiming otherwise, Tesla disabled bitcoin payments citing environmental issues.

The paper also touched upon cryptocurrencies’ usage in ransomware attacks after numerous hacks transpired on US soil in recent months. After each, the perpetrators indeed requested the payments to be sent in bitcoin.


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Furthermore, the document named impending regulations as the “biggest risk to the speculative aspects of this ecosystem.” Keeping in mind all of these concerns, the bank concluded:

“After analyzing various valuation methodologies and applying our multi-factor strategic asset allocation model, we have concluded that cryptocurrencies are no a viable investment for our clients’ diversified portfolios.”

How Many U-Turns?

The mentioned-above word ‘controversial’ might not be strong enough to describe Goldman’s ever-changing views on the industry.

The institution was among the first regulated entity to launch a crypto trading desk all the way back in 2017. Yet, that came amid the parabolic price increases, and when the year-long bear market followed, Goldman halted the initiative.

In the meantime, Goldman held a conference call in which it said bitcoin is not an asset class. Bank executives repeatedly questioned BTC’s ability to serve as a reliable store of value and blasted its volatility.

Yet again, Goldman restarted the trading desk this year when, once again, prices were skyrocketing to new highs. It also filed for a Bitcoin ETF with the SEC, explored launching custody services, added BTC to its year-to-date returns report, participated in investment rounds in crypto projects, and enabled clients to trade bitcoin derivatives.

With all of that in mind, it’s not such a surprise that Alex Kruger and other crypto community members viewed Goldman’s latest U-turn as nothing out of the ordinary.

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Coinsmart. Beste Bitcoin-Börse in Europa
Source: https://cryptopotato.com/how-many-bitcoin-u-turns-goldman-sachs-now-says-bitcoin-is-not-a-viable-investment/

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