Značka: Crypto Exchanges

Robinhood hits new low as FTX US and Bitstamp USA move into stocks

Crypto exchanges FTX US and Bitstamp USA are working on offering stock trading, which would be a further blow to Robinhood as its share price slumps to new lows. FTX US President Brett Harrison tweeted on Tuesday that the crypto exchange is “hard at work on stocks,” commenting that a launch would be coming in “a couple months.” We’re hard at work on stocks! Features we’re planning for day 1: -Live BBO and historical candles-Stock screening/search functionality-Basic fundamentals (market cap, P/E ratio, dividend yield)-Portfolio performance tracking, order/trade detailsWhat else should we have? pic.twitter.com/q2bTpsfuna— Brett Harrison (@Brett_FTXUS) January 11, 2022This isn’t FTX’s first dalliance with stocks. Back in Oct. 2020, the global arm of the crypto exchange launched a feature to allow its customers to access fractionalized trading in tokenized stocks.And Bitstamp USA CEO Robert Zagotta said in a Jan 14 interview with Bloomberg that the exchange is considering entering stocks, non-fungible tokens (NFTs) and crypto derivatives.Offering low cost equities trading would allow the two crypto exchanges to attract a similar user base of meme stock style investors as Robinhood, which offers both crypto and stock trading. The additional competition is unlikely to be welcomed by Robinhood ($HOOD) at this point. With meme stock and crypto trading cooling down, the American financial services company closed at an all-time low of $15.30 on Jan 13. Related: Kraken CEO reverses $100K BTC 2021 forecast: Crypto winter now possibleRobinhood is approaching the market from the opposite direction to the two exchanges, beginning with stocks and moving into crypto. It’s been adding new features to its crypto service for some time, and plans to roll out the beta version of its crypto wallet feature this month. This will enable users to withdraw cryptocurrency from the platform. $HOOD closes at an all time low.— unusual_whales (@unusual_whales) January 13, 2022

One potential bright spot for Robinhood is interest from the Shiba Inu community. Shiba Inu Coin ($SHIB) has been pumping on rumors that it could be listed for trading on Robinhood as early as next month. The altcoin rebounded by nearly 30% in three days. However CEO Vlad Tenev has denied such reports on multiple occasions.

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Small Ethereum investors increase exposure as ETH loses $4K level

Ethereum’s native token Ether (ETH) has dropped by over 18% after establishing an all-time high around $4,867 on Nov. 10, now trading near $3,900. Nonetheless, the plunge has not deterred retail investors from buying the token in small quantities.According to data gathered by Glassnode — a blockchain analytics platform, the number of Ether addresses holding less than or equal to 0.01 ETH reached a record high level of 19.95 million on Dec. 4, the day ETH dropped to as low as $3,575 (data from Coinbase).Ethereum addresses with balances less than or equal to 0.01. Source: GlassnodeMeanwhile, the number of Ethereum wallets with balances of at least 0.1 ETH also kept climbing despite Ether’s correction from $4,867 to $3,575, eventually hitting a new all-time high of 6.37 million on Dec. 12. As a result, the number of Ether addresses with a non-zero balance also reached a new record high of nearly 70 million on Dec. 12. In contrast, addresses holding less than or equal to 1 ETH dropped alongside prices, indicating that they were less interested in buying Ether’s sessional dips.  Ethereum addresses with balances less than or equal to 1 ETH. Source: GlassnodeBounce ahead?The army of retail investors buying Ether in small quantities marches ahead as the ETH price drops toward a support confluence.Notably, Ether plunged Monday by over 5% to near $3,900 in a selloff inspired by similar corrections across the cryptocurrency space. Nonetheless, ETH price reached an area that has been lately attracting buyers.ETH/USD daily price chart featuring Support Confluence. Source: TradingViewThe first support came from the lower trendline of the descending channel pattern — the blacked range shown in the chart above. Meanwhile, the purpled 100-day simple moving average (100-day SMA) and the red pullback area — as it has been since Oct. 20 — raised Ether’s potential to retrace upward in the near term.While smaller retail investors seem to have been accumulating Ether, their larger counterparts look conflicted.Ethereum addresses with balances less than or equal to 1,000 ETH. Source: GlassnodeFor instance, Glassnode data shows a marginal recovery in the buying interest by the Ethereum wallets with balances of at least 1,000 ETH. Still, overall, their numbers have gone down from near 7,200 to below 6,350 in 2021.Exchanges’ Ether balancesMore upside cues come from Ether’s declining balances across all the crypto exchanges. The number of coins held by exchanges recovered from nearly 14 million ETH to 14.13 million ETH since Dec. 9 — which coincided with an almost 10.50% price drop — but its long-term trend remains skewed to the downside.Ethereum balance on all exchanges versus ETH price. Source: GlassnodeA lower ETH balance across exchanges hints at traders’ intention to hold their coins or stake them in the pools of decentralized finance (DeFi) projects to earn yields instead of trading them for other assets.Related: Data shows pro traders are currently more bullish on Ethereum than BitcoinDeFi’s total value locked (TVL) sits at a new all-time high above $250 billion, according to data provided by Defi Llama, out of which Ethereum’s TVL came out to be over $180 billion.Total capital locked across the Ethereum ecosystem. Source: Defi Llama”However, Ethereum’s dominance over DeFi activity has taken a big hit in H2 2021,” reminded Delphi Digital, a crypto-focused investment firm, adding that: “As the multi-chain narrative plays out, capital has moved to ecosystems like Solana, Terra and Avalanche.”High gas fees have been the main reason behind investors seeking potential “Ethereum killers.”For instance, a decentralized exchange swap costs $70 on Ethereum but $1 on Terra and Solana, although some analysts anticipate that Ethereum’s full transition from proof-of-work to proof-of-stake next year would solve the high gas problem.”Ethereum’s price will rise at a much faster rate than Bitcoin, due to the move to proof-of-stake,” noted Tom Higgins, CEO at asset management platform Gold-i.The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading move involves risk, you should conduct your own research when making a decision.

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Norwegian Block Exchange to become first Nordic crypto platform to list on Euronext

On Friday, Norwegian Block Exchange (NBX) announced it would become the first cryptocurrency platform among the Nordic countries (Norway, Sweden, Denmark, and Finland) to list its shares on the pan-European Euronext stock exchange. NBX was created in 2018 by Bjørn Kjos, who also founded Norwegian Air Shuttle and Bank Norwegian.NBX has eight cryptocurrencies listed and about 20 trading pairs available. The exchange is approved and supervised by the Financial Supervisory Authority of Norway. NBX claims it is the only platform in the Nordic countries that insures clients’ crypto via the $150 million Ledger Vault insurance pool that pays out should a covered event occur.Last December, NBX raised $6.6 million via an equity and sale. It would not be raising any further capital in anticipation of the Euronext listing. In the past year, the firm’s market capitalization surged 142% on over-the-counter exchanges to $56.52 million. It has over 25,000 customers and processed $101.18 million during the first nine months of the year.CEO Stig Kjos-Mathisen gave the following statement in regards to the development:’We are currently well-funded to be able to deliver on our ambitions for the development of technology and products as well as customer acquisition in the near term. However, as a listed company, we will be relevant for a much broader investor base and be well equipped to utilize the equity market when more capital is required later.Related: Bitcoin Capital AG launches two crypto ETPs on SIX Swiss ExchangeCryptocurrency adoption in the Nordics has been slow even as regulators have taken a softer stance on digital asset oversight. Norway’s financial administrative body sees crypto activities in the country as largely unregulated and only supervises companies for money laundering. In Finland, fewer than 10 companies are registered as operating in the digital currency space. In Sweden, the first Polkadot exchange-traded product recently launched on the country’s Nordic Growth Market exchange. As for Denmark, the country’s largest bank urges caution on crypto adoption but does not support intervention.

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