Coinbase IPO listing on Nasdaq created new Bitcoin and Ethereum ATH
BTC and Ethereum price created new all-time highs right before the Coinbase listing on Nasdaq. Bitcoin created a record high above $64,800 this week while Ethereum was trading at $2,539. Increasing demand is creating bullish signals in the market. Data from the bitcoin blockchain indicates that investors are moving their cryptocurrency away from the exchanges to store offline, indicating long-term holdings as they expect the price to go up further. Bitcoin is currently trading at $61, 559 as of 16 April, 1:04 PM IST.
Source: CoinMarketCap
Coinbase Listing on Nasdaq valued at $100 billion
The much-anticipated Coinbase stock listing has debuted on Nasdaq under the ticker “COIN” at the price of $381 a share, a 52 percent increase over a $250 reference price. The exchange was valued at $100 billion at that price and the share was trading as high as $429 and as low as $310.
Source: Factset
Puell Multiple indicating BTC is not at its high yet
Puell Multiple is useful for on-chain analysis and when this value reaches above 4, it has been a signal of previous highs. It is a metric that divides the $ value of all minted coins to a moving yearly average of that same value. The current Puell Multiple values is just above 2.5 indicating that Bitcoin is not even close to its high according to its historical values.
Source: Glassnode
The company is one of the first institutional asset managers gaining ETH exposure via Grayscale Trust. Chicago-based Rothschild Investment has recently bought 265,302 Grayscale Ethereum Trust shares. Its BTC trust holdings are worth $1.92 million as of March 31.
$65M Raised by ConsenSys from JP Morgan, Mastercard and UBS
ConsenSys has successfully raised $65 million from UBS, J.P. Morgan, Mastercard and UBS AG and also from other blockchain companies such as the Maker Foundation, Fenbushi, Protocol Labs, The LAO and Alameda Research. The strategic fundraise comes across at a time when DeFi and the Web3 applications developed on Ethereum are gaining wider prominence.
NFT Investments Raises $48M via London Stock Exchange Growth Market Listing
An investment focussed company NFT Investments recently raised $48 million through a listing in London on the Aquis Stock Exchange Growth Market (AQSE). The raise is three times more than initially planned and the firm claims to be the first company to make a debut on a stock market that is solely focussed on NFTs especially in a major jurisdiction.
Around $9B Worth of Ether Is Now Staked on Eth 2.0
Ethereum has shown outstanding returns this year and has even outperformed Bitcoin and other macro assets, appreciating 150% in price. The launch of new investment products on Ethereum, growing DeFi and NFT have also contributed to its rally. Ethereum has grown over 17% this week and is currently trading at 2,436.
Altcoins
Binance Coin (BNB) has made significant gains and is currently trading at $517, up by 20% since last week mainly due to the success of Binance Smart Chain, an Ethereum alternative. Litecoin (LTC) is currently trading at $273, up by 21% since last week. XRP continues to be a surprise by the constant increase in price, up by 49% in the last week currently trading at $1.52, and Tron has also increased 23% in the past 7 days. Chainlink (+23%), BCH (+38%), EOS (+16%), BAT (+12%), Doge(352%), DOT (1.19%), Cardano (15%) and XLM (+22%) have all shown an upward trend.
Top trading pairs on CoinDCX this week |
% Change |
| DOGE/INR | 370% |
| SWM/BTC | 99% |
| ETC/USDT | 60% |
| XRP/INR | 54% |
Losing trading pairs on CoinDCX this week |
% Change |
| PUNDIX/ETH | -41% |
| OGN/BNB | -41% |
| NKN/BTC | -40% |
| DENT/ETH | -36% |
In conclusion, the bitcoin blockchain data is showing bullish signs and the Coindesk IPO cheered the markets, leading to new ATH for BTC and ETH. Altcoins have shown impressive returns this week and the highlight has been Binance Coin due to the success of Binance Smart Chain. Although post the Coinbase IPO launch on Nasdaq, did not create the much-anticipated rally, it is a historic moment for the crypto industry due to its mainstream adoption in the financial world!
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