What happened this week in the world of blockchain and cryptocurrencies? The most relevant local and international events as well as appealing background reports in a concise and compact weekly review.
Selected articles of the week:
On April 14, 2021, the US crypto exchange Coinbase made history with the largest IPO of a blockchain company to date. The company was listed directly on the Nasdaq with a valuation of over 100 billion US dollars. Industry representatives celebrated the IPO as a milestone and significant recognition from Wall Street. However, just a few months later, a multi-year crypto downturn began that crushed the exchange’s turnover. The US exchange operated at a loss for two years. The market reversal and significant cost reductions by the exchange finally helped Coinbase to make a net profit in the fourth quarter of 2023. Income from trading fees as well as interest income from stablecoins and crypto staking accounted for the lion’s share of revenue. The positive quarterly result surprised analysts and led to an immediate jump in the share price.
The growing crypto interest in the fourth quarter of 2023 helped Coinbase achieve a quarterly profit for the first time in two years
Another record for Bitcoin ETF inflows
In recent weeks, the newly launched spot Bitcoin ETFs have dominated the headlines. Despite high expectations, the products exceeded the forecasts of most market participants. Instead of initial hype and declining volumes, inflows into the ETFs accelerated at record speed. After just over a month, almost USD 5 billion has flowed into Bitcoin funds, despite billions in selling pressure from insolvent players such as FTX. Two billion USD were added this week alone. The appetite for digital assets is undeniable.
A summarizing review of what has been happening at the crypto markets of the past week. A weekly report in cooperation with Kaiko.
Brands bet on NFTs
Non-fungible tokens (NFTs) are digital assets that represent ownership or proof of authenticity of a unique item. In the midst of the NFT craze in 2021, many companies jumped on the bandwagon. Large corporations either launched their own collections, invested in the NFT and Metaverse space or entered into novel partnerships with crypto companies. A few years after the first boom phase, we take a look at noteworthy projects and draw a conclusion.
Non-fungible tokens (NFTs) have emerged as a transformative technology with the potential to revolutionize digital…
Explosive growth of an exchange
Since the FTX debacle, the battle between crypto exchanges has intensified. Regulators have further tightened the screws on leading trading platforms such as Binance. Lax identification requirements and aggressive altcoin listings have allowed Seychelles-based crypto exchange MEXC to attract some of the left-behind users. However, a detailed analysis of the exchange’s market metrics reveals questionable patterns.
One of the fastest growing crypto exchanges since the FTX debacle has been MEXC; an analysis of the unusual market patterns.
Swiss broker expands to Germany
In addition: Crypto Finance has established itself as one of the leading blockchain brokers in the Crypto Valley since its foundation in 2017. Four years later, an unexpected takeover by Deutsche Börse AG took place at a valuation in the moderate three-digit million range. Since then, the service provider has been aiming to expand in Germany and the European Economic Area. The granting of four crypto licenses by the supervisory authority BaFin brings the German subsidiary one step closer.
The German subsidiary of Crypto Finance has received four licenses from the Federal Financial Supervisory Authority (BaFin).
