Coinbase Financial News

The cryptocurrency market has witnessed a momentous event as Bitcoin (BTC) price catapulted past the significant $30,000 level, sending shockwaves throughout the industry. 

Crypto giant Binance opened a regional headquarters in Paris last year, hoping to expand its business in Europe. Things haven’t gone its way. The Netherlands and Belgium have shut their doors to the exchange.

Despite recent narratives suggesting differently, the United States won't be losing its allure as a crypto hub, according to the CEO of blockchain analytics firm Merkle Science.

EU antitrust regulators will decide by August 7 whether to clear Adobe's $20-billion bid for cloud-based designer platform Figma after a preliminary review, according to a European Commission filing on Monday. Photoshop maker Adobe sought EU approval last Friday.

The most recent filing involving asset manager BlackRock’s attempt to launch a spot Bitcoin exchange-traded fund (ETF) included a “surveillance-sharing agreement” with cryptocurrency exchange Coinbase.

Last week, a Wall Street Journal (WSJ) report unveiled the dissatisfaction of SEC insiders with the recent batch of spot bitcoin ETF applications from prominent financial institutions like Blackrock, Wisdomtree, Valkyrie, Fidelity, Ark Investment, and Invesco. 

(Reuters) — Nasdaq refiled an application with the U.S. securities regulator to list an exchange-traded fund by BlackRock Inc (NYSE:BLK) that will reflect the price of bitcoin to add additional details, according to a filing made public on Monday.

European Union (EU) lawmakers have agreed to move ahead with the controversial European Data Act, which has previously drawn criticism from the crypto community. The act, aimed at encouraging greater use of data resources to train algorithms, would update the EU’s rules on smart contracts to include a kill switch option that would allow them to be safely terminated. Obviously, this contradicts the fundamental idea of trust in smart contracts. 

Coinbase has said it wants to modernize its direct deposit system using blockchain-based stablecoin settlements instead of the traditional ACH deposits.

In a flurry of Friday afternoon activity, Fidelity Investments led a handful of firms that filed a fresh set of applications for a spot bitcoin exchange-traded fund to add new details after the Securities and Exchange Commission indicated that the initial filings were insufficient.

Though the Securities and Exchange Commission has reportedly rejected filings for a spot bitcoin exchange-traded fund from BlackRock, Fidelity and a handful of other asset managers, crypto-enthusiasts are optimistic that the product will soon achieve approval.

A bitcoin bubble is brewing, according to 74% of respondents in Bank of America’s latest Global Fund Manager Survey.

Cryptocurrencies are often hard for many to understand, but some U.S. senators say the government is making it worse by keeping how it defines crypto investments under wraps.

Prices of bitcoin and ether—the two largest cryptocurrencies by market capitalization—are usually closely correlated, but that's changing after Ethereum's Shanghai Upgrade, and it could affect investments and risk management for cryptocurrency investors.

The companies — which also include Invesco, VanEck, 21Shares and WisdomTree — are among eight that are seeking to launch what would be an initial crop of US spot Bitcoin ETFs. BlackRock Inc. set off the wave with its surprise filing for such a fund in mid-June.

Bitcoin's price currently stands at $30,558, experiencing a slight drop of nearly 0.50% on Sunday. 

The price of Bitcoin has experienced a bullish turnaround, propelled by a substantial trading volume of $20 billion, which has pushed BTC above the $30,000 mark. 

Bitcoin exchange-traded fund (ETF) by the U.S. Securities and Exchange Commission (SEC) has been widely debated and speculated. Despite past rejections, experts such as Elliot Johnson, COO and CIO of Evolve ETF and a pioneer of Bitcoin ETFs in Canada, believe that the BlackRock ETF stands a higher chance of receiving approval from the SEC.

Cboe on Friday refiled an application with the U.S. securities regulator to launch a bitcoin exchange-traded fund by asset manager Fidelity, saying it would work with global crypto exchange Coinbase to prevent any market manipulation in the process. The refreshed filing aims to address concerns raised by the U.S. Securities and Exchange Commission (SEC), which told Cboe that its recent filing to list and trade a spot bitcoin ETF from Fidelity was unclear and incomplete, according to a person familiar with the matter. The SEC raised the same concerns with Nasdaq over a recent filing for a spot bitcoin ETF from BlackRock, the person said. A key issue was that the exchanges did not name the crypto-trading platforms with which it planned to enter into surveillance-sharing agreements to help detect fraud in the underlying bitcoin markets, the person said. Cboe also refiled listing applications with the SEC on Friday for bitcoin ETFs by WisdomTree, VanEck, and a joint effort from Invesco and Galaxy. It said in all of the filings it plans to enter into a surveillance-sharing agreement with Coinbase.

The American people want access to more safe and regulated crypto-based investment products, and the market is now responding to this, Coinbase’s chief legal officer Paul Grewal has stated.

Check out the companies making headlines in midday trading Friday.