{"id":461395,"date":"2021-04-15T19:00:09","date_gmt":"2021-04-15T19:00:09","guid":{"rendered":"https:\/\/uniquehot.com\/?p=461395"},"modified":"2021-04-15T18:19:33","modified_gmt":"2021-04-15T18:19:33","slug":"coinbase-effect-is-crypto-ready-for-the-incoming-herd","status":"publish","type":"post","link":"https:\/\/uniquehot.com\/news\/coinbase-effect-is-crypto-ready-for-the-incoming-herd\/","title":{"rendered":"Coinbase Effect: Is Crypto Ready For The Incoming Herd?"},"content":{"rendered":"<p>If the pro-Bitcoin actions of titans Goldman Sachs and JP Morgan have been insufficient, the traditional market seems to have given cryptocurrencies its blessing yesterday, with the debut of Coinbase on Nasdaq.<\/p>\n<p>The exchange is estimated to have had one of the <a href=\"https:\/\/uniquehot.com\/news\/bitcoin\/bitcoin-coinbase-coin-nasdaq\/\">most successful public direct listings in history<\/a>. Data from Nasdaq indicates that COIN began trading near $328 and peaked at $429 per share, exceeding many experts&#8217; expectations.<\/p>\n<p>On a single day, COIN\u2019s value traded hit an all-time record. Outperforming giants like Alibaba and Facebook, like Senior ETF Analyst for Bloomberg Eric Balchunas pointed out. As Balchunas also stated, COIN broke another record when 4 ETF\u2019s \u201cbought the crap out of\u201d the stock on day 1.<\/p>\n<blockquote class=\"twitter-tweet\" data-width=\"500\" data-dnt=\"true\">\n<p lang=\"en\" dir=\"ltr\"><a href=\"https:\/\/twitter.com\/search?q=%24COIN&amp;src=ctag&amp;ref_src=twsrc%5Etfw\" rel=\"nofollow\">$COIN<\/a> with $29b in volume on Day One, which I&#39;m pretty sure is an all-time record. <a href=\"https:\/\/twitter.com\/search?q=%24BABA&amp;src=ctag&amp;ref_src=twsrc%5Etfw\" rel=\"nofollow\">$BABA<\/a> was $25b and <a href=\"https:\/\/twitter.com\/search?q=%24FB&amp;src=ctag&amp;ref_src=twsrc%5Etfw\" rel=\"nofollow\">$FB<\/a> was $23b. <a href=\"https:\/\/t.co\/dSl2lQlODy\" rel=\"nofollow\">pic.twitter.com\/dSl2lQlODy<\/a><\/p>\n<p>&mdash; Eric Balchunas (@EricBalchunas) <a href=\"https:\/\/twitter.com\/EricBalchunas\/status\/56868865?ref_src=twsrc%5Etfw\" rel=\"nofollow\">April 14, 2021<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>&nbsp;<\/p>\n<p>Chief Strategy Officer at CoinShares, Meltem Demiros, was just one of the many in the crypto space celebrating the debut. Surpassing her time estimations, Coinbase is now worth more than Goldman Sachs, one the largest U.S. banks, with a total market cap of about $90 billion, at the time of writing.<\/p>\n<blockquote class=\"twitter-tweet\" data-width=\"500\" data-dnt=\"true\">\n<p lang=\"en\" dir=\"ltr\">called it <\/p>\n<p>coinbase &gt; Goldman Sachs <\/p>\n<p>i love it so, so much <a href=\"https:\/\/t.co\/6vooaQfGgW\" rel=\"nofollow\">https:\/\/t.co\/6vooaQfGgW<\/a><\/p>\n<p>&mdash; Meltem Demirors (@Melt_Dem) <a href=\"https:\/\/twitter.com\/Melt_Dem\/status\/88607237?ref_src=twsrc%5Etfw\" rel=\"nofollow\">April 14, 2021<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>Demiros\u2019 sentiment was shared by most of the crypto industry. From early Coinbase investors like Garry Tan, his initial $300,000 investment in 2013 made a 6000x profit, to Paradigm\u2019s Omar Bohsali, legendary rap singer Nasir Jones and others.<\/p>\n<p>Grayscale CEO Michael Sonnenshein said Coinbase\u2019s debut has signaled a new level of maturity for the crypto industry.<\/p>\n<blockquote class=\"twitter-tweet\" data-width=\"500\" data-dnt=\"true\">\n<p lang=\"en\" dir=\"ltr\"><a href=\"https:\/\/twitter.com\/search?q=%24COIN&amp;src=ctag&amp;ref_src=twsrc%5Etfw\" rel=\"nofollow\">$COIN<\/a> &quot;is really signaling to the market as a whole a certain level of maturity, a certain way of doing things the right way,&quot; <a href=\"https:\/\/twitter.com\/Grayscale?ref_src=twsrc%5Etfw\" rel=\"nofollow\">@Grayscale<\/a> CEO <a href=\"https:\/\/twitter.com\/Sonnenshein?ref_src=twsrc%5Etfw\" rel=\"nofollow\">@Sonnenshein<\/a> says, adding: &quot;Crypto is not an investment that&#39;s appropriate for every investor.&quot; <a href=\"https:\/\/t.co\/Jb7k9tf4PH\" rel=\"nofollow\">https:\/\/t.co\/Jb7k9tf4PH<\/a> <a href=\"https:\/\/t.co\/xPLJjTv1JP\" rel=\"nofollow\">pic.twitter.com\/xPLJjTv1JP<\/a><\/p>\n<p>&mdash; Yahoo Finance (@YahooFinance) <a href=\"https:\/\/twitter.com\/YahooFinance\/status\/69216265?ref_src=twsrc%5Etfw\" rel=\"nofollow\">April 15, 2021<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<h2>COIN speaking the bank\u2019s language<\/h2>\n<p>In addition to this, CoinShares CSO said the new wave of millionaires and billionaires \u201cminted\u201d by Coinbase\u2019s listing are prepared to take their profits to continue the growth of the crypto ecosystem. Demiros said:<\/p>\n<blockquote><p>There\u2019s really this nice recursive effect where this industry isn\u2019t just about the assets. It\u2019s now really about the companies, which we\u2019ve been investing in for almost a decade now (\u2026).<\/p><\/blockquote>\n<p>CoinShares CSO later referred to the exchange \u201cblockbuster\u201d numbers in its Q1, 2021, earnings report, and the pressure to stay at the top of the innovation race. Demiros said:<\/p>\n<blockquote><p>To get even within the crypto industry, the pass of innovation has just been insane to see and what we are looking at, are (Coinbase\u2019s Q1 revenues) numbers sustainable? Can Coinbase diversify quickly enough? For this week, for this moment, I certainly think there is still a lot of enthusiasm.<\/p><\/blockquote>\n<p>Coinbase&#8217;s debut will attract further institutional investors to the market. The crypto industry is, said Demiros, speaking the language of the bank\u2019s \u201cBillies\u201d (Billions USD).<\/p>\n<p>At the time of writing, COIN trades at $331 moving sideways in the 24-hour chart, and still susceptible to volatility, due to the hype around the event, which could be causing all across the markets.<\/p>\n<p>Similarly,<a href=\"https:\/\/uniquehot.com\/news\/bitcoin\/latest-bitcoin-dip-did-little-in-offsetting-wildly-bullish-bias-heres-why\/\"> Bitcoin (BTC) is trading at $62.495 moving sideways in the past day<\/a> (0.1%). In the weekly chart, BTC still has an 11.4% profit.<\/p>\n<figure id=\"attachment_461397\" aria-describedby=\"caption-attachment-461397\" style=\"width: 860px\" class=\"wp-caption aligncenter\"><img data-recalc-dims=\"1\" loading=\"lazy\" decoding=\"async\" class=\"wp-image-461397 size-large\" src=\"https:\/\/uniquehot.com\/wp-content\/uploads\/2021\/04\/Coinbase-COIN-Bitcoin-BTC.png?resize=860%2C424\" alt=\"Coinbase COIN Bitcoin BTC\" width=\"860\" height=\"424\"><figcaption id=\"caption-attachment-461397\" class=\"wp-caption-text\">BTC with sideways movement in the 24-hour chart. Source: BTCUSD Tradingview<\/figcaption><\/figure>\n<p>On Coinbase public listing, CEO Brian Armstrong <a href=\"https:\/\/twitter.com\/brian_armstrong\/status\/50394625\" rel=\"nofollow\">said<\/a>:<\/p>\n<blockquote><p>The cryptoeconomy today is nothing like the ecosystem that existed when we launched Coinbase 9 years ago. And it\u2019s nothing like the ecosystem that will exist 9 years from now (\u2026). As the first major crypto company to publicly list, today is a big day for Coinbase and the cryptoeconomy that we\u2019re a part of.<\/p><\/blockquote>\n","protected":false},"excerpt":{"rendered":"<p>If the pro-Bitcoin actions of titans Goldman Sachs and JP Morgan have been insufficient, the traditional market seems to have given cryptocurrencies its blessing yesterday, with the debut of Coinbase on Nasdaq. The exchange is estimated to have had one of the most successful public direct listings in history. Data from Nasdaq indicates that COIN began trading near $328 and peaked at $429 per share, exceeding many experts&#8217; expectations. On a single day, COIN\u2019s value traded hit an all-time record. Outperforming giants like Alibaba and Facebook, like Senior ETF Analyst for Bloomberg Eric Balchunas pointed out. As Balchunas also stated, COIN broke another record when 4 ETF\u2019s \u201cbought the crap out of\u201d the stock on day 1. $COIN with $29b in volume on Day One, which I&#39;m pretty sure is an all-time record. $BABA was $25b and $FB was $23b. pic.twitter.com\/dSl2lQlODy &mdash; Eric Balchunas (@EricBalchunas) April 14, 2021 &nbsp; Chief Strategy Officer at CoinShares, Meltem Demiros, was just one of the many in the crypto space celebrating the debut. Surpassing her time estimations, Coinbase is now worth more than Goldman Sachs, one the largest U.S. banks, with a total market cap of about $90 billion, at the time of writing. called it coinbase &gt; Goldman Sachs i love it so, so much https:\/\/t.co\/6vooaQfGgW &mdash; Meltem Demirors (@Melt_Dem) April 14, 2021 Demiros\u2019 sentiment was shared by most of the crypto industry. From early Coinbase investors like Garry Tan, his initial $300,000 investment in 2013 made a 6000x profit, to Paradigm\u2019s Omar Bohsali, legendary rap singer Nasir Jones and others. Grayscale CEO Michael Sonnenshein said Coinbase\u2019s debut has signaled a new level of maturity for the crypto industry. $COIN &quot;is really signaling to the market as a whole a certain level of maturity, a certain way of doing things the right way,&quot; @Grayscale CEO @Sonnenshein says, adding: &quot;Crypto is not an investment that&#39;s appropriate for every investor.&quot; https:\/\/t.co\/Jb7k9tf4PH pic.twitter.com\/xPLJjTv1JP &mdash; Yahoo Finance (@YahooFinance) April 15, 2021 COIN speaking the bank\u2019s language In addition to this, CoinShares CSO said the new wave of millionaires and billionaires \u201cminted\u201d by Coinbase\u2019s listing are prepared to take their profits to continue the growth of the crypto ecosystem. Demiros said: There\u2019s really this nice recursive effect where this industry isn\u2019t just about the assets. It\u2019s now really about the companies, which we\u2019ve been investing in for almost a decade now (\u2026). CoinShares CSO later referred to the exchange \u201cblockbuster\u201d numbers in its Q1, 2021, earnings report, and the pressure to stay at the top of the innovation race. Demiros said: To get even within the crypto industry, the pass of innovation has just been insane to see and what we are looking at, are (Coinbase\u2019s Q1 revenues) numbers sustainable? Can Coinbase diversify quickly enough? For this week, for this moment, I certainly think there is still a lot of enthusiasm. Coinbase&#8217;s debut will attract further institutional investors to the market. The crypto industry is, said Demiros, speaking the language of the bank\u2019s \u201cBillies\u201d (Billions USD). At the time of writing, COIN trades at $331 moving sideways in the 24-hour chart, and still susceptible to volatility, due to the hype around the event, which could be causing all across the markets. Similarly, Bitcoin (BTC) is trading at $62.495 moving sideways in the past day (0.1%). In the weekly chart, BTC still has an 11.4% profit. On Coinbase public listing, CEO Brian Armstrong said: The cryptoeconomy today is nothing like the ecosystem that existed when we launched Coinbase 9 years ago. And it\u2019s nothing like the ecosystem that will exist 9 years from now (\u2026). As the first major crypto company to publicly list, today is a big day for Coinbase and the cryptoeconomy that we\u2019re a part of.<\/p>\n","protected":false},"author":535,"featured_media":461396,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[79568,3],"tags":[428,1144,1379,1393],"class_list":["post-461395","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-company","category-news","tag-bitcoin","tag-btcusd","tag-coin","tag-coinbase"],"acf":[],"yoast_head":"\n<title>Coinbase Effect: Is Crypto Ready For The Incoming Herd?<\/title>\n<meta name=\"description\" content=\"If the pro-Bitcoin actions of titans Goldman Sachs and JP Morgan have been insufficient, the traditional market seems to have given cryptocurrencies its\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, 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Marquez\",\"image\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/uniquehot.com\/#\/schema\/person\/image\/\",\"url\":\"https:\/\/secure.gravatar.com\/avatar\/036a3927a22f63e491c08a08c3641ece?s=96&d=mm&r=g\",\"contentUrl\":\"https:\/\/secure.gravatar.com\/avatar\/036a3927a22f63e491c08a08c3641ece?s=96&d=mm&r=g\",\"caption\":\"Reynaldo Marquez\"},\"description\":\"A literature major, Reynaldo M\u00e1rquez has been deeply immersed in the crypto industry since 2017. His journey began with translating articles for various crypto news outlets, a role he took on with zeal. In 2018, amidst a challenging market, he embraced his first writing assignment, demonstrating his unwavering commitment to the nascent industry and the promise of change it bears for many people worldwide. In March 2021, he joined the prestigious crypto news outlet NewsBTC and Bitcoinist, where he not only reported on the latest crypto news but also had the privilege of interviewing some of the industry's most influential figures. A year later, his dedication and hard work were recognized, and he was promoted to Managing Editor, a position he currently holds with pride. He believes in honesty, good communication, hard work, and the power of cryptocurrency and its potential to transform people's lives, especially those alienated by the legacy financial system. Born in 1992 in Venezuela, Reynaldo is familiar with how governments and central banks can negatively affect people, their everyday lives, and their futures by creating inflation and erasing their hopes for a better future. Thus, like many Venezuelans, he embraced this new technology to help him and his family navigate difficult times. In another life, Reynaldo would have pursued a career as an investigator, most likely tracking down the origins of the Cyberpunk movement with the publication of William Gibson\u2019s \u2018Neuromancer.\u2019 The intersection between fiction and reality, with the materialization of Bitcoin in 2009, would have allowed him to dive deep into the crypto sphere as something more than a financial phenomenon but also a cultural shift in society that was brewing since the XX century, and maybe even sooner, in the XIX century with the publication of Henry David Thoreau\u2019s \u2018Civil Disobedience.\u2019 But that\u2019s for another life. In this one, Reynaldo has been trading to improve his trading skills. Since 2023, he has been trying to learn Python to create successful strategies and find ways to execute them. It is a difficult task, which continues to keep him busy today and will most likely continue to keep him busy in the near and long term. In his free time, he enjoys lifting heavy objects, reading, watching movies, and listening to his favorite music. Some of his favorite authors are Walt Whitman, William Faulkner, Allen Ginsberg, James Baldwin, Raymond Carver, Ray Bradbury, George Orwell, Mario Vargas Llosa, Reinaldo Arenas, Rafael Cadenas, and many others. Lately, he has been primarily interested in reading about dystopic societies, a topic that deeply resonates with the crypto industry. Since 2023, he has lived in Spain with his wife. He loves the weather, the food, and the people and their culture. They both expect to travel much more within the country they now call home and beyond its border. 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His journey began with translating articles for various crypto news outlets, a role he took on with zeal. In 2018, amidst a challenging market, he embraced his first writing assignment, demonstrating his unwavering commitment to the nascent industry and the promise of change it bears for many people worldwide. In March 2021, he joined the prestigious crypto news outlet NewsBTC and Bitcoinist, where he not only reported on the latest crypto news but also had the privilege of interviewing some of the industry's most influential figures. A year later, his dedication and hard work were recognized, and he was promoted to Managing Editor, a position he currently holds with pride. He believes in honesty, good communication, hard work, and the power of cryptocurrency and its potential to transform people's lives, especially those alienated by the legacy financial system. Born in 1992 in Venezuela, Reynaldo is familiar with how governments and central banks can negatively affect people, their everyday lives, and their futures by creating inflation and erasing their hopes for a better future. Thus, like many Venezuelans, he embraced this new technology to help him and his family navigate difficult times. In another life, Reynaldo would have pursued a career as an investigator, most likely tracking down the origins of the Cyberpunk movement with the publication of William Gibson\u2019s \u2018Neuromancer.\u2019 The intersection between fiction and reality, with the materialization of Bitcoin in 2009, would have allowed him to dive deep into the crypto sphere as something more than a financial phenomenon but also a cultural shift in society that was brewing since the XX century, and maybe even sooner, in the XIX century with the publication of Henry David Thoreau\u2019s \u2018Civil Disobedience.\u2019 But that\u2019s for another life. In this one, Reynaldo has been trading to improve his trading skills. Since 2023, he has been trying to learn Python to create successful strategies and find ways to execute them. It is a difficult task, which continues to keep him busy today and will most likely continue to keep him busy in the near and long term. In his free time, he enjoys lifting heavy objects, reading, watching movies, and listening to his favorite music. Some of his favorite authors are Walt Whitman, William Faulkner, Allen Ginsberg, James Baldwin, Raymond Carver, Ray Bradbury, George Orwell, Mario Vargas Llosa, Reinaldo Arenas, Rafael Cadenas, and many others. Lately, he has been primarily interested in reading about dystopic societies, a topic that deeply resonates with the crypto industry. Since 2023, he has lived in Spain with his wife. He loves the weather, the food, and the people and their culture. They both expect to travel much more within the country they now call home and beyond its border. 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