Bitcoin and ether fall as tensions between Israel and Iran intensify: CNBC Crypto World
On today's episode of CNBC Crypto World, cryptocurrencies fall as tensions grow between Israel and Iran. Plus, Max Branzburg of Coinbase speaks to Crypto World from the State of Crypto Summit to break down the crypto exchange's new credit card in partnership with American Express.
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Crypto legislation just had a 'gigantic' week. Here's why.
Bitcoin (BTC=F) is holding above $100K despite market jitters tied to tensions in the Middle East. Axios crypto reporter Brady Dale joins Morning Brief host Brad Smith to break down the pivotal week in crypto legislation and what congressional stablecoin action could mean for bitcoin. To watch more expert insights and analysis on the latest market action, check out more Morning Brief here. Bitcoin is still holding above the $100,000 level but losing some ground as stocks slump amid increasing Mideast tension. We're taking a look at crypto-related stocks as well, including Coinbase, also largely lower along with the broader market. So does this spell the end of the Rico rally for right now, or could impending legislation. And a crypto friendly administration proved to be a boost. I wanna bring in Brady Dale, Axio's crypto reporter here. Brady, good to have you back on the program with us. Just take us into your evaluation of what the mindset around riskier portions of the investment thesis, riskier assets like crypto, especially within the broader playing out of the Middle East tensions right now, how that is typical and what we should expect this time around. Yeah, I mean, I think probably what investors are looking at is does this war get a lot worse? And so I think that's why some people backed out. Now, keep in mind, the amount that, uh, Bitcoin is down right now is roughly 2% and, in the crypto markets, that could have just been like a very lackluster Tuesday. You know, I mean, the markets can easily move that much on nothing at all. So really this is kind of a smaller shift down than I would have. Expected for something that could end up being so much bigger than it has become so far. Yeah, certainly. It's also been a big week we know for cryptocurrency. You've got everyone from the president even opining in and weighing in. I saw our own Brian Sazi, executive editor, post a video where even at the most recent conference that was taking place here in New York, there is still within the conversation this willingness or want and desire. To make sure that the administration is positioning itself as continuously crypto friendly, how's that playing out? I mean this was a gigantic week in crypto legislation, um, you know, more in the Congress side, um, genius, the Genius Bill, which is about stablecoins, uh, got a cloture vote for a second time in the Senate, teamed up for a very likely final passage vote sometime I think we're looking at Tuesday right now, uh, and so that's been a big fight in the Senate and then over in the House, uh, two different committees, uh, the Ad committee and the House Financial Services Committee. Voted the Clarity Act to the floor, and that's an act that would just sort of decide how disclosures and regulations would work for cryptocurrency. And then on top of that, the final big regulator got a hearing in the in the Senate, Brian Quintends the CFTC. So it was a gigantic week in crypto legislation. If the stablecoin legislation is able to move forward, what what does that mean for, of course, the poster child of crypto in in Bitcoin? Uh, yeah, that is the big interesting question. You know, historically, thus far, when, uh, there has been more activity of really any kind in the cryptocurrency market, like, you know, your viewers might remember the ICO craze of 2017, which was really all about Ethereum, that drove a ton of, uh, value to Bitcoin regardless. So that's what we'd expect. But you know, it could be that these things are starting to decouple. You know, stablecoins are a financial utility. People can use them for a lot of reasons that have nothing to do with Bitcoin, so it could be that stablecoins explode and we see a modest bump to Bitcoin, but no direct gigantic gain. Or it could be that the explosion of stablecoins brings a lot more energy to Bitcoin. We just, we just don't know right now. I mean, we're entering into a very new world. Yeah, I imagine some of the prominent profiles that were promoting ICOs, and then got dinged by the SEC certainly remember that period very well. Barry, thanks so much for taking the time. Thank you.
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19 hours ago
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Crypto Currents: Coinbase, Shopify partner for USDC payments
As bitcoin, ethereum and other cryptocurrencies get increasing attention from investors, Wall Street and its traditional banks continue to adjust to the shift. Catch up on this week's top stories highlighting the intersection of these old guard and new school areas of finance with this recap compiled by The Fly. Easily unpack a company's performance with TipRanks' new KPI Data for smart investment decisions Receive undervalued, market resilient stocks right to your inbox with TipRanks' Smart Value Newsletter COINBASE, SHOPIFY PARTNER FOR USDC PAYMENTS: On Thursday, Coinbase (COIN) announced a partnership with Shopify (SHOP). The company said, 'We are working together to bring commerce onchain by making it easy for all merchants on Shopify Payments to accept USDC payments on Base. We're rolling this out with early access merchants today, and will expand to all stores around the globe running Shopify Payments later this year. The future of payments is here. Shopify chose Base to bring crypto payments mainstream because it offers fast, cheap, and secure onchain transactions everywhere around the world. This partnership represents a significant step toward Base's mission to bring a billion people onchain.' Additionally at its State of Crypto Conference, Coinbase announced that it(AXP) Network. The Coinbase One Card will offer up to 4% bitcoin back on every purchase, offered by Coinbase and Cardless, and issued by First Electronic Bank. Will Stredwick, SVP, global network services at American Express, said, 'In today's world, we see real potential in the combination of Coinbase and crypto with the Powerful Backing of American Express, and what the card offers is an excellent mix of what customers are looking for right now…The Coinbase One Card will offer crypto rewards alongside unique benefits, offers, experiences, and protections through the American Express Network.' The company also announced Thursday that it will be launching a Coinbase Business financial platform later this year. The company said, 'At Coinbase, we've spent over a decade building the trusted foundation for the cryptoeconomy to increase economic freedom around the world. Now, we're bringing that same security, scale, and compliance to everyday businesses with Coinbase Business, a modern financial stack built with the speed and scale of crypto. Coinbase Business is purpose-built for modern operations and designed to streamline financial workflows for small-to-medium-sized businesses and startups. Whether you're looking to send and receive payments, manage crypto assets, or automate payouts, Coinbase Business allows you to do it all in one secure account.' On Friday, BofA raised the firm's price target on Coinbase to $259 from $216 and kept a Neutral rating on the shares. With the GENIUS and CLARITY Acts through committee, the firm thinks that regulatory clarity will be achieved over the near-term, which would broaden crypto participation, and it is raising its multiple and revising up volume estimates for Coinbase's institutional business in order to embed the benefit of greater regulatory clarity. However, while positive on the regulatory front, the firm also views the retail trading backdrop as 'peakish' and views Coinbase's valuation as 'full' relative to its long-term growth prospects, the analyst said. Meanwhile on Wednesday, William Blair initiated coverage of Coinbase with an Outperform rating. The firm views the crypto industry as 'nascent, rapidly evolving, and poised for durable above-average growth,' measured by token market capitalization and transaction volume. Crypto's 'time on the fringe is ending,' replaced by an era of consistent regulation and expanding use-cases with the ultimate potential to supplant the traditional global financial system, the analyst said. Blair believes Coinbase's leadership creates an inherent advantage, and views the stock as the best way for growth investors to participate in a 'crypto renaissance.' It believes the company's solutions constitute the most comprehensive crypto services portfolio, underpinned by security and trust. BITCOIN DEPOT ACQUIRES ASSETS OF PELICOIN: Bitcoin Depot (BTM) announced Wednesday it has acquired the assets of Pelicoin, a crypto ATM operator based in New Orleans, Louisiana. The deal will add kiosk locations across Louisiana, Mississippi, Tennessee, Alabama, and Texas, strengthening Bitcoin Depot's presence in the Gulf South. Pelicoin's ATM network will be fully integrated into Bitcoin Depot's platform in the coming weeks, with all locations transitioning to Bitcoin Depot branding. The financial terms of the transaction were not disclosed. 'Pelicoin is a strategic addition to our footprint in a region where we see real opportunity,' said Brandon Mintz, CEO. 'Pelicoin's locations give us a stronger presence in the Gulf South, and we can immediately apply our scale and experience to operate their machines more efficiently. This acquisition is part of our broader effort to consolidate a fragmented market and extend our leadership in cash-to-crypto access nationwide. As the industry matures, we believe our ability to integrate and optimize smaller networks is a key advantage.' Following the news, Northland raised the firm's price target on Bitcoin Depot to $8.50 from $7 and kept an Outperform rating on the shares. While this 'appears to be a relatively small acquisition,' the firm views it as 'a testament' to management executing on its kiosk acquisition roll-up strategy, the analyst said. STRATEGY BUYS MORE BITCOIN: Strategy (MSTR) announced Monday updates with respect to its at-the-market offering programs and bitcoin holdings. The company raised $112.2M and purchased 1,045 bitcoin for an aggregate purchase price of $110.2M during the period of June 2 to June 8. As of June 8, the company's aggregate bitcoin holdings were 582,000. JPMORGAN UPDATES BITCOIN MINER PRICE TARGETS: On Friday, JPMorgan raised the firm's price target on Riot Platforms (RIOT) to $14 from $13 and kept an Overweight rating on the shares. The firm updated bitcoin miner price targets and models to reflect the Q1 results and changes in bitcoin price and the network hashrate. JPMorgan applied a sum-of-the-parts valuation framework, which values miners based on their mining operation, land and power portfolio, and bitcoin holdings. The analyst also raised the firm's price target on Mara Holdings (MARA) to $19 from $18 and kept a Neutral rating on the shares as well as on CleanSpark (CLSK) to $14 from $12 and keeps an Overweight rating on the shares. WALMART, AMAZON MULL ISSUING STABLECOINS: Walmart (WMT), Amazon (AMZN), and other multinational companies as well as Expedia Group (EXPE) and airline companies have explored whether to issue their own stablecoins in the U.S., the Wall Street Journal's Gina Heeb, AnnaMaria Andriotis, and Josh Dawsey reported Friday, citing people familiar with the matter. Stablecoins could allow merchants to get around traditional payment restrictions and offer the possibility for a quicker process. OTHER CRYPTO NEWS: Riot Platforms reports beneficial ownership of 14.3% in Bitfarms (BITF) Stablecoin 'quietly become' second largest miner, says BTIG PayPal (PYPL) plans to make its stablecoin available on the Stellar network TeraWulf (WULF) price target raised to $6 from $4.50 at Rosenblatt CRYPTO STOCK PLAYS: Publicly traded companies in the space include Bit Digital (BTBT), Coinbase, Core Scientific (CORZ), Greenidge Generation (GREE), Mara Holdings, Strategy, Riot Platforms and TeraWulf. PRICE ACTION: As of time of writing, bitcoin was roughly flat this week at $104,990 in U.S. dollars, according to CoinDesk. Published first on TheFly – the ultimate source for real-time, market-moving breaking financial news. Try Now>> See the top stocks recommended by analysts >> Read More on COIN: Disclaimer & DisclosureReport an Issue Spetz says Sonic blockchain's native token $S set to be listed on Coinbase USDC Comes to Shopify, Coinbase Deal Could Boost SHOP Stock Coinbase price target raised to $259 from $216 at BofA Coinbase Launches First-Ever American Express Credit Card with 4% Bitcoin Cashback Coinbase Global: Hold Rating Amid Strategic Growth and Market Uncertainties
