Crypto News RoundUp: GameStop is Going Blockchain and Coinbase IPO Keeps Crypto Shooting for the Moon
The most historic bull run in the history of cryptocurrency continues. Bitcoin is now worth more than a handful of America’s biggest banks combined. It’s also worth more than Visa and MasterCard.
It’s only a matter of time before the world of traditional finance has to deal with cryptocurrencies once and for all. This week’s crypto news is all about all-time highs and institutional FOMO.
Here we go!
GameStop Set to Leverage the Blockchain
Less than a year ago, GameStop stock was trading at around $10 USD. As of this writing, it’s fluctuating between $140 and $200. That’s all because of a short squeeze initiated by WallStreetBets, a popular Reddit thread (as you may know).
While individual investors are chasing the meme stock to try to make a quick profit, the exponential rise in share price means the company now has cash to try and pivot its outdated business model of video game rentals and enter the blockchain arena.
GameStop is going to do exactly that. There’s a job opening on the company website for a security analyst with experience in cryptocurrency and non-fungible tokens.
With many gaming focused cryptocurrencies like Enjin and Chain Games taking off this year, it makes sense for a trusted retail brand like GameStop to use this bull run as an opportunity to go in a new direction.
Bitcoin Is Now Worth More Than Visa and MasterCard Combined
Both a market capitalization of over $1.4 trillion Canadian at the time of this writing, Bitcoin is now worth more than Visa and MasterCard combined. It’s also worth more than J.P. Morgan bank, Bank of America and Wells Fargo combined.
It’s obvious that the current bull run the crypto market is experiencing is the biggest in the history of the industry. It’s happening not just because of the DeFi and NFT booms, but because traditional financial institutions are finally recognizing they won’t be able to survive without integrating cryptocurrencies.
The blockchain revolution continues and the long-term outlook for cryptocurrency is looking up, even if we are on the verge of a possible bear market in the short term.
Bitcoin and Ethereum Reach New All-Time Highs
At the time of this writing, Bitcoin is trading at $78,000 Canadian and Ethereum is trading at $2,980 Canadian. It’s clear that institutional FOMO is catching up to retail FOMO and creating the ultimate FOMO of this 2021 bull run.
You can thank the adoption of Bitcoin by publicly traded companies for that.
American investment bank Morgan Stanley has a report on its website explaining that the current bull run we are living through is different from the one that occurred in 2017.
CitiBank also says that Bitcoin is reaching a tipping point.
It’ll be interesting to see if the bubble is about to burst or if the momentum of the initial public offering sets the industry a blaze for the rest of the year.
Only time will tell.
Coinbase Soars in Stock Market Debut
The much-anticipated Coinbase IPO hit the NASDAQ stock exchange on Wednesday with the first trade of shares coming in at $381 per share. At that price, the company was temporarily valued at $100 billion USD before cooling off slightly.
For the first fiscal quarter of 2021, Coinbase’s total revenue was over $1.8 billion USD, more than the total revenue accrued by the company in all of 2020.
News of the IPO taking off is generally great news during a bullish crypto market, but at least one prominent advisor interviewed by Yahoo Finance this week says the company’s revenue is heavily dependent on transaction volume and is worth closer to $5 billion as a result.
Buy Bitcoin with Netcoins
Given all of the incredible price action the world’s top cryptocurrencies are seeing right now along with all the hype surrounding the Coinbase IPO, this is the year to finally get in on Bitcoin, Ethereum and the cryptocurrency industry in general.
Bull markets don’t last forever but as of right now, there’s still plenty to be excited about in 2021.
Register for a free account at Netcoins today and get in on the revolution.
Writer, content marketing at Netcoins.