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Bitcoin news Crypto

Bitcoin’s record price will be good news for some, but it could end up being disastrous for others

Bitcoin’s latest rise to $67,000 has befuddled billionaires and spooked central banks.

For most of its existence, the cryptocurrency has been described as a bubble that is fit to burst – but so far, each stomach-churning fall has been matched with an equally dizzying recovery.

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Although awareness of this digital asset has risen in recent years, it remains little understood.

 

The Financial Conduct Authority revealed in June that the number of Britons who own cryptocurrencies has surged to 2.3 million – yet at the same time, the number of people who could accurately describe what they are has fallen.

This is a huge worry to regulators. They fear consumers who may not know what they’re doing will end up losing eye-watering sums of money – and indeed, some already have.

Some countries want to ban Bitcoin altogether – India and China among them – but doing this is easier said than done.

The cryptocurrency’s decentralised nature means that the Bitcoin network is spread around the world. There’s no single person who can be pressured to shut it down, and no one computer that can take the whole thing offline.

This has created a years-long headache for regulators, not least because of how Bitcoin is often demanded after ransomware attacks.

And all of this comes before we discuss the cryptocurrency’s impact on the environment. If Bitcoin was a country, it would be the 24th-biggest consumer of energy – ahead of Poland and Egypt, and about to overtake Thailand and Vietnam. To compound the problem, less than half of the energy it uses comes from renewable sources.

At the same time, we’re starting to see how this cryptocurrency could potentially be used in daily life.

Several countries in Latin America are keeping a close eye on El Salvador, which has taken the bold step of embracing Bitcoin as legal tender. The cryptocurrency can now be used as a payment method across the country – including in Starbucks, McDonald’s and Pizza Hut. And given how migrant workers attempting to send money back home to their loved ones currently face high fees when using cash, it’s also hoped that Bitcoin could lower these costs dramatically.

Inevitably, the other question is whether Bitcoin’s price could rise further.

The British financial institution Standard Chartered has predicted that Bitcoin could hit $100,000 (£72,000) in early 2022. A Bloomberg Intelligence analyst also told me that this price is now “the path of least resistance” in the short term.

But increasing regulatory scrutiny and a precarious global economy mean that this is far from guaranteed.

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NBA Sport

NBA, Charles Barkley on Zion Williamson: “He’s the baby that Shaq and I never had.”

A few days ago the images of Zion Williamson warming up before a Pelicans’ game created a certain buzz among fans and insiders as the NOLA’s long player seemed to be considerably overweight. The player, currently struggling with a recovery process due to the now famous right foot fracture occurred in the offseason, will be re-evaluated by the Pelicans’ medical staff in 2-3 weeks. In the meantime, the player has attracted ‘strange’ comments even among the legends of the league, starting with Charles Barkley who reacted in this way:

“Zion? It’s like me and Shaq having a baby.”

After a chuckle from Shaq, Charles continued with the comment:

“I’m joking, but I’m also serious. First of all, I’m worried. I’m really concerned. I’m critical, but I’ll tell you this story. One time Moses Malone had told me that I was fat and lazy. I started crying a little bit, because I couldn’t kick his ass, he was Moses Malone. But that was the turning point in my career. Zion has been hurt in the past and you shouldn’t be in that situation when you’re that young. He had leg surgery once, now he has a broken foot. He’s going to have to learn that when you get hurt, you have to watch your diet because if you put all that pressure on your feet and knees you could get hurt again. One of the veterans in New Orleans is going to have to tell him that, like Moses Malone did with me. He needs to be told clearly that he needs to get in shape because the Pelicans can’t win without him on the court.”

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NBA Sport

NBANBA NEWS, Quin Snyder on Rudy Gobert’s performance: “I’m not surprised.”

After the disappointment of the last Playoffs, the Utah Jazz have not lost heart and seem to have started their journey with full sails. And this beginning of the season proves it. In seven games played, Snyder’s boys have been defeated only once. The credit for these successes must be given in particular to Rudy Gobert. The French center, in fact, is dominating on the defensive end and is also more effective on the offensive end than in the past seasons. We’re talking about an average contribution of 15.7 points (shooting 72.3% from the field and 71.2% at the free-throw line, both career highs), 17.6 rebounds and 2.0 blocked shots per game.

After the disappointment of the last Playoffs, the Utah Jazz have not lost heart and seem to have started their journey with full sails. And this beginning of the season proves it. In seven games played, Snyder’s boys have been defeated only once. The credit for these successes must be given in particular to Rudy Gobert. The French center, in fact, is dominating on the defensive end and is also more effective on the offensive end than in the past seasons. We are talking about an average contribution of 15.7 points (shooting with 72.3% from the field and 71.2% at the free-throw line, both career highs), 17.6 rebounds and 2.0 blocked shots per game.

His great start was also recognized by the NBA who named him player of the week for the Western Conference. However, his impact goes beyond these numbers. Quin Snyder, head coach of the Jazz, wasn’t surprised by the Frenchman’s start to the season as he knows exactly what his player is capable of doing. These are his words:

“I’m not surprised. Rudy makes an obvious impact when he’s on the court. When we watch a game, we often watch the ball. Rudy gets everyone in trouble, makes shots miss and then gets the rebound. It’s hard to really quantify what he does. Opponents always want to take him out of the box because they know what he can do. Our team is built around Rudy. And when a team is built around you, it means a lot. The main thing is still winning, you have to do the right things to win.”

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Coinbase News Crypto

Marqeta’s modern card issuing platform to power U.S. launch of Coinbase Card

We’re excited to announce today that Marqeta has been chosen by Coinbase, the world’s leading and most trusted cryptocurrency platform, to power the launch of its Coinbase Card in the U.S. Coinbase customers in the U.S. can now sign up for a waitlist to get the card.

Coinbase has more than 35 million users who have traded more than $220 billion in cryptocurrencies. Its Coinbase Card allows its customers to make purchases either online or in stores, with Coinbase selling the required cryptocurrency1 to fund the U.S. dollar value of the purchase, effectively allowing cardholders to monetize the value of their cryptocurrency holdings. 

At Marqeta, we want to empower builders to bring the most innovative products to the world. By enabling Coinbase’s millions of customers in the U.S. to spend cryptocurrency at the point of sale, the Coinbase Card is taking big steps toward the future of money, and we’re excited that several of Marqeta’s innovations, like Just-in-Time Funding and instant issuance, will help bring that to life in the U.S.     

The advanced capabilities of Marqeta’s modern card issuing platform are supporting several unique capabilities for the Coinbase Card in the U.S., including our industry defining Just-in-Time funding feature to make authorization decisions at the point of sale based on a user’s available cryptocurrency balance. A virtual card will be activated once an account is opened, followed by the arrival of a physical card. 

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NBA Sport

NBA, Russell Westbrook: “With AD and Bron on the court, we don’t have to do everything ourselves”

The last two meetings with the Houston Rockets have brought as many victories for the Los Angeles Lakers. The truth, however, is that the Californians had to sweat the fateful seven shirts to bring home the victory. The Frank Vogel-coached team is now coming off five wins in their last six, for an overall record of 5-3. The Big 3 closed with a total of 84 points, 30 of which scored by LeBron James alone, 27 by Anthony Davis and the same number by Russell Westbrook. The latter commented on the Lakers’ performance in this way:

“That’s the beauty of our team. With AD and Bron on the court, you don’t have to do everything. If these guys are on the court, then you have to give the ball to those who are in their momentum, those who are traveling at a different pace than the others. We play that way – we’re always looking for the right guy.”

Carmelo Anthony also made his contribution by scoring another 15 points, while the rest of the team put up a total of 20 points. Enough to allow the Lakers to score 119 points and get away with it in a game in which the Yellow Jackets defended poorly. Because as Anthony Davis says, if the Lakers can’t stop their opponents, they’re going to have to put in extra effort on offense:

“All their players shot well. Even off the bench. So, hats off to them. The Rockets are a young team: they go on the court and play with a lot of freedom. On Sunday they didn’t manage to score consistently, but tonight they did. On our side, we just try to defend well, as much as we can. And when the opponents score, we immediately go on the counterattack to hurt them.”

 

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Coinbase News Crypto

Coinbase Tests Commission-Free Subscription Cryptocurrency Trading Service

Coinbase is testing a subscription service that lets customers trade on the biggest US cryptocurrency exchange without paying fees for each trade.

Customers will still pay so-called spread fees on cryptocurrency sales and purchases made through the service. Currently, Coinbase customers pay a commission and spread fee. Any subscriber costs weren’t disclosed.

“We’re always looking to learn more about how we can best serve our customers in different ways,” Coinbase said in the statement Wednesday. “Right now we are still in early stages so everything about the future product experience will be shaped by the feedback we receive from our users.”

The trading platform is experimenting with its fee structure amid growing pressure from companies such as Robinhood, which are not charging trading fees and gaining users quickly. Crypto now represents more than half of Robinhood’s transaction revenue.

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The subscription could also help make Coinbase’s revenues more predictable, said Owen Lau, an analyst at Oppenheimer & Co. Coinbase hasn’t been giving forward guidance because of the unpredictability of its sales, which are tightly linked to interest in and price of Bitcoin and other leading cryptocurrencies. Bitcoin price in India as of November 4 at 10:44am IST stood at Rs. 49.9 lakh.

“That would reduce lots of volatility going forward,” Lau said. “To me that’s a positive to multiples expansion. Trading is just highly unpredictable.” Today, Coinbase makes the bulk of its revenue from trading fees, although it’s been working to diversify its sales.

Coinbase will report its quarterly results on November 9. Analysts are expecting a double-digit sequential decline in third-quarter revenue, due to a decline in trading volume and active users in the wake of a second-quarter slump in Bitcoin that likely weighed on investor optimism early in the third quarter.

Coinbase could offer the subscription to users who trade less first to help blunt any negative impact on revenue, Lau said.

“If you try to ask someone who trades a lot, then you’d lose substantial transaction fees from that,” he said. “I do believe Coinbase would go slowly and try to find a pilot segment first and see whether that makes sense.”

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Coinbase News Crypto

Coinbase is testing a subscription service that waives trading fees

The service from the cryptocurrency exchange lets people buy, sell and convert currencies without a Coinbase fee for each trade, though there are still spread fees.

Cryptocurrency exchange Coinbase is testing a subscription service that doesn’t charge trading fees, the company said in a statement Wednesday.

“Customers in the test group will have the ability to buy, sell, and convert digital currencies on the Coinbase platform without a Coinbase fee for each trade (spread fees still apply),” a Coinbase spokesperson said in a statement. “Right now we are still in early stages so everything about the future product experience will be shaped by the feedback we receive from our users.”

Website The Block reported earlier that the service is called Coinbase One and includes features like additional account protection and “prioritized phone support.”

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Coinbase News Crypto

Coinbase is trying out a subscription service for customers that would include no-fee trading, report says

  • Coinbase is testing a subscription service for a small number of its users, The Block reported.
  • The service, called Coinbase One, will provide no-fee trading and enhanced phone support.
  • On top of that, users could be eligible for up to a $1 million reimbursement if hacked.

Coinbase is testing a new subscription service that would include enhanced support and fee-less trading.

Coinbase, a crypto exchange with more than 68 million users, is launching the service called Coinbase One to a small number of users at first, the Block first reported. The new service would include priority phone support, including on weekends and holidays, as well as zero-fee trading, the Block said.

A company spokesperson confirmed the news on the service with Insider and said customers can buy, sell, and convert cryptocurrencies without a fee, though spread fees would still apply.

“We’re always looking to learn more about how we can best serve our customers in different ways. Right now we are still in early stages so everything about the future product experience will be shaped by the feedback we receive from our users,” the spokesperson said.

The new service, according to a screenshot reported on by the Block, will also include additional account protection that would make users eligible for reimbursement up to $1 million if hacked.

Coinbase was the first major cryptocurrency exchange to go public. Its shares tumbled shortly after its public debut via direct listing on Nasdaq in April, but they have since regained ground. Since the beginning of October, shares have rallied about 50% and were trading at about $339 on Wednesday.

Bitcoin, the largest cryptocurrency by market capitalization, has also surged in price in the last month, though it’s trading lower from its all-time high price of around $67,000 reached in October.

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Coinbase News Crypto

Coinbase Users Can Borrow Up to $1M With Bitcoin as Collateral

Cryptocurrency exchange Coinbase is now allowing customers to borrow as much as 40% of their bitcoin value up to $1 million with no credit checks, the company tweeted on Tuesday.

  • The borrowing minimum and maximum amounts may vary by state, Coinbase added.
  • The loans will be issued with an annual percentage rate of 8%, and borrowers won’t be required to show credit checks, Coinbase said.
  • Customers can obtain the cash using their PayPal or bank accounts. They will need to make minimum $10 monthly interest payments, and Coinbase is offering flexible repayment schedules.
  • Coinbase said that it won’t lend or otherwise use the collateralized bitcoin but instead continue to hold it.
  • Earlier this year, Coinbase dropped plans for a crypto lending product after the U.S. Securities and Exchange Commission raised concerns. The lending product was supposed to power a crypto savings account that would earn customers a 4% annual percentage yield (APY), a return that’s multiples higher than most savings accounts at traditional banks.