Coinbase raises Series E round of financing to accelerate the adoption of cryptocurrencies

At Coinbase, we believe that cryptocurrencies and the technologies that power them represent a breakthrough in computer science that will change both the internet and the global financial system for the better. We see tremendous promise in crypto to build the next great phase of the internet (often referred to as Web 3), which has the power to put control back in the hands of consumers, unleash a new era of innovation, and offer greater access to economic opportunities to more people around the world.

Today, we’re pleased to announce that Coinbase will add an additional $300 million of investment at a valuation of over $8 billion to accelerate the adoption of cryptocurrencies and digital assets. The Series E equity round is led by Tiger Global Management, with participation from Y Combinator Continuity, Wellington Management, Andreessen Horowitz, Polychain and others.

Coinbase will use this financing to accelerate:

  • Global expansionbuilding the infrastructure between fiat and crypto in regulated markets around the world;
  • Offering more crypto assets, quickly — we see hundreds of cryptocurrencies that could be added to our platform today and we will lay the groundwork to support thousands in the future;
  • Utility applications for crypto — like the recently announced support for a stablecoin (USDC) on Coinbase and our continued development of Coinbase Wallet; and
  • Bringing institutions into crypto — adding features and crypto assets to our Custody offering to bring more institutional funds into the space.

Coinbase is, and will remain, a crypto-first company. More than anything, we’re proud of the millions of people that have turned to Coinbase as their entry-point into crypto. We take that responsibility very seriously. We strive to be the easy, trusted way for anyone to get started with cryptocurrencies. We see Coinbase’s growth as validation that the ecosystem will only continue to grow in size, influence and impact — ultimately ushering in a more open financial system for the world.

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Coinbase Raises $300 Million in New Funding Round to ‘Accelerate’ Cryptocurrency Adoption

 

Major U.S. crypto exchange and wallet provider Coinbase has raised $300 million in a fresh funding round that brings its post-money valuation to $8 billion, according to an official blog post published today, Oct. 30.

The Series E equity financing round was reportedly led by investment firm Tiger Global Management, with participation from a host of backers well-known for their investments in the crypto space, such as Y Combinator Continuity, Wellington Management, Andreessen Horowitz, and Polychain, among others.

According to Coinbase, the funds will be used to “accelerate” the adoption of cryptocurrencies, with plans to build infrastructure to support regulated fiatcrypto trading globally, and to lay the foundations for the support of “thousands” of new cryptos in future.

The funding will also be invested in further developing Coinbase’s proprietary wallet and to create new “utility applications,” such as the platform’s recent move to launch a stablecoin, dubbed USDCoin (USDC), together with blockchain tech firm Circle.

Coinbase lastly highlights it intends to continue to ease institutional investor exposure to crypto: the firm made the bullish claim this May that improved infrastructure and diversified offerings could “unlock $10 billion of institutional investor money sitting on the sideline.”  To this end, today’s post points to plans to add features and new crypto assets to its existing custodian solution, which opened for business this July.

In mid-June, Coinbase’s Index Fund had opened to large-scale, U.S. resident “accredited” investors, for investments of between $250,000 and $20 million.

Today’s news confirms rumors that first surfaced in early October, which explicitly named Tiger Global as being likely to soon close a deal with the exchange. As reported at the time, Tiger Global Management is an investment firm founded in 2001 that invests globally in both private and public markets.

With talk of the then unconfirmed deal already suggesting a watershed $8 billion valuation, CEO of crypto merchant bank Galaxy Digital Mike Novogratz remarked:

“Here’s the poster child of the crypto space worth $8 billion — that’s a real company, and Tiger’s not a flake of an investor. These are smart, savvy guys.”



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Cardano Price Analysis: ADA/USD Could Accelerate Below $0.070

Key Highlights

  • ADA price declined further and traded below the $0.0700 support area against the US Dollar (tethered).
  • There was a break below a contracting triangle with support at $0.0725 on the hourly chart of the ADA/USD pair (data feed via Bittrex).
  • The pair is under pressure and it could accelerate declines below $0.0700 in the near term.

Cardano price remains in a downtrend against the US Dollar and Bitcoin. ADA/USD could continue to move down towards the $0.0650 level if sellers remain in action.

Cardano Price Analysis

In the last analysis, we discussed that cardano price could slide towards the $0.0700 level against the US Dollar. The ADA/USD pair did trade lower and not only tested the $0.0700 level, but surpassed it. The pair traded as low as $0.0691 and it is currently consolidating losses. During the decline, there was a break below the key support near $0.0700 and the 100 hourly simple moving average.

More importantly, there was a break below a contracting triangle with support at $0.0725 on the hourly chart of the ADA/USD pair. An initial resistance is the 23.6% Fibonacci retracement level of the recent decline from the $0.0753 high to $0.0691 low. If there is an upside move above the $0.0700 level, the broken support at $0.0720 and the 100 hourly SMA could stop upsides. Moreover, the 50% Fibonacci retracement level of the recent decline from the $0.0753 high to $0.0691 low is near $0.0722 to prevent gains. Therefore, any major recovery from the current levels could face sellers near $0.0720 or $0.0725.

The chart indicates that ADA price is at a risk of more declines as long as it is below $0.0725 and the 100 hourly SMA. If there is a downside break below the recent low, the price may accelerate towards the $0.0670 or $0.0650 level.

Hourly MACD – The MACD for ADA/USD is about to move back in the bearish zone.

Hourly RSI – The RSI for ADA/USD is well below the 50 level.

Major Support Level – $0.0690

Major Resistance Level – $0.0725

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Ripple Price Analysis: XRP/USD Could Accelerate Above $0.4700

Key Highlights

  • Ripple price found a strong support near the $0.4320 level and bounced back against the US dollar.
  • Yesterday’s highlighted key bearish trend line was broken with resistance at $0.4505 on the hourly chart of the XRP/USD pair (data source from Kraken).
  • The pair gained momentum above $0.4550 and traded towards the $0.4700 resistance.

Ripple price climbed higher nicely against the US Dollar and Bitcoin. XRP/USD may continue to move higher towards the $0.4750 and $0.4800 levels in the near term.

Ripple Price Analysis

Yesterday, we discussed that a break above $0.4550 could trigger gains in ripple price against the US Dollar. The XRP/USD pair dipped a few points recently, but it found a strong support near the $0.4320 level. As a result, the price bounced back sharply and broke the $0.4400 and $0.4550 resistance levels. There was also a break above the 61.8% Fib retracement level of the last slide from the $0.4613 high to $0.4322 low.

Additionally, there was a close above the $0.4500 level and the 100 hourly simple moving average. More importantly, yesterday’s highlighted key bearish trend line was broken with resistance at $0.4505 on the hourly chart of the XRP/USD pair. The pair traded above the $0.4613 high as well. It traded close to the 1.236 Fib extension level of the last slide from the $0.4613 high to $0.4322 low. The price found resistance near $0.4700 and it is currently consolidating above the $0.4600 level. On the downside, the previous resistances near the $0.4550 and $0.4540 levels are likely to act as supports.

Looking at the chart, ripple price is back in a positive zone above the $0.4500 level. It seems like the price may continue to move higher towards $0.4750 and $0.4800 levels in the near term.

Looking at the technical indicators:

Hourly MACD – The MACD for XRP/USD is gaining strength in the bullish zone.

Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is well above the 55 level.

Major Support Level – $0.4500

Major Resistance Level – $0.4750

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Bitcoin Price Watch: Break Below $6,390 Could Accelerate Losses

Key Points

  • Bitcoin price is trading above the important $6,390 support area against the US Dollar.
  • Yesterday’s highlighted major bullish trend line is intact with support at $6,390 on the hourly chart of the BTC/USD pair (data feed from Kraken).
  • The price must stay above the $6,390 support to avoid a downside break.

Bitcoin price is struggling to stay above $6,390 and $6,400 against the US Dollar. BTC/USD must clear the $6,430 and $6,450 resistance to climb higher.

Bitcoin Price Analysis

There was a slow and steady decline from the $6,450 swing high in bitcoin price against the US Dollar. The BTC/USD pair faced an increased selling pressure and declined below the $6,430 and $6,410 levels. There was also a close below the $6,430 level and the 100 hourly simple moving average. Besides, there was a spike below the $6,390 support and the price traded as low as $6,368.

Later, the price jumped back above $6,390 and it is currently consolidating. It tested the 50% Fib retracement level of the recent decline from the $6,450 high to $6,368 low. However, there was no major upside move above the $6,430 zone. A break above the $6,430 level and the bearish trend line at $6,428 is needed for a decent upward move. The next immediate resistance is near the 76.4% Fib retracement level of the recent decline from the $6,450 high to $6,368 low. On the downside, the $6,390 level is a solid support. More importantly, yesterday’s highlighted major bullish trend line is intact with support at $6,390 on the hourly chart of the BTC/USD pair.

Looking at the chart, bitcoin price is currently at a risk of a downside break below the $6,390 support. The next main support for buyers is near the $6,350-52 zone.

Looking at the technical indicators:

Hourly MACD – The MACD for BTC/USD is currently in the bearish zone.

Hourly RSI (Relative Strength Index) – The RSI is well below the 50 level.

Major Support Level – $6,390

Major Resistance Level – $6,430

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Bitcoin Price Weekly Analysis: BTC/USD Above $6,500 Could Accelerate Gains

Key Points

  • Bitcoin price declined recently and tested the $6,350 support level against the US Dollar.
  • There was a break above a connecting bearish trend line with resistance at $6,410 on the 4-hours chart of the BTC/USD pair (data feed from Kraken).
  • The pair is facing a solid resistance near the $6,480 and $6,500 levels.

Bitcoin price is consolidating above the $6,350 support against the US Dollar. BTC/USD must break the $6,500 resistance zone to move into a bullish zone.

Bitcoin Price Analysis

There were more than three attempts to surpass the $6,480 and $6,500 resistances by bitcoin price against the US Dollar. The BTC/USD pair failed to gain momentum above the $6,500 level and later declined. The price traded below the $6,400 support and tested the $6,350 support. During the decline, there was a break below the 61.8% Fib retracement level of the last wave from the $6,150 swing low to $6,825 high.

However, buyers managed to hold losses below the $6,350 support level. There was also no test of the 76.4% Fib retracement level of the last wave from the $6,150 swing low to $6,825 high. Later, the price started a decent recovery and moved above the $6,400 resistance. Moreover, there was a break above a connecting bearish trend line with resistance at $6,410 on the 4-hours chart of the BTC/USD pair. The pair is currently trading below the $6,450 resistance. The most important hurdle for buyers is near the $6,480 and $6,500 levels.

Looking at the chart, BTC price could attempt to clear the $6,500 resistance in the coming sessions. If buyers succeed, there may well be more gains above the $6,550 level and the 100 SMA. On the flip side, if the price fails again to break $6,500, it might decline to $6,350 or even $6,200.

Looking at the technical indicators:

4-hours MACD – The MACD for BTC/USD is slowly moving back in the bullish zone.

4-hours RSI (Relative Strength Index) – The RSI is currently well above the 50 level.

Major Support Level – $6,350

Major Resistance Level – $6,500

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Ethereum Price Analysis: ETH/USD Could Accelerate Above $230

Key Highlights

  • ETH price climbed higher and broke the $222 and $225 resistance levels against the US Dollar.
  • There was a break above a crucial bearish trend line with resistance at $227 on the hourly chart of ETH/USD (data feed via Kraken).
  • The pair is now placed nicely above the $225 level and it seems like it could continue to move above $230.

Ethereum price is trading with a positive bias against the US Dollar and bitcoin. ETH/USD may gain bullish momentum with a close above the $230-232 zone.

Ethereum Price Analysis

During the past two sessions, there was a nice upside move above the $220 level in ETH price against the US Dollar. The ETH/USD pair gained traction and moved above the $222 resistance and the 100 hourly simple moving average. Moreover, there was a break above the 50% Fib retracement level of the last major downside from the $248 high to $204 low.

It opened the doors for more gains and the price traded above $225. During the upside, there was a break above a crucial bearish trend line with resistance at $227 on the hourly chart of ETH/USD. The pair spiked above the $230 level, but it failed to hold gains. It seems like the 61.8% Fib retracement level of the last major downside from the $248 high to $204 low acted as a strong resistance. The price is currently consolidating in a range above the $225 level and it seems like there could be more gains in the near term. Above $230 and $232, the price may perhaps rise towards the $242 and $245 levels.

Looking at the chart, ETH price remains supported on dips near $227 and $225. Additionally, the 100 hourly SMA at $222 is also likely to act as a strong support for buyers.

Hourly MACDThe MACD is moving in the bullish zone.

Hourly RSIThe RSI is currently placed well above the 60 level.

Major Support Level – $225

Major Resistance Level – $232

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Ethereum Price Analysis: ETH/USD Could Accelerate Higher

Key Highlights

  • ETH price is recovering after trading as low as $282.73 and formed a decent support against the US Dollar.
  • There is an ascending channel forming with current support at $296 on the hourly chart of ETH/USD (data feed via Kraken).
  • The pair is likely to rise slowly and steadily above the $300 and $308 resistance levels in the near term.

Ethereum price is showing positive signs against the US Dollar and bitcoin. ETH/USD could accelerate gains above the $308 levels if it stays above $290.

Ethereum Price Support

There was a key downside correction initiated from the $320 swing high in ETH against the US Dollar. The ETH/USD pair declined below the $300 level and traded close to the $282 support level. A low was formed at $282.73 and later the price started an upside correction. It moved above the $295 level and the 100 hourly simple moving average. Moreover, there was a break above the 50% Fib retracement level of the last slide from the $321 high to $282 low.

However, the upside move was prevented by the $308-310 resistance zone. Additionally, the 61.8% Fib retracement level of the last slide from the $321 high to $282 low also acted as a resistance. At the moment, it seems like there is an ascending channel forming with current support at $296 on the hourly chart of ETH/USD. As long as the price is above the channel support and $295, it is likely to move higher. On the upside, an initial resistance is near the $308-310 zone. Above this, the price will most likely break the $320 swing high for more gains.

Looking at the chart, ETH price is placed nicely above $295 and $290. More gains are possible if buyers continue to hold the $295 and $290 support levels.

Hourly MACD – The MACD is slowly moving into the bullish zone.

Hourly RSI – The RSI is currently placed nicely above the 50 level.

Major Support Level – $290

Major Resistance Level – $310

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Bitcoin Cash Price Analysis: BCH/USD Could Accelerate Higher

Key Points

  • Bitcoin cash price formed a support base near $740 and bounced back against the US Dollar.
  • There was a break above a key bearish trend line with resistance at $790 on the hourly chart of the BCH/USD pair (data feed from Kraken).
  • The pair broke the $800 resistance and the 100 hourly simple moving average to gain traction.

Bitcoin cash price is positioned nicely above the $780 level against the US Dollar. BCH/USD is likely to accelerate higher towards the $850 and $880 levels.

Bitcoin Cash Price Trend

After a major downside move, bitcoin cash price found buying interest near the $740 and $750 levels against the US Dollar. The BCH/USD pair started an upward move and broke the $780 resistance. The price also broke the 23.6% Fib retracement level of the last drop from the $890 high to $740 swing low. It opened the doors for more gains and the price traded above the $800 resistance and the 100 hourly simple moving average.

More importantly, there was a break above a key bearish trend line with resistance at $790 on the hourly chart of the BCH/USD pair. The pair is currently attempting a close above the $820 resistance. Moreover, the 50% Fib retracement level of the last drop from the $890 high to $740 swing low is at $815. Therefore, once there is a close above the $815-820 resistance, the price may perhaps accelerate gains towards $850 and $860. Above this last, the price could even test the $890 high in the near term.

Looking at the chart, the price is slowly gaining momentum above the $800 level. The price may decline a few points in the short term, but it remains supported near the $800 and $780 levels.

Looking at the technical indicators:

Hourly MACD – The MACD for BCH/USD is showing positive signs in the bearish zone.

Hourly RSI (Relative Strength Index) – The RSI for BCH/USD is now well above the 55 level.

Major Support Level – $780

Major Resistance Level – $850

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Bitcoin Price Weekly Analysis: BTC/USD Could Accelerate Gains

Key Points

  • Bitcoin price is trading with bullish moves above the $7,000 level against the US Dollar.
  • There was a break above a major bearish trend line with resistance at $7,610 on the 4-hours chart of the BTC/USD pair (data feed from Kraken).
  • The pair is now facing another important barrier near the $7,700 level and the 100 simple moving average (4-hours).

Bitcoin price is trading nicely above the $7,400 pivot against the US Dollar. BTC/USD could accelerate gains once it breaks the $7,700 and $8,000 barriers.

Bitcoin Price Decline

After a major decline, bitcoin price formed a decent support above the $7,000 handle against the US Dollar. The price started an upside move and traded above the $7,200 and $7,400 resistance levels. There was also a break above the 23.6% Fib retracement level of the last decline from the $8,606 high to $7,057 low. Moreover, there was a close above $7,500 barrier, which is a positive sign.

During the upside, there was a break above a major bearish trend line with resistance at $7,610 on the 4-hours chart of the BTC/USD pair. The pair is now trading above the $7,550 pivot level and it looks set for more gains in the near term. On the upside, the $7,700 level and the 100 simple moving average (4-hours) is a key hurdle for buyers. Above $7,700, the 50% Fib retracement level of the last decline from the $8,606 high to $7,057 low is positioned at $7,830 to prevent gains.

Looking at the chart, the price has to break the $7,700 and $7,830 resistance levels to trade further higher. On the flip side, if there is a downside correction, the broken resistances at $7,500 and $7,400 are likely to act as supports.

Looking at the technical indicators:

4-hours MACD – The MACD for BTC/USD is slowly gaining pace in the bullish zone.

4-hours RSI (Relative Strength Index) – The RSI is currently just around the 60 level.

Major Support Level – $7,400

Major Resistance Level – $7,830

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