🗞 Daily Crypto News, April, 9th💰

Welcome to the Daily Crypto News: A complete News Review, Coin Calendar and Analysis. Enjoy!

🗞 Market Wrap: Bitcoin Near $58K, Reverses Two-Day Losses Despite Lower Trading Volume

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Bitcoin’s 24-hour range: $55,639.58-$58,179.66 (CoinDesk 20)

BTC trades above its 10-hour and 50-hour averages on the hourly chart, a bullish signal for market technicians.

State Street, the second-oldest bank in the U.S. with $3.1 trillion in assets under management, announced it is providing the infrastructure for a new bank-grade trading platform for digital assets set to go live mid-year – and that it might eventually use the system itself.

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Ether and altcoins

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Ether’s 24-hour range: $1,950.89-$2,076.81 (CoinDesk 20) Ether trades above its 10-hour and 50-hour averages on the hourly chart, a bullish signal for market technicians.

🗞 No ‘Stimmy’ Rally: Why the $1,400 Checks Brought So Little Bitcoin Stimulus

U.S. cryptocurrency exchanges say they’ve begun to see an uptick in customers buying bitcoin (BTC) or other digital tokens with their $1,400 stimulus checks from President Joe Biden’s latest coronavirus-relief and economic recovery plan.

But in the bitcoin market, the episode has proven to be a disappointment to some traders who were speculating last month that a new wave of demand might help push prices to fresh highs.

“It would be very difficult to get a full picture of how that money moved from Uncle Sam into bitcoin,” said Mati Greenspan, founder of Quantum Economics, a market analysis firm based in Tel Aviv, during an interview with CoinDesk.

Over the past month, BTC has struggled to decisively break above $60,000 amid slugglish trading activity. Slowing volume is typical of a consolidation phase in price action, diverging from the BTC price uptrend seen earlier in the year.

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🗞 Bitcoin ETF Approval Will Happen: Morgan Creek’s Mark Yusko

Mark Yusko, CEO and chief investment officer at Morgan Creek Capital Management, expects that a Bitcoin ETF will be approved by the SEC.

According to Yusko, Bitcoin can be compared to a late-stage venture investment.

Morgan Creek Capital Management CEO Mark Yusko has expressed his confidence that a Bitcoin ETF will finally land on Wall Street.

“Our view on the ETF is it is going to happen,” Yusko said in an interview with MarketWatch.

Bitwise first filed for a Bitcoin ETF in January 2019, only to see its application rejected by the U.S. Securities and Exchange Commission (SEC) in October the same year. The company re-applied soon after, but withdrew the filing in January 2020 stating that the decision was “consistent with the public interest and protection of investors.”

🗞 As Coinbase Listing Nears, Analysts Pitch Valuations From $19B to $230B

In a sign of the extreme range of opinions range on cryptocurrencies, not to mention the uncertainty and risk of investing in the 12-year-old industry, analysts are estimating values for next week’s Coinbase stock listing at anywhere from $230 billion to one-twelfth that amount.

New Constructs, an investment research firm, estimates the U.S. cryptocurrency exchange’s valuation should be closer to $18.9 billion. Delphi Digital, a digital asset research firm, calculates a Coinbase valuation between $160 billion and $230 billion if the stock can command above-average price multiples. Earlier this week, the brokerage firm DA Davidson estimated the market cap at $90 billion.

“The price of COIN will fluctuate greatly depending on forward guidance and growth expectations as well as the valuation multiple it winds up commanding,” Delphi Digital wrote.

The research firm also stated that “it’s not implausible that the stock could trade closer to 15-20 times forward sales, which would imply a roughly $172-230 billion total market value.”

Maintaining high valuations will depend on Coinbase’s ability to attract millions of new users. Verified users grew 23% between 2018 and 2019 and another 34% between 2019 and 2020, reaching 43 million in Q4 of last year, according to Delphi. (That verified user count jumped to 56 million at the end of March 2021, according to Coinbase’s earnings call on April 6.)

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🗞 Daily Crypto Calendar, April, 9th💰

Elrond (EGLD)

Swipe Ignition

Swipe (SXP)

"I am Excited to announce that the DeLorean will be availble on April the 8th"

1inch (1INCH), Enjin Coin (ENJ), NKN (NKN), Origin Protocol (OGN)

"Trading will begin on or after 9AM PT on Fri 4/9 if liquidity conditions are met."

DUSK Network (DUSK)

"My latest estimation is that we can get to the Release Candidate of the core libraries and Dusk Network protocol, end-to-end in the 2nd..."

Komodo (KMD)

"The Notary Node #vote2021 snapshot is done and the airdrop will happen on April 9th."

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