Coming every Saturday, Hodler’s Digest will help you track every single important news story that happened this week. The best (and worst) quotes, adoption and regulation highlights, leading coins, predictions and much more — a week on Cointelegraph in one link.
Top Stories This Week
There was no shortage of excitement in the run-up to Wednesday’s direct listing on the Nasdaq, with Bitcoin rallying to $64,863.10 before the open. COIN’s reference price was set at just $250, with all 1,700 staff pocketing 100 shares each.
In true crypto form, it was a volatile debut. Coinbase’s stock quickly rose to $430 before falling sharply within the first few minutes of trading, closing its inaugural session at a still-impressive $328. It wrapped up Friday at $342, with a market cap of $67.2 billion.
COIN’s arrival on Wall Street is significant because of how it gives investors indirect exposure to cryptocurrencies. Ark Invest is especially bullish on the stock, snapping up more than 1 million shares that will be shared across three exchange-traded funds.
Overall, the stock’s performance has been hailed as positive so far, especially compared with how IPOs have performed in the past. Will this embolden other exchanges to follow suit?
As you’d expect, the exchange enjoyed much fanfare on the big day and even embedded the title of a New York Times article referencing Joe Biden’s stimulus package into the Bitcoin blockchain. Nonetheless, Coinbase CEO Brian Armstrong was keen to address some of the concerns raised by analysts.
Some fear that the mooted $100-billion valuation ahead of the listing was too high amid fears crypto exchanges will soon end up in bitter competition that will drive down…