Cryptocurrency prices rebounded on Friday’s jobs report to finish the week on a high note and reclaim key technical levels. Bitcoin and Ethereum are trading at their highest levels since late August. Still, prices have essentially moved sideways now for the past three months. From the latest Coinbase earnings report and Funko doubling NFT sales, to GameStop’s crypto initiatives, Elon Musk pumping Dogecoin and Binance’s potential role in Twitter — here is the top cryptocurrency news from the past week.
Be sure to also check this week’s coverage of cryptocurrency ETFs like BITQ, BLOK and BITS.
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Bitcoin reclaimed $21,000 Friday after nearly falling to $20,000 Thursday morning following the Fed rate hike. The world’s largest crypto is up from roughly $19,300 last Monday. Meanwhile Ethereum rebounded above $1,640 after sliding toward $1,500 on Thursday. ETH is still well above its $1,340 level at the start of last week.
Digital asset investments are extremely volatile. While cryptocurrency’s fundamentals and technical indicators may differ, investors should focus on the same key objectives. First, stay protected by learning when it’s time to sell, cut losses or capture profits. Second, prepare to profit if the cryptocurrency starts to rebound.
Despite their original promise, cryptocurrencies haven’t acted as hedges against inflation. Instead, they’ve trended with the broader indexes. Read The Big Picture and Market Pulse to track daily market trends.
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Coinbase (COIN) continues to struggle and posted more losses for its Q3 results late Thursday. Still, COIN stock rose about 3% on Friday following the report.
Funko (FNKO) doubled its Digital Pop! NFT sales in Q3 and averaged $500,000 in revenue per release. Still, FNKO stock is tanking after the major earnings miss.
Binance seems interested in taking an active role in Twitter (TWTR)operations since investing $500 million in Elon Musk’s buyout. Here’s the first task the crypto exchange wants to tackle.
Crypto financial services firm Galaxy Digital plans to cut about 20% of its global workforce, the Wall Street Journal reported.
A New York judge on Tuesday afternoon ordered a probe into Celsius Network to determine if the bankrupt crypto lender operated as a Ponzi scheme. The court-appointed examiner and committee of Celsius creditors will meet to determine who leads the probe.
Visa (V) is partnering with Crypto.com on a soccer-related line of NFTs to auction ahead of the 2022 FIFA World Cup, the company announced Tuesday. The payments giant is one of many companies rallying to the crypto space. Last Thursday, Visa filed trademarks for cryptocurrency wallets-transaction software and software for virtual environments, hinting at a metaverse push.
Coinbase (COIN) filed a petition to support Ripple Labs in Ripple’s case with the Securities and Exchange Commission Monday night. Ripple Labs, creator of the Ripple payment protocol and XRP token, is fighting a lawsuit alleging its cryptos were sold as unregistered securities.
Elon Musk’s Dogecoin Tweet from Halloween night inspired a wave of scam cryptos sparked another price jump for DOGE.
Apollo Global Management (APO) partnered with institutional infrastructure provider Anchorage Digital to offer cryptocurrency custody services for its clients. One of the world’s largest asset managers, Apollo has more than $500 billion in assets under management. Meanwhile, crypto unicorn Anchorage has been targeting institutional investors to build during the bear market.
On Tuesday afternoon, GameStop (GME) announced it’s rolling out FTX gift cards online and at select stores through its partnership with crypto exchange FTX. And, on Monday, the video game retailer launched its own NFT marketplace after teaming up with Web 3 game maker Immutable.
Argo Blockchain (ARBK) stock tumbled 40% premarket Monday after the London-based crypto miner announced financing from a strategic investor fell through. Argo sought to raise $27.9 million through a subscription for ordinary shares, it disclosed Oct. 7. The company warned it may need to curtail or cease operations if it can’t secure other financing options.
The LooksRare NFT marketplace announced it’s no longer supporting creator royalties by default, and will instead share 25% of its protocol transaction fees with non-fungible token makers. The industry is trending toward zero-royalty transactions, LooksRare said, rather than sharing 5% to 10% of secondary sales prices typically offered to creators. Last month, Magic Eden, the largest NFT marketplace on the Solana blockchain, announced it was making royalties optional.
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