Crypto Shuttle News

Month: August 2021

  • Coinbase updates investment policy to increase investments in crypto assets

    Coinbase updates investment policy to increase investments in crypto assets

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    We believe in the cryptoeconomy, a future where economic transactions — buying, selling, spending, earning — will be based on crypto assets. Our products strive to make that vision a reality by making crypto trusted and easy to use for customers around the world.

    Today, the majority of Coinbase corporate financial transactions, such as how we pay our vendors, employees, or invest corporate cash, remain heavily weighted in fiat. We’re in a strong position to lead by example and double down on how we can enable crypto adoption and utility, starting with how we operate our business.

    Towards that goal, we are announcing a change in our investment policy. We have committed to invest $500 million of our cash and cash equivalents into a diverse portfolio of crypto assets. Going forward, we will also allocate 10% of quarterly net income into this same portfolio. This means we will become the first publicly traded company to hold Ethereum, Proof of Stake assets, DeFi tokens, and many other crypto assets supported for trading on our platform, in addition to Bitcoin, on our balance sheet.

    Our crypto asset investment allocation will be driven by our aggregate custodial crypto balances — meaning our customers will drive our investment strategy. Our investments will be continually deployed over a multi-year window using a dollar cost averaging strategy. We are long term investors and will only divest under select circumstances, such as an asset delisting from our platform. All trades will be executed via our over the counter desk or away from our exchange to avoid any conflict of interest with our customers.

    We may increase our allocation over time as the cryptoeconomy matures. We believe that in the future, more and more companies will hold crypto assets on their balance sheet. We hope by incorporating more crypto assets into our own corporate financial practices, we can take another step towards building a more open cryptoeconomy.

    Coinbase updates investment policy to increase investments in crypto assets was originally published in The Coinbase Blog on Medium, where people are continuing the conversation by highlighting and responding to this story.

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  • Bullish cup and handle pattern sets Cardano (ADA) price up for a new ATH

    Bullish cup and handle pattern sets Cardano (ADA) price up for a new ATH

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    Smart contracts have been a revolutionary force in the blockchain industry because they have enabled the creation of decentralized finance protocols, nonfungible tokens and a new form of carrying out transactions without the need of a middleman. 

    Cardano (ADA) is one of the many projects that has been gaining momentum throughout 2021 and now that the project’s long-awaited smart contract capabilities are on the verge of becoming reality, the token is on the precipice of setting a new all-time high.

    Data from Cointelegraph Markets Pro and TradingView shows that after bottoming at a low of $1.02 on July 20, the price of ADA has surged 139% to a multi-week high at $2.45.

    ADA/USDT 1-day chart. Source: TradingView

    Here’s a look at what some analysts and traders are saying about the recent price action for ADA and what token holders may want to keep an eye on in the short term.

    A bullish upturn in the 50MA

    The rapidly rising price of ADA has been hard for most traders to ignore, especially since multiple technical indicators have now flipped bullish.

    One such indicator is the 50-day moving average (50MA), which is now pointed up after being on a downslope for roughly 2 months as highlighted in the following chart posted by pseudonymous Twitter user Pharmlord.

    ADA/USD 1-day chart. Source: Twitter

    As seen in the chart above, once crossing above the 50-MA, ADA price doubled and is now on the verge of hitting a new all-time high at $2.46. 

    Flipping $2.30 to support is key

    Insight into the important levels that ADA bulls need to keep an eye on was provided by Rekt Capital, a pseudonymous Twitter analyst who pinpointed the importance of the $2.30 level.

    ADA has already managed to convincingly surpass a lower resistance zone shown in red on the chart above and is now it is attempting to break the May 16 all-time high at $2.46.

    According to Rekt Capital: 

    “The only major resistance left before a new All-Time Highs is the black level ahead (~$2.30).”

    Related: ADA hits $2 for the first time since May ahead of Cardano smart contract announcement

    A cup and handle breakout will confirm the ATH

    According to Twitter user ‘Fidzcrypto’, ADA is showing a distinct cup and handle formation on the daily timeframe.

    ADA/USD 1-day chart. Source: Twitter

    Investopedia cites the cup and handle pattern as a technical indicator that resembles a cup with a handle, where the cup is in the shape of a “u” and the handle has a slight downward drift.”

    The cup portion of the pattern can be seen on the chart between May 14 and Aug. 16, while the handle is seen in the price dip and recovery from Aug. 16 – Aug. 18.

    According to Investopedia:

    “The cup and handle is considered a bullish signal, with the right-hand side of the pattern typically experiencing lower trading volume. The pattern’s formation may be as short as seven weeks or as long as 65 weeks.”

    The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading move involves risk, you should conduct your own research when making a decision.