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Coinbase acquires Keystone Capital – A basket full of licenses coming its way?

Ketaki Dixit

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Coinbase acquires Keystone Capital!
Source: Pixabay

On June 6th, US-based cryptocurrency exchange platform Coinbase announced the acquisition of Keystone Capital, a California-based securities dealer. This step is an effort to enable tokenized securities trading on Coinbase through the acquisition of a broker-dealer license that Keystone holds.

Additionally, it may also help Coinbase in expanding their offerings and make their way into non-crypto financial products. Keystone being a registered broker-dealer also has licenses to run an alternative trading system or ATS. These licenses could open up business opportunities for Coinbase but requires regulatory approval to run under them.

In a statement, Asiff Hirji, the President and Chief Operating Officer of Coinbase said:

“If approved, Coinbase will soon be capable of offering blockchain-based securities, under the oversight of the US Securities and Exchange Commission (SEC) and the Financial Industry Regulatory Authority (FINRA),”

However, the terms of this deal were not disclosed.

Paul McNeal, a crypto evangelist, and aficionado tweeted:



“The news is breaking faster than I can read! wow…”

Kevin Kamau, a crypto enthusiast commented:

“And @BankToTheFuture has already engaged Keystone Capital Corporation as their placement agent for US investors. This is a great win for Coinbase, Bnk To The Future and most importantly investors.”

Chris Corica, another Twitter user commented:

“Can’t stop evolution. The biggest story of 2018 is being written before our eyes.”





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Ketaki Dixit is a Journalism major from Jain University. She has about 1-year experience in the field and is passionate about blockchain technology and the cryptocurrency world.

Ethereum

Ethereum [ETH] might have caught a break from bears due to formation of ‘Golden Cross’

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Ethereum [ETH] might have caught a break from bears due to formation of 'Golden Cross'
Source: Unsplash

Ether, more commonly known as Ethereum, is the world’s second largest cryptocurrency and it might have turned bullish due to the initiation of the ‘Golden Cross’ in the daily chart. Golden Cross, is when the 50-day simple moving average crosses above the 200-day simple moving average, which indicates that the price has turned bullish and that the cryptocurrency has bottomed.

Source: TradingView

Historically, Ethereum’s last Golden Cross took place in February 2017, when the price of ETH was ~$10; the price after this cross was bumped to $1,600, which was a meteoric rise of 15,000%. As bullish as this sounds, this might not be the good news that the crypto community is hoping for, as the ‘Golden Cross’ isn’t absolute and there are times when the crossover could be a fakeout. Crossover fakeouts had occurred for Bitcoin in 2014.

The weekly chart for Ethereum has been consistently forming higher highs since 2019, which is a bullish indication. The MACD indicator and the RSI indicators are both indicating a steady rise since 2019.

All aboard the ‘Speculation Train’

If another meteoric rise is to be expected from the crypto ecosystem, the price has to undergo a parabolic rise. The price of Ethereum at press time was $174 and had a market cap of $18 billion; assuming approximately 10,000% increase [instead of the 15,000% rise], the price of Ethereum would reach approximately $8,000 by March 2020.



A Reddit user @alkalinegs commented:

“if you look at the last golden cross early 2017 it took a few days till something happend. death cross 2018 even resulted in a bulltrap. -> dont expect an immediate reaction.”

Quite a few people use the exponential moving averages and disagree with the use of Simple Moving Averages, which is opinionated. Another Reddit user, @DeliciousPayDay commented:

“I strongly disagree. SMA 200 is more important and everyone in crypto looks at it. After breaking the 200MA at $151 ETH went straight to $180 before being sold off, and bounced directly off the 200MA the next day turning resistance into support. The 50/200 golden cross just happened on the SMA and the last time that happened ETH went from $12 to $1400.”





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