The second-largest bank in the United States is now reportedly using blockchain technology for settling stock trades. According to a Bloomberg report on Monday, Bank of America has joined Paxos Settlement Service, a platform capable of same-day settlement of stock trades using blockchain technology. Kevin McCarthy, head of financing and clearing, said the bank “has been conducting internal transactions for the past few months” and would offer the service to Bank of America clients upon approval as a clearing agency. The move would reportedly allow for a “more flexible and speedier” stock settlement system compared with that of the Depository …

It is well known that as goes Bitcoin (BTC), so goes the rest of the cryptocurrency market, as time and again, major price moves from Bitcoin create ripples across the altcoin market, impacting sentiment and momentum. This appears to be the same for blockchain-related stocks that trade in the traditional financial markets, and a quick glance at the charts shows they have mirrored Bitcoin's performance over the past several months. The cryptocurrency ecosystem was all abuzz just over one month ago when the much anticipated Coinbase stock listing finally arrived on April 14, a date that also marks the most …

Bitcoin (BTC) gained 4.3% on Wednesday as cryptocurrencies recovered losses despite increasing turmoil on global stock markets. BTC price reverses upward Data from Cointelegraph Markets Pro and TradingView showed BTC/USD erasing almost all the previous day’s losses on Wednesday to trade above $57,500 at the time of writing. The move came amid concerns over froth in tech stocks, fueled by problems in Taiwan that saw the country’s equities index post its biggest one-day loss in history. Bitcoin and altcoins had sold off with tech stocks more broadly earlier in the week, but the latest macro dip failed to worsen their …

Shares of Coinbase Global Inc. tumbled to fresh lows on Thursday, as Wall Street investors continued to cycle out of high-flying tech stocks. The cryptocurrency market, meanwhile, reached a record valuation over $2.4 trillion. COIN stock bottomed at $255.15, where it was in danger of breaching the $250 reference price on the eve of its public listing on Apr. 14. After an explosive debut, COIN has been on a downward trajectory. The company now has a total market capitalization of $48.7 billion, which is roughly half of the $100 billion top it achieved last month. Mike Bailey, director of research …

Metromile Inc., a digital insurer headquartered in San Francisco, is making Bitcoin (BTC) a core part of its business operations, offering further evidence of the growing mainstream adoption of digital assets. The company announced Thursday that it will soon give policyholders the option to pay for insurance and receive payment on eligible insurance claims in BTC or dollars. That makes Metromile the first insurance company to both accept premiums and pay insurance claims in cryptocurrency. Equally as notable, the company said it will allocate $10 million toward Bitcoin in the second quarter. Although it didn’t specify an exact date, a …

WallStreetBets, the Reddit-based grassroots movement that achieved notoriety for short-squeezing hyper-leveraged financial firms, has launched a new blockchain-based application aimed at combating market manipulation in traditional finance. The group announced the creation of WallStreetBets Exchange Traded Portfolios, or ETPs, that can provide investors with broad exposure to various assets in a completely decentralized manner. The group explained: “WallStreetBets ETPs may serve as an alternative to kind of the market manipulation by opaque and politically connected banks and hedge funds.” The product is powered by a decentralized autonomous organization, or DAO, which means portfolio rebalancing is the sole domain of community …

JP Richardson’s favorite phrase is “easy to use.” Well, maybe not, but the Exodus CEO certainly used it enough during a live ask-me-anything session that the cryptocurrency wallet maker held on Cointelegraph’s YouTube page. While the focus of the livestream was the $75 million public offering of stock that Exodus Movement has hosted — and nearly completed — inside its own Exodus Wallet, Richardson reinforced this idea regularly throughout the broadcast. “I think what a lot of people, first of all, really love about Exodus is the ease of use and how beautiful it is,” Richardson said when asked what …

S&P Dow Jones Indices, a major global resource for index-based data and research, has introduced its first cryptocurrency indexes amid a renewed surge on crypto markets. The company announced on Monday that it had launched three crypto indexes tied to the performance of the two largest cryptocurrencies: Bitcoin (BTC) and Ether (ETH). The newly introduced indexes include Bitcoin-based S&P Bitcoin Index (SPBTC), Ether-based S&P Ethereum Index (SPETH), and S&P Cryptocurrency MegaCap Index (SPCMC), which is designed to track the performance of BTC and ETH weighted by market capitalization. All three indexes are immediately available on the S&P’s website. The company …

American rapper and cryptocurrency investor Nasir Jones, better known by his stage name Nas, has invited fans to join the cryptocurrency industry in a newly released track. Released last week, “Sorry Not Sorry” is a collaboration between DJ Khaled, Nas, Jay-Z and James Fauntleroy, with Nas rapping about Coinbase, the United States’ largest crypto exchange that went public on Nasdaq on April 14. “Winner in life, fuck a coin toss / I’m coin-based, basically cryptocurrency Scarface / Join us, there’s gotta be more of us,” Nas raps in the new collab. Released on YouTube last Friday, the official music video …

Binance CEO Changpeng Zhao has commented on the volatility of Bitcoin (BTC), stating that the largest crypto by market capitalization is probably less volatile than the stock prices of similarly-sized companies by market capitalization such as Apple and Tesla. Data from Woobull shows Bitcoin’s 60-day volatility steadily declining since the start of 2021. However, figures from the investment research portal AlphaQuery show that Tesla and Apple stock prices still have significantly lower 60-day volatilities over the same period. Speaking during an interview with Bloomberg TV on Monday, the Binance chief argued that crypto’s volatility was not unlike the situation in …

Ether’s (ETH) price has rallied more than 200% in 2021, resulting in a massive $337-billion market capitalization. This impressive figure pushed the value of the Ethereum network ahead of the total market cap of major companies like Procter & Gamble’s ($326 billion) and PayPal’s ($308 billion). The market cap figure is achieved by multiplying the last trade price by the total outstanding number of coins regardless of whether they’ve been moved. Therefore, it seldomly reflects the average price where most investors transacted. For investors from traditional finance, “value” is assessed by comparing multiples and valuations. These are often calculated in …

MicroStrategy, the company which owns over 91,000 Bitcoin (BTC), saw an astounding surge in revenues in Q1, its latest figures confirm. In a press release on April 30, CEO Michael Saylor revealed that the company's success had gone far beyond its Bitcoin profits. Saylor: Hodling BTC creates "substantial value" MicroStrategy has continued to hit the headlines for its flatly bullish position on Bitcoin and its future, adding to its reserves regardless of sentiment or price. Its advocacy has seemed to endear it to a new sector of clientele — nine months after beginning to convert its cash reserves to BTC, …