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    How Frustration Over TikTok Has Mounted in Washington

    How Frustration Over TikTok Has Mounted in Washington

    Hundreds Of Employees At TikTok Earlier Worked With Chinese State Media: Report

    300 Employees At TikTok Earlier Worked With Chinese State Media: Report

    Facebook had little choice but to surrender data in Nebraska abortion case

    Facebook had little choice but to surrender data in Nebraska abortion case

    facebook headquarters

    Meta testing stronger Facebook Messenger encryption after abortion case

    Silhouette of smartphone with Facebook, Messenger, whatsApp, Instagram, Oculus apps and blurred META logo on background.

    Meta Aims to Encrypt All Facebook Messenger Chats – Review Geek

    How Trump changed Facebook - Vox

    How Trump changed Facebook – Vox

    Facebook's Message Encryption Was Built to Fail

    Facebook’s Message Encryption Was Built to Fail

    Parents are introducing kids to the original starter Pokémon on TikTok

    Parents are introducing kids to the original starter Pokémon on TikTok

    Facepalm: USPTO Grants Ohio State University Trademark On The Word ‘The’

    Teaching Content Moderators About How To Moderate Is Tough, But TikTok’s Partner Using Actual Child Sexual Abuse Material Is Likely Criminal

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    Save $63 on these award-winning translation earbuds while donating to charity

    Save $63 on these award-winning translation earbuds while donating to charity

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    Future of esports in a country economy

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    10 Awesome PC Gaming Accessories and Peripherals Worth Getting

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    M’sia bags 3 golds at the Commonwealth Esports Championships

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    How Frustration Over TikTok Has Mounted in Washington

    How Frustration Over TikTok Has Mounted in Washington

    Hundreds Of Employees At TikTok Earlier Worked With Chinese State Media: Report

    300 Employees At TikTok Earlier Worked With Chinese State Media: Report

    Facebook had little choice but to surrender data in Nebraska abortion case

    Facebook had little choice but to surrender data in Nebraska abortion case

    facebook headquarters

    Meta testing stronger Facebook Messenger encryption after abortion case

    Silhouette of smartphone with Facebook, Messenger, whatsApp, Instagram, Oculus apps and blurred META logo on background.

    Meta Aims to Encrypt All Facebook Messenger Chats – Review Geek

    How Trump changed Facebook - Vox

    How Trump changed Facebook – Vox

    Facebook's Message Encryption Was Built to Fail

    Facebook’s Message Encryption Was Built to Fail

    Parents are introducing kids to the original starter Pokémon on TikTok

    Parents are introducing kids to the original starter Pokémon on TikTok

    Facepalm: USPTO Grants Ohio State University Trademark On The Word ‘The’

    Teaching Content Moderators About How To Moderate Is Tough, But TikTok’s Partner Using Actual Child Sexual Abuse Material Is Likely Criminal

  • Business
    How Frustration Over TikTok Has Mounted in Washington

    How Frustration Over TikTok Has Mounted in Washington

    Hundreds Of Employees At TikTok Earlier Worked With Chinese State Media: Report

    300 Employees At TikTok Earlier Worked With Chinese State Media: Report

    Facebook had little choice but to surrender data in Nebraska abortion case

    Facebook had little choice but to surrender data in Nebraska abortion case

    facebook headquarters

    Meta testing stronger Facebook Messenger encryption after abortion case

    Silhouette of smartphone with Facebook, Messenger, whatsApp, Instagram, Oculus apps and blurred META logo on background.

    Meta Aims to Encrypt All Facebook Messenger Chats – Review Geek

    How Trump changed Facebook - Vox

    How Trump changed Facebook – Vox

    Facebook's Message Encryption Was Built to Fail

    Facebook’s Message Encryption Was Built to Fail

    Parents are introducing kids to the original starter Pokémon on TikTok

    Parents are introducing kids to the original starter Pokémon on TikTok

    Facepalm: USPTO Grants Ohio State University Trademark On The Word ‘The’

    Teaching Content Moderators About How To Moderate Is Tough, But TikTok’s Partner Using Actual Child Sexual Abuse Material Is Likely Criminal

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  • Tech
    How Frustration Over TikTok Has Mounted in Washington

    How Frustration Over TikTok Has Mounted in Washington

    Hundreds Of Employees At TikTok Earlier Worked With Chinese State Media: Report

    300 Employees At TikTok Earlier Worked With Chinese State Media: Report

    Facebook had little choice but to surrender data in Nebraska abortion case

    Facebook had little choice but to surrender data in Nebraska abortion case

    facebook headquarters

    Meta testing stronger Facebook Messenger encryption after abortion case

    Silhouette of smartphone with Facebook, Messenger, whatsApp, Instagram, Oculus apps and blurred META logo on background.

    Meta Aims to Encrypt All Facebook Messenger Chats – Review Geek

    How Trump changed Facebook - Vox

    How Trump changed Facebook – Vox

    Facebook's Message Encryption Was Built to Fail

    Facebook’s Message Encryption Was Built to Fail

    Parents are introducing kids to the original starter Pokémon on TikTok

    Parents are introducing kids to the original starter Pokémon on TikTok

    Facepalm: USPTO Grants Ohio State University Trademark On The Word ‘The’

    Teaching Content Moderators About How To Moderate Is Tough, But TikTok’s Partner Using Actual Child Sexual Abuse Material Is Likely Criminal

  • Gear
    • All
    • Camera
    • Laptop
    • Smartphone
    Save $63 on these award-winning translation earbuds while donating to charity

    Save $63 on these award-winning translation earbuds while donating to charity

    TikTok is going bonkers over this brilliant iPhone camera trick

    Kuo says iPhone 14 Pro price will be more expensive

    10 out-of-sight Google Pixel settings worth surfacing

    10 out-of-sight Google Pixel settings worth surfacing

    Google Nest Audio in gray on top of book in front of yellow couch.

    Choosing a smart speaker: 6 things to consider

    How to send text messages from your computer

    How to send text messages from your computer

    Chrome OS Chromebooks

    ChromeOS: Tips, tools, and other Chromebook intelligence

    Trending Tags

    • Best iPhone 7 deals
    • Apple Watch 2
    • Nintendo Switch
    • CES 2017
    • Playstation 4 Pro
    • iOS 10
    • iPhone 7
    • Sillicon Valley
  • Apps
    Google Drive logo.

    How to Manage Apps Connected to Your Google Drive

    6 Android Apps for Budget Management

    Samsung Galaxy Z Fold 4: $1,800 Foldable Phone Returns With New Design, Software Tweaks

    8 Types Of Android Apps To Delete Right Away

    8 Types Of Android Apps To Delete Right Away

    Hashtag Trending June 28 – ‘how to move to Canada’ surges in searches; MacBook Pro M2 SSD speed; streaming ‘moochers’ may not pay for a sub

    Hashtag Trending August 12 – Facebook is not popular with teens; misinformation continues to spread; FCC rejects Starlink’s application for $885 million subsidy

    Sloppy Software Patches Are a ‘Disturbing Trend’

    Sloppy Software Patches Are a ‘Disturbing Trend’

    Cyber Security Today for June 29, 2022 — A list of the most dangerous software weaknesses is updated, a warning to Kubernetes administrators, and more

    Cyber Security Today, August 10, 2022 – Bad apps are found in the PyPI repository, six backdoors are used in a gang’s cyber attacks, a new botnet found and more

  • Gaming
    Future of esports in a country economy

    Future of esports in a country economy

    10 Awesome PC Gaming Accessories and Peripherals Worth Getting

    10 Awesome PC Gaming Accessories and Peripherals Worth Getting

    M'sia bags 3 golds at the Commonwealth Esports Championships

    M’sia bags 3 golds at the Commonwealth Esports Championships

    Microsoft Testing PC Game Pass Widget for Windows 11

    Microsoft Testing PC Game Pass Widget for Windows 11

    Genshin Impact game artwork

    10 Best Crossplay Games for Consoles and PC (2022): Xbox, PlayStation, Switch, Mobile

    Activision Blizzard makes more money from mobile games than PC and console combined

    Activision Blizzard makes more money from mobile games than PC and console combined

  • Crypto
    How Frustration Over TikTok Has Mounted in Washington

    How Frustration Over TikTok Has Mounted in Washington

    Hundreds Of Employees At TikTok Earlier Worked With Chinese State Media: Report

    300 Employees At TikTok Earlier Worked With Chinese State Media: Report

    Facebook had little choice but to surrender data in Nebraska abortion case

    Facebook had little choice but to surrender data in Nebraska abortion case

    facebook headquarters

    Meta testing stronger Facebook Messenger encryption after abortion case

    Silhouette of smartphone with Facebook, Messenger, whatsApp, Instagram, Oculus apps and blurred META logo on background.

    Meta Aims to Encrypt All Facebook Messenger Chats – Review Geek

    How Trump changed Facebook - Vox

    How Trump changed Facebook – Vox

    Facebook's Message Encryption Was Built to Fail

    Facebook’s Message Encryption Was Built to Fail

    Parents are introducing kids to the original starter Pokémon on TikTok

    Parents are introducing kids to the original starter Pokémon on TikTok

    Facepalm: USPTO Grants Ohio State University Trademark On The Word ‘The’

    Teaching Content Moderators About How To Moderate Is Tough, But TikTok’s Partner Using Actual Child Sexual Abuse Material Is Likely Criminal

  • Business
    How Frustration Over TikTok Has Mounted in Washington

    How Frustration Over TikTok Has Mounted in Washington

    Hundreds Of Employees At TikTok Earlier Worked With Chinese State Media: Report

    300 Employees At TikTok Earlier Worked With Chinese State Media: Report

    Facebook had little choice but to surrender data in Nebraska abortion case

    Facebook had little choice but to surrender data in Nebraska abortion case

    facebook headquarters

    Meta testing stronger Facebook Messenger encryption after abortion case

    Silhouette of smartphone with Facebook, Messenger, whatsApp, Instagram, Oculus apps and blurred META logo on background.

    Meta Aims to Encrypt All Facebook Messenger Chats – Review Geek

    How Trump changed Facebook - Vox

    How Trump changed Facebook – Vox

    Facebook's Message Encryption Was Built to Fail

    Facebook’s Message Encryption Was Built to Fail

    Parents are introducing kids to the original starter Pokémon on TikTok

    Parents are introducing kids to the original starter Pokémon on TikTok

    Facepalm: USPTO Grants Ohio State University Trademark On The Word ‘The’

    Teaching Content Moderators About How To Moderate Is Tough, But TikTok’s Partner Using Actual Child Sexual Abuse Material Is Likely Criminal

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Coinbase shares soar in boost from meme traders, BlackRock crypto deal

by Staff Writer
August 4, 2022
in Business
Reading Time: 2 mins read
Coinbase shares soar in boost from meme traders, BlackRock crypto deal
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The logo for Coinbase Global Inc, the biggest U.S. cryptocurrency exchange, is displayed on the Nasdaq MarketSite jumbotron and others at Times Square in New York, U.S., April 14, 2021.

Shannon Stapleton | Reuters

Shares of Coinbase soared Thursday after the crypto exchange announced a partnership with BlackRock that will allow its institutional clients to buy bitcoin.

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Coinbase shares were last up by 9%. Earlier in the day they jumped as much as about 40%.

Services in the company’s Prime offering will be available to clients of BlackRock’s portfolio management platform for institutional investors, Aladdin, the company said on its blog. Coinbase will provide crypto trading, custody, prime brokerage and reporting capabilities. BlackRock is the largest asset manager in the world with more than $8 trillion under management.

The ticker COIN also became one of the most mentioned names Thursday on Reddit’s WallStreetBets chat room, topping GameStop’s popularity in the online forum, according to alternative data provider Quiver Quantitative.

“Our institutional clients are increasingly interested in gaining exposure to digital asset markets and are focused on how to efficiently manage the operational lifecycle of these assets,” Joseph Chalom, global head of strategic ecosystem partnerships at BlackRock, said in a statement. The partnership will let them “manage their bitcoin exposures directly in their existing portfolio management and trading workflows.”

That interest is a beacon in the night for the crypto community. The industry has suffered a slew of hacks and breaches, including attacks on Solana and Nomad this week alone. Crypto has also gone down with the broader sell-off in risk assets and is further handicapped by the financial contagion that stemmed from the Terra collapse in the spring. Many investors maintain that institutional adoption is key to increasing the maturation, stability and price of bitcoin and perhaps the broader crypto market.

Coinbase shares have been on a tear lately and analysts have not been sure why. The stock jumped 20% on Wednesday. The shares were still down nearly 70% for 2022 through Wednesday’s close.

The unusual jump in Coinbase this week could be related to investors who were betting against the stock scrambling to cover their short positions, a so-called short squeeze. More than 22% of Coinbase’s shares which are available for trading are sold short, according to FactSet. So as the stock has run, these investors have to buy back the shares to cover their losses, further fueling the gains.

Despite the doom in the market and decline in Coinbase’s share price, Citi on Thursday called it the “fizzle before the sizzle” and said it’s on the lookout for a stock reversal over the next three months.

“There are some good developments brewing,” analyst Peter Christiansen said in a note to investors, citing potential stablecoin regulation and Ethereum’s long-awaited transition to proof-of-stake.

— CNBC’s Yun Li contributed reporting.

Source by www.cnbc.com

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