Crypto, Latest, Markets

Coinbase Day One

Written by Hivelr News · 1 min read >
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It is a big day for cryptocurrency. Coinbase’s stock (NASDAQ: COIN) opened at $381 per share on the first trading day, 52% higher than its target price of $250. The stock closed at $328 with a market capitalization of $85.8 billion. Coinbase’s blockbuster IPO marked the beginning of the cryptoeconomy. Meanwhile, the banking sectors reported strong earnings in the first quarter led by Goldman Sachs (NYSE: GS) and JP Morgan (NYSE: JPM).


S&P 5004,124.66– 0.41% (-16.93)
Dow 3033,730.89+ 0.16% (+53.62)
NASDAQ13,857.84– 0.99% (-138.26)
Russell 20002,247.72+ 0.84% (+18.79)
VIX16.99+ 2.04% (+0.34)
US 2-YR0.16%
US 10-YR1.64%
US 30-YR2.32%
OIL62.76+ 5% (+2.76)
GOLD1,738.90+ 0.15% (+2.60)
Bitcoin62,896.08– 0.76% (-486)
As of Market Close on April 14, 2021.

Stock Markets: The Dow Jones Industrial Average (Dow 30) hit a record high today after Goldman Sachs and JP Morgan reporting solid earnings in the first quarter. Growth in IPOs, investment banking, and trading activities contributed to higher revenue for the Wall Street banks. Nasdaq and the S&P 500 ended lower while small-cap index Russell 2000 and volatility index closed higher.

Bond Market: 10 year Treasury yields hold steady at 1.64%

Economy: While US core inflation is trending higher at 1.6%, Canada’s number is trending lower from 1.6% to 1.2%. The new economic restriction in Ontario and BC contributed to the lower inflation. Meanwhile, Canada’s unemployment rate dropped from 8.2% to 7.5%.

Oil: The oil price jumped 5% after the EIA report a drop in US crude oil inventories along with a higher crude oil demand outlook from OPEC. According to OPEC, The global oil demand will reach around 96.46 million barrels per day, driven by strong economic data from China and geopolitical tension in Russia and Iran.

Gold and Metal: The gold price stays flat despite higher inflation numbers in the US. It shows gold’s popularity as a currency hedge diminishes after the arrival of Bitcoin.

Bitcoin: Bitcoin closed at $62,896 after Coinbase’s first day of trading. The largest crypto exchange platform by volume hoped that the IPO becomes the start of a new era of the cryptoeconomy.

Coinbase becomes a leading provider of integrated financial infrastructure and technology for the cryptoeconomy by democratizing access and allow anyone to invest and transact using crypto assets.

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Written by Hivelr News
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