Tag: Kraken

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Coinbase Shares Rise Amid Market Share Stagnation

Despite the delisting of Binance.US, Coinbase has surprisingly failed to gain a larger share of the US cryptocurrency market. A recent report from Kaiko highlights Coinbase’s stagnant market share, which has hovered around 55% since May. On the other hand, rivals such as Kraken and LMAX Digital are quickly reclaiming the space left open by Binance.US, and Bitstamp is also marking an increase in its US presence amid growing legal complexities.

Coinbase stalls as Kraken advances

Coinbase, recognized as the top U.S. cryptocurrency exchange by trading volume, appears impassive in its leadership position, according to data from Kaiko. Kraken, slightly behind, is moving forward, gradually taking over Coinbase’s market dominance. According to the data, Coinbase’s 24-hour trading volume is approximately $2.4 billion, significantly lower than Binance’s $9.34 billion in the global spot market.

Regulatory hurdles cast a shadow

On the contrary, to compound the challenges, the US crypto landscape is navigating through a fog of regulatory uncertainty. The SEC and CFTC maintain close scrutiny, especially with allegations of securities regulation violations. Notably, the SEC took action against Binance and its US entity along with its founder, Changpeng Zhao. They are accused of secretly facilitating transactions for US customers against their policies. Coinbase has also felt the pressure of the regulator, with accusations of operating without proper records.

Despite these regulatory storms, there is a glimmer of optimism for investors. The possible approval of a Bitcoin spot ETF could catapult COIN shares to new heights as it would generate enormous enthusiasm for the cryptocurrency and Coinbase’s revenue would increase.

Furthermore, the company’s path to profitability is promising, as reflected by its near-flat profits in the third quarter of 2023. With an unexpected increase in profits and a slight increase in after-hours trading, Coinbase’s stock price is currently at $91.96, reflecting a 5% increase.

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Kraken will share data from 42,000 users with the IRS

US-based exchange Kraken says it will share the data of 42,000 users with the US Internal Revenue Service (IRS) in compliance with a court order. The information will be sent to the IRS in early November.

On its support page, Kraken specifies that the subpoena to produce “a broad range of records and data” about its US customers and pass them to the IRS came from a court order from the Northern District of California in May 2021. The company opposed this. IRS demands and fought the subpoena in court, convincing it to “substantially reduce” the number of affected customers and the amount of customer data.

The court ordered Kraken to submit profile and transaction data of customers who exceeded $20,000 in transactions during any year between 2016 and 2020. This also includes those who made no transactions but deposits and withdrawals.

Kraken will share data such as name, date of birth, tax identification, address, contact information and transaction history of these customers. There will be about 42,000 accounts whose information will be sent to the IRS.

The US Court of Appeals for the First Circuit is reviewing another case in which the IRS subpoenaed user data from a crypto exchange. In 2018, Coinbase told the 13,000 affected customers that it would provide the IRS with their taxpayer ID, name, date of birth, address, and historical transaction records from 2013-2015.

One such user, James Harper, appealed against the IRS to prevent the US government from having unlimited access to a user’s transaction history. In October 2023, cryptocurrency advocacy group DeFi Education Fund (DEF) filed an amicus brief supporting Harper’s appeal.

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Crypto Exchange Kraken To List Shiba Inu Tomorrow: SHIB Investors Expect Price Rise

The Kraken cryptocurrency exchange has indicated that the shiba inu cryptocurrency (SHIB) will be listed on its platform on Tuesday. Its rival dogecoin has recently gained in popularity, increasing by 97% in the last seven days and by 825.5% in the last 30 days.

Kraken Says Shiba Inu Will Appear On Its Platform Tuesday

Cryptocurrency exchange Kraken tweeted on Monday about the list of shiba inu (SHIB) cryptocurrencies on its platform. According to the San Francisco Stock Exchange, the company’s product manager Brian Hoffman said if the tweet got 2,000 likes, Kraken would include shiba inu on Tuesday. As of this writing, the tweet has received 45,100 likes and 11,600 retweets.

Founded in 2011, Kraken claims to be the world’s largest digital asset exchange in terms of volume and liquidity in euros. Globally, its client base trades over 60 digital assets and seven different fiat currencies including EUR, USD, CAD, GBP, JPY, CHF and AUD, the details of its website. Kraken was the first crypto company in the United States to receive a state banking license. The crypto exchange serves over 7 million traders around the world.

According to a Twitter user, a Kraken customer representative confirmed on Monday that SHIB will appear on the ‘tomorrow’ list, adding: “We don’t have the exact time it will appear, but there should be an update. tomorrow”.

SHIB supporters view the price of the Kraken as ultra bullish, hoping that the price of the shiba inu will rise. One person tweeted: “Good news for SHIB, who expects a price increase as soon as it becomes available for negotiation here. Kraken is also likely to make a lot of money from exchange rates. Another expects the price of the SHIB to rise significantly, noting that the Kraken listing will give the meme a “much needed boost.”

Meanwhile, shiba inu supporters are trying to get the Robinhood trading platform to include SHIB. A petition on Change.org to convince Robinhood to include the same coin garnered 461,439 signatures. Shiba inu adoption is also increasing, and AMC Theaters are considering accepting SHIB alongside dogecoin and other cryptocurrencies for payments.

Recently, the shiba inu coin has gained popularity. It became a rival dogecoin and became the ninth largest cryptocurrency. Its market capitalization was around $ 39 billion at the time of writing. Encryption has increased 8% in the last 24 hours, 97% in the last seven days, and 825.5% in the last 30 days.

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Kraken donates $ 150,000 in Bitcoin to the Black Bitcoin Billionaire Group

The bitcoin exchange gave the group a concession earlier this summer, totaling 4.5 BTC at the time.

Kraken announced a $ 150,000 Bitcoin Black Bitcoin Billionaire pool focused on diversity.

The dealership was ordered earlier this summer for a total value of 4.5 BTC.

Black Bitcoin Billionaire will invest funds in capacity building projects and services in the black tech community.

Bitcoin Exchange Kraken has announced a $ 150,000 donation to Black Bitcoin Billionaire, an organization focused on promoting inclusion and diversity in the Bitcoin space. The grant was ordered earlier this summer, according to Bitcoin magazine, for a total value of 4.5 BTC.

“Our main goal is to educate and support the Black Bitcoin community,” Lamar Wilson, co-founder of Black Bitcoin Billionaire, said in the announcement. “By working with companies like Kraken, we will be able to invest in technology that turns ideas into tangible products or services. We couldn’t be more excited. “

The group will use the funds received at its discretion, Kraken said, to fund projects by Bitcoin entrepreneurs from minority communities. The donation will support Wilson and Isaiah Jackson, also a co-founder of Black Bitcoin Billionaire, to launch a series of three Tech Demo Days, a competition to provide financing to black tech companies.

“In 2020, about 13% of black families in the United States did not have a bank account. This is a huge loophole in our legacy financial system, for which there is no public alternative of last resort, “Kraken CEO Jesse Powell said, according to the announcement.

“Not having a bank is expensive and disproportionately affects our poor and minority communities. Bitcoin offers relief to the 1.7 billion unbanked adults around the world – a new financial system created by the people, for the people. The only obstacle now is education, ”Powell added.