Cryptos in Action

3 min read | November 11, 2021 06:17 PM AEDT | By Daniel Paul Johns

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Cryptos in Action — Image source: © Inueng | Megapixl.com

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Highlights

Coinbase has reported that monthly transacting users on its platform reached 7.4 million, down from 8.8 million in the second quarter

Binance has listed a new token called Manchester City Fan Token (CITY)

Binance exchange is also making Ethereum Name Service available to its users

Bitcoin Whale Spends Giant Stash

Bitcoin jumped to over US$69,000 overnight as a ‘forgotten’ stash of bitcoins that sat idle for over eight years woke up the first time since the wallet’s creation. The owner of the wallet spent over two thousand bitcoin worth over US$147 million.

The original address was first created in 2013, and it contained around 2,200 Bitcoin - split between two addresses. The first output sent 300 Bitcoin, while the second output sent 1,907.5997 Bitcoin, and the rest of the funds were used for network fees.

Bitcoin’s price then fell over US$5000 and now sits at US$64,515.

Coinbase Transaction Users Down

Crypto exchange, Coinbase has reported that monthly transacting users on its platform reached 7.4 million, down from 8.8 million in the second quarter, while its verified users grew to 73 million.

The company also updated its full-year average monthly transacting user guidance. It now expects between 8 million and 8.5 million such users, up from 5.5 million to 8 million projected in August.

Coinbase’s app saw an increase in downloads after listing popular memecoin, Shiba Inu, in September.

Moreover, Coinbase’s business was bolstered by a bull market that’s pushing more investors to step in.

Coinbase is also looking to diversify its platform, with plans to launch derivatives as well as the trading of non fungible tokens.

Altcoin news

In altcoin news. Binance has listed a new token called Manchester City Fan Token (CITY), a community token for the English Premier League soccer team. Binance says the token gives Manchester City Football Club supporters a chance to influence on club decisions using Socios, an online fan engagement and rewards platform for sports and entertainment entities.

The CITY token’s price has cooled off since its initial surge and is currently sitting at US$16.22.

The Binance exchange is also making Ethereum Name Service available to its users. Ethereum Name Service (ENS) allows people to mine NFTs that can be linked to Ethereum addresses and web domains.

As news of the ENS inclusion got out, ENS more than doubled in price to a new all-time high of US$85.19 and is now valued at US$75.32.

Winners and Losers

winners and losers in cryptocurrency

Source: Coinmarketcap.com, based on top 100 cryptos.

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