In this episode of Coin Street headlines, we dive into the latest headlines impacting the cryptocurrency market. We discuss how Bitcoin’s recent decline has affected U.S. spot Bitcoin ETF investors, with the average cost basis now sitting at $89,600. Learn about the recent disruptions caused by Cloudflare that impacted access to numerous cryptocurrency websites and social media platforms, including Coinbase and Kraken. Chris Maurice, the founder of Yellow Card, shares insights on how African nations are leading the way in stablecoin adoption as global trade shifts away from the U.S. dollar. We explore Coinbase’s plans to launch a prediction market platform, backed by Kalshi, as revealed by tech researcher Jane Manchun Wong. Jane King with the latest from the NYSE.
Get the latest news and updates on FINTECH.TV
Thanks, Remy.
Here's a look at your Coin Street headlines.
Bitcoin's rapid pullback has pushed the average US spot Bitcoin exchange traded fund investor into the red for the first time since the products launched.
The flow weighted cost basis across all Bitcoin ETFs sits near $89,600 a level that Bitcoin fell below on Tuesday.
No analyst Sean Rose told Bloomberg some early buyers, particularly those who enter when Bitcoin was between 40,000 and 70,000, still remain in profit.
McCloud Player, the company responsible for providing network services to websites and platforms across the internet, reported disruptions yesterday which removed access to the front end of many cryptocurrency websites and communications through social media.
The disruption affected many users trying to access the front end of sites including XTruth Social Coinbase, Blockchain.com, Ledger, Bitmex, Tuncoin, and Deilma.
Some sites, including Kracken, reported many others had a fix that had been implemented and appeared to restore access.
Well, the head of Yellowcard said African nations are among the world's top adopters of stablecoins as Global trade shifts away from reliance on the US dollar.
Yellow card founder Chris Mori said the user experience of the dollar is bad, especially internationally, due to fees required for international payments via the SWIFT payment system.
Six of the top 20 countries that use stablecoins are in Africa, including Nigeria, Ghana, and Kenya, and crypto exchange Coinbase working on creating the web.
Site for prediction markets.
That's going to a tech researcher who posted screenshots, seemingly indicating it will be backed by Cahi.
Jane Muncheon Wong, a tech researcher and blogger known for discovering in-development features on big tech sites, posted X that Coinbase is working on a prediction market and shared several screenshots apparently showing the platform, and that is the latest Coin Street headlines.