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<div class="KonaFilter image-container display-table"><div><div class="image on-image">REUTERS/ Kena Betancur</div></div></div>Welcome to Crypto Insider, Business Insider's roundup of all the <a href="http://markets.businessinsider.com/currencies/BTC-USD?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest" target="_blank" rel="noopener">bitcoin</a> and <a href="http://markets.businessinsider.com/currencies/cryptocurrencies?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest" target="_blank" rel="noopener">cryptocurrency news</a> you need to know today. Sign up <a href="http://e.businessinsider.com/join/crypto-insider?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest" target="_blank" rel="noopener">here to get this email delivered direct to your inbox</a>.<section>European cryptocurrency exchange <a href="http://www.businessinsider.com/gaming-group-nexon-seeking-to-buy-cryptocurrency-exchange-bitstamp-2018-4">Bitstamp is up for sale</a>, according to people familiar with the deal, and a South Korean gaming company is said to be in pole position to acquire it<a href="http://www.businessinsider.com/gaming-group-nexon-seeking-to-buy-cryptocurrency-exchange-bitstamp-2018-4">. The price is said to be around $350 million.</a>Here are the <a href="http://markets.businessinsider.com/cryptocurrencies">current crypto prices:</a><div class="KonaFilter image-container display-table"><div><div class="image on-image">Markets Insider</div></div></div></section><section id="l-content" data-track-page-area="Post" data-post-content=""><section><article>In the news: <ul><li><a href="http://markets.businessinsider.com/news/Bitcoin-hits-its-highest-levels-in-over-a-month-as-crypto-markets-rebound-1022119814" target="_blank" rel="noopener">Bitcoin hits its highest levels in over a month as crypto markets rebound</a></li><li><a href="http://www.businessinsider.com/regular-people-will-be-able-to-vote-on-which-websites-can-carry-ads-2018-4">A blockchain startup wants to let people buy tokens so they can pick which sites are worthy of ads</a></li><li><a href="http://markets.businessinsider.com/news/One-in-5-finance-firms-is-considering-trading-cryptocurrencies-1022086622" target="_blank" rel="noopener">One in 5 finance firms is considering trading</a><a href="http://markets.businessinsider.com/news/One-in-5-finance-firms-is-considering-trading-cryptocurrencies-1022086622" target="_blank" rel="noopener"> cryptocurrencies</a> </li><li><a href="http://markets.businessinsider.com/news/A-crypto-trading-platform-has-raised-10-million-from-a-Japanese-investment-giant-to-go-head-to-head-with-a-big-business-on-Wall-Street-1022021016" target="_blank" rel="noopener">A crypto-trading platform has raised $10 million from a Japanese investment giant to go head-to-head with a big business on Wall Street</a></li><li><a href="http://markets.businessinsider.com/news/A-British-TV-star-is-suing-Facebook-for-defamation-over-scam-bitcoin-adverts-1021973482" target="_blank" rel="noopener">A British TV star is suing Facebook for defamation over 'scam' bitcoin adverts</a></li><li><a href="http://markets.businessinsider.com/news/A-secretive-high-speed-trader-is-providing-college-kids-with-a-launch-pad-to-build-cryptocurrency-companies-1021707909" target="_blank" rel="noopener">A secretive high-speed trader is providing college kids with a 'launch pad' to build cryptocurrency companies</a></li></ul>What other questions do you have about crypto? Ask them in Business Insider's <a href="https://www.facebook.com/groups/BI.CryptoInsider/" target="_blank" rel="noopener">Crypto Insider Facebook group</a> today to discuss with readers from all over the world, as well as BI editorial staff. <section></section><section></section></article></section></section> <div class="margin-top"> <h3>NOW WATCH: <a href="http://www.businessinsider.com/wall-street-bull-explains-trade-war-trade-war-fears-overblown-2018-4">Wall Street's biggest bull explains why trade war fears are way overblown</a></h3> <div> </div> </div>

CRYPTO INSIDER: The oldest bitcoin exchange is for sale

<ul><li><keyword id="190588" type="COMPANY" weightage="20" keywordseo="kraken">Kraken</keyword> is one of the <keyword id="10830842" type="UNKNOWN" weightage="20" keywordseo="oldest-cryptocurrency-firms">oldest cryptocurrency firms</keyword> and has nearly 60 cryptocurrencies available for trading on its platform. </li><li>It seeks to more than double its valuation after trading in digital assets skyrocketed. </li><li>The company revealed that the trading volume in January this year alone was more than the entire volume of 2019. </li><li><a href="http://businessinsider.in/">Check out the latest news and updates on Business Insider.</a></li></ul>Kraken, one of the biggest cryptocurrency exchanges, has sought a valuation of $10 billion in its latest funding round. This will more than double its worth from its previous funding round, which was around $4 billion. According to a <a href="https://www.bloomberg.com/news/articles/2021-02-25/crypto-firm-kraken-said-to-seek-roughly-10-billion-valuation">Bloomberg News</a> report, Kraken is in talks with financial services company <keyword id="6405604" type="COMPANY" weightage="20" keywordseo="fidelity">Fidelity</keyword>, venture capital firm Tribe Capital and investment firm <keyword id="6375561" type="COMPANY" weightage="20" keywordseo="General-Atlantic">General Atlantic</keyword>. The report added that the valuation may cross $10 billion in this round, but other terms of the discussions are not known yet. San Francisco-based Kraken, founded in 2011, is one of the oldest cryptocurrency firms. It has 59 cryptocurrencies available for trading on its platform. The jump in Kraken’s valuation comes at a time when trading in digital assets – including cryptocurrencies – is skyrocketing. Kraken <a href="https://blog.kraken.com/post/7734/kraken-deploys-system-upgrades-after-surge-in-crypto-interest/">revealed</a> that $56 billion worth trading was done in January this year – more than the entirety of the volume traded in 2019. Cryptocurrency firms generate revenue from the transactions undertaken on their platform, in the form of transaction fees. As more retail investors plough their money into cryptocurrencies, more transactions are undertaken, leading to a growth in revenue of these firms. Kraken noted that it witnessed over a 1000% increase in sign-ups in the first week of February – when prices of <keyword id="6354947" type="LOCATION" weightage="20" keywordseo="bitcoin">Bitcoin</keyword> were on a surge, making record highs and <a href="https://markets.businessinsider.com/currencies/news/bitcoin-price-plunges-valuation-fears-after-record-shattering-rally-2021-2-1030108132">crossing $58,000</a>. While Kraken is one of the oldest cryptocurrency firms, it is still not the biggest. It comes in at the fifth position, according to cryptocurrency analytics aggregator CoinMarketCap. Here are the top cryptocurrency firms as on Feb 26, 2021: <table style="border-width: initial; border-style: none;"></colgroup><tbody><tr><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 1pt;border-top:solid #000000 0.5pt;vertical-align:bottom;padding:0pt 5.75pt 0pt 5.75pt;overflow:hidden;overflow-wrap:break-word;">Rank </td><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 1pt;border-top:solid #000000 0.5pt;vertical-align:bottom;padding:0pt 5.75pt 0pt 5.75pt;overflow:hidden;overflow-wrap:break-word;">Name </td></tr><tr><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 1pt;vertical-align:bottom;background-color:#d9d9d9;padding:0pt 5.75pt 0pt 5.75pt;overflow:hidden;overflow-wrap:break-word;">1 </td><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 1pt;vertical-align:bottom;background-color:#d9d9d9;padding:0pt 5.75pt 0pt 5.75pt;overflow:hidden;overflow-wrap:break-word;">Binance </td></tr><tr><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:bottom;padding:0pt 5.75pt 0pt 5.75pt;overflow:hidden;overflow-wrap:break-word;">2 </td><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:bottom;padding:0pt 5.75pt 0pt 5.75pt;overflow:hidden;overflow-wrap:break-word;">Huobi Global </td></tr><tr><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:bottom;background-color:#d9d9d9;padding:0pt 5.75pt 0pt 5.75pt;overflow:hidden;overflow-wrap:break-word;">3 </td><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:bottom;background-color:#d9d9d9;padding:0pt 5.75pt 0pt 5.75pt;overflow:hidden;overflow-wrap:break-word;">Coinbase Pro </td></tr><tr><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:bottom;padding:0pt 5.75pt 0pt 5.75pt;overflow:hidden;overflow-wrap:break-word;">4 </td><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:bottom;padding:0pt 5.75pt 0pt 5.75pt;overflow:hidden;overflow-wrap:break-word;">Bithumb </td></tr><tr><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:bottom;background-color:#d9d9d9;padding:0pt 5.75pt 0pt 5.75pt;overflow:hidden;overflow-wrap:break-word;">5 </td><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:bottom;background-color:#d9d9d9;padding:0pt 5.75pt 0pt 5.75pt;overflow:hidden;overflow-wrap:break-word;">Kraken </td></tr></tbody></table> Source: CoinMarketCap Kraken rival <keyword id="1972612" type="COMPANY" weightage="20" keywordseo="Coinbase">Coinbase</keyword> is valued at $100 billion While Kraken is seeking a $10 billion valuation, its much larger rival Coinbase is going for a direct listing on the Nasdaq stock exchange. A recent sale of its shares in the private market <a href="https://www.axios.com/coinbase-valued-100-billion-direct-listing-9b43e316-7ff7-4f6a-a1db-4dc2481a93ee.html">reportedly</a> valued the company at over $100 billion. Coinbase says it turned profitable last year as retail interest in cryptocurrencies increased. It reported net revenue of $1.1 billion in 2020 and a profit of $322 million, after reporting a loss of $30 million in 2019. SEE ALSO: <a href="https://www.businessinsider.in/stock-market/news/bitcoin-is-speculation-of-the-highest-order-and-should-be-banned-says-billionaire-investor-rakesh-jhunjhunwala/articleshow/81177353.cms">Bitcoin is 'speculation of the highest order' and should be banned, says billionaire investor Rakesh Jhunjhunwala</a> <a href="https://www.businessinsider.in/tech/news/coinbase-warns-the-entire-crypto-market-could-be-destabilized-if-bitcoins-anonymous-creator-is-ever-revealed-or-sells-30-their-billion-stake/articleshow/81216382.cms">Coinbase says the entire crypto market could be destabilized if Bitcoin's anonymous creator is ever revealed or sells their $30 billion stake</a> <a href="https://www.businessinsider.in/stock-market/news/warren-buffetts-right-hand-man-blasted-robinhood-slammed-spacs-questioned-bitcoin-and-warned-against-speculating-at-the-daily-journal-annual-meeting-here-are-the-highlights-/articleshow/81198218.cms">Warren Buffett's right-hand man blasted Robinhood, slammed SPACs, dismissed bitcoin, and warned against speculating at the Daily Journal annual meeting. Here are the highlights.</a>

Crypto firm Kraken seeks to double its valuation to $10 billion as trading in digital assets skyrockets

<ul class="summary-list"><li>Bitcoin could surge to $300,000, but the bubble is likely to pop dramatically, Bobby Lee said.</li><li>The founder of the BTCC exchange said the price of bitcoin could fall as much as 90% from its peak.</li><li>Bitcoin has risen by about 800% in a year, to roughly $58,000 in the latest bull-market cycle.</li></ul>The <a href="https://markets.businessinsider.com/currencies/btc-usd">bitcoin price</a> could surge as high as $300,000 in the latest bull-market rally but then plunge 90% into a "winter" lasting years, the founder of the cryptocurrency exchange BTCC said.Bobby Lee <a href="https://www.cnbc.com/2021/03/22/bitcoin-btc-may-hit-300000-but-bubble-could-burst-after-peak-bobby-lee.html">told CNBC's "Squawk Box Asia"</a> on Monday that 2021 is a bull market for bitcoin, of the sort that comes around every three or four years. Lee, who runs the crypto wallet app Ballet, said 2013 and 2017 were also bull-market years in which the <keyword id="4948040" type="PERSON" weightage="60" keywordseo="bitcoin-price">bitcoin price</keyword> increased by 10 or 20 times.He predicted that the price of bitcoin would hit $100,000 by the summer and "potentially" $300,000 by the end of the year "if history plays itself out again."However, Lee said that "bull-market cycles come and go," adding that "after a bull-market peak inevitably it could go down by quite a bit, and that's when the bubble bursts."Lee said bitcoin could enter a "winter" where the price stays low for two or three years. "So after it peaks out, whether it's $200,000, $100,000, or $300,000, people should be aware that it could fall as much as 80% to 90% of its value from the all-time peak," he said.Lee cofounded BTCC in 2011, making it one of the oldest cryptocurrency exchanges.The bitcoin price has roughly doubled this year, to about $58,100 on Monday, down from a high of close to $62,000 a week ago. It is up by almost 800% from last March, when it tumbled as the coronavirus outbreak started to batter the global economy.Advocates say the world's biggest cryptocurrency by market value will continue its remarkable run, as <a href="https://www.businessinsider.com/bitcoin-btc-institutional-interest-cryptocurrencies-wall-street-tesla-microstrategy-jpmorgan-2021-3">institutional investors increasingly become involved</a>. They also argue that bitcoin can act as a hedge against inflation, which many investors expect to rise.But critics say <a href="https://www.businessinsider.com/bitcoin-bubble-ubs-cryptocurrency-could-become-worthless-volatility-not-currency-2021-2">bitcoin's massive volatility</a> means its institutional adoption will be limited. Many argue that it is in a bubble driven by huge amounts of stimulus and is set for a price crash similar to after 2017, when bitcoin plunged below $4,000 from about $20,000 in just over a year."I don't know if history will repeat itself, but what we do know is that bitcoin bull-market cycles come every four years, and this is a big one," Lee said.Read more: <a href="https://www.businessinsider.com/bitcoin-investing-crypto-hedge-fund-cio-explains-rally-defi-nfts-2021-3" target="_blank" rel="noopener">The CIO of a crypto hedge fund breaks down why bitcoin could rally as high as $400,000 in 2 years - and explains why he's also bullish on DeFi and NFTs</a>

Bitcoin could plunge 90% into a 'winter' lasting years after another surge, crypto-exchange founder says

<ul class="summary-list"><li>Bitcoin tumbled to a six-month low below $38,000 on Friday, as a broad <keyword id="13003003" type="UNKNOWN" weightage="60" keywordseo="crypto-sell-off" source="Orion">crypto sell-off</keyword> intensified.</li><li>Investors have dumped both cryptocurrencies and tech stocks as they prepare for the Fed to hike interest rates in 2022.</li></ul><a href="https://markets.businessinsider.com/currencies/btc-usd">Bitcoin</a> plunged as much as 10% to a six-month low below $38,000 on Friday as cryptocurrencies dropped across the board, following tech stocks lower.Bitcoin was down 9% to $38,274 on the Coinbase exchange as of 9.05 a.m. ET. It had earlier fallen to $37,704, the lowest price since late July and early August 2021, before paring some of its losses.The biggest and oldest cryptocurrency has slumped more than 20% over the last month to stand far below November's record high of close to $69,000.Meanwhile, <a href="https://markets.businessinsider.com/currencies/eth-usd">ethereum</a> was down 12.4% to $2,788 Friday. It has fallen 30% over the last month, down sharply from a record high of close to $5,000 in November.Investors have been rapidly selling both cryptocurrencies and speculative technology stocks in anticipation of the Fed withdrawing its support for <keyword id="11893875" type="UNKNOWN" weightage="100" keywordseo="markets" source="Orion">markets</keyword> and the economy in 2022. Traders think the central bank will <a href="https://markets.businessinsider.com/news/stocks/federal-reserve-interest-rate-outlook-balance-sheet-reduction-goldman-sachs-2022-1">raise rates four times</a> this year, an expectation that has rapidly pushed up <a href="https://markets.businessinsider.com/rates/U-S--Rates-10-Years">bond yields</a>.Higher bond yields have in turn made <keyword id="11893898" type="UNKNOWN" weightage="60" keywordseo="crypto" source="Orion">crypto</keyword> and unprofitable tech companies <a href="https://markets.businessinsider.com/news/stocks/why-are-tech-stocks-falling-explained-federal-reserve-interest-rates-2022-1">look unattractive</a>, given that neither offer yields of their own. Instead, investors have pivoted towards so-called value stocks in sectors such as energy and finance that are more closely linked to the health of the economy."Bitcoin is getting pummeled, hit by another wave of risk aversion in the markets," said Craig Erlam, senior market analyst at trading platform Oanda. "It doesn't look good for the cryptocurrency."Naeem Aslam, chief market analyst at AvaTrade, said: "From the technical price perspective, the <keyword id="11893206" type="UNKNOWN" weightage="60" keywordseo="bitcoin-price" source="Orion">bitcoin price</keyword> has violated the key support level of $40,000, which was already tested a few times before. "Now all eyes are on the next two important price levels: $35,000 and the most important one is $30,000."Read more: <a href="https://www.businessinsider.com/trades-fed-rate-hikes-inflation-volatility-stock-crypto-options-strategies-2022-1?r=US&amp;IR=T">A 21-year veteran trader breaks down an options trade designed to help investors 'sustain risks long enough to see the light of profitability' — and explains why bitcoin could continue to move in tandem with tech stocks</a>Thursday's proposal by Russia's central bank <a href="https://markets.businessinsider.com/news/currencies/russia-central-bank-crypto-ban-activity-mining-trading-bitcoin-2022-1">to outlaw</a> the mining and trading of cryptocurrencies was another factor weighing on prices, analysts said.The broad cryptocurrency complex was a sea of red Friday. Binance coin, the third-biggest token, was down 11%; cardano was 13% lower; and solana had dropped 15%.Even bitcoin bulls have become concerned about the impact of Fed policy and bond yields on the <keyword id="11909331" type="UNKNOWN" weightage="60" keywordseo="crypto-market" source="Orion">crypto market</keyword>.Galaxy Digital founder and crypto billionaire Mike Novogratz <a href="https://markets.businessinsider.com/news/currencies/mike-novogratz-crypto-billionaire-investor-bitcoin-ethereum-price-bond-yields-2022-1">said this week</a>: "As long as rates go higher, we will see pressure on Nasdaq and crypto." SkyBridge Capital boss Anthony Scaramucci has said his investment firm <a href="https://markets.businessinsider.com/news/currencies/anthony-scaramucci-skybridge-investor-bitcoin-price-outlook-dip-volatility-2022-1">is not buying the dip</a> this time around, despite recommending it in the past.However, Aslam said investors are likely to buy into the weakness at some point, with many seeing digital assets as the currencies of the future."Smart money and other institutions are certainly going to take advantage of the current price action, and they are likely to bag some great bargain."

Bitcoin crashes 10% to a six-month low below $38,000, as cryptocurrencies follow tech stocks lower

<ul class="summary-list"><li>The retail momentum behind <keyword id="1985091" type="PERSON" weightage="60" keywordseo="dogecoin">dogecoin</keyword> makes it the asset of the year, <keyword id="11167282" type="UNKNOWN" weightage="60" keywordseo="Sam-Bankman-Fried">Sam Bankman-Fried</keyword> said.</li><li>Endorsement by Elon Musk and the like are crucial to its growth, the <keyword id="11172506" type="UNKNOWN" weightage="60" keywordseo="crypto-billionaire">crypto billionaire</keyword> said.</li><li>He likened GameStop's sudden spike to the dogecoin trading pattern, powered by day-traders.</li></ul>Sam Bankman-Fried, the 29-year-old billionaire founder of <keyword id="2721952" type="PERSON" weightage="60" keywordseo="crypto">crypto</keyword> exchange FTX, said in a <a href="https://jaxandmartinshow.com/2021/06/02/2-the-10-billion-man-hes-28-and-its-all-from-cryptocurrencies-with-sam-bankman-fried/">recent podcast</a> that <a href="https://markets.businessinsider.com/currencies/doge-usd">dogecoin</a> should be named asset of the year, given the massive fanbase the meme token has managed to rack up."If there is an asset of the year for 2020 and 2021, it would be dogecoin," he said in an episode of <a href="https://jaxandmartinshow.com/" target="_blank" rel="noopener">The Jax Jones and Martin Warner Show podcast</a>. "That is the asset that accurately reflects our current economic climate. That is the asset that we have all chosen, that we all deserve - for better or for worse."Dogecoin was last trading 12% lower at 22 cents on Monday, amid a broad cryptocurrency sell-off triggered by China's <a href="https://markets.businessinsider.com/currencies/news/bitcoin-price-btc-china-mining-crackdown-sichuan-cryptocurrencies-ether-2021-6-1030538480">intensification of its crackdown</a> on crypto mining and <a href="https://markets.businessinsider.com/currencies/news/china-central-bank-pboc-ordered-banks-alipay-stop-cryptocurrency-services-2021-6-1030539203">services</a>. The digital token is still up around 4,700% so far this year.Bankman-Fried said he wasn't attempting to either endorse or reject dogecoin, or even take a position on it. "I'm just saying everything we as a society have decided over the last year has been dragging us closer and closer to the dogecoin financial standard."The meme token has seen its popularity explode this year after influencers including Elon Musk and Mark Cuban drove attention and support its way via tweets. Dogecoin investors bet on being able to cash out by selling to the next person looking to invest, so they can make a quick buck, and those comments drew a lot of new entrants to the market.Cardano creator and ethereum cofounder Charles Hoskinson is among those who have warned that this situation is a bubble waiting to burst and that investors will be left holding the bag if they don't exit in time.Digging into why and when retail investors turned their attention to dogecoin, Bankman-Fried said celebrity endorsements are fundamental to the token's future growth."Elon is a powerful piece of this - he is actually the most influential man in the world when it comes to financial assets right now," he said. "Everyone kind of knew he'd choose Dogecoin. And we chose Elon. We signed up for this. We signed up for some amount of self-aware mockery, for some amount of a sense of humour, and for some amount of challenging norms."He agreed that dogecoin's value is not based in its underlying technology, and suggested people don't invest in it for the product or its roadmap. "They buy it because it is just a funny looking dog and the fact that it is pronounced 'doge'. That's why they bought it," he said.Bankman-Fried also discussed <a href="https://markets.businessinsider.com/stocks/gme-stock">GameStop stock's</a> sudden price spike, and decribed how day-traders are deciding what the value of such assets should be."The only surprising thing was that it wasn't a cryptocurrency, because that pattern happens all the time in crypto -it's not unusual," he said.He went on to talk about how Reddit traders banded together to ignite the video-game retailer's trading momentum, and how that connected with dogecoin trading."The moment that Robinhood banned buying of GameStop, hundreds of millions of dollars flowed instantly into dogecoin. Directly out of GameStop into dogecoin. Because those are the same types of assets. People see them very similarly," Bankman-Fried said, adding that millions of day-traders en masse can decide the valuation of an asset after discussing it on social media.Read More: <a href="https://www.businessinsider.com/bitstamp-ceo-shares-3-cryptos-use-cases-why-no-ipo-2021-6" target="_blank" rel="noopener noreferrer">The CEO of the world's oldest active crypto exchange breaks down why going public is 'a dangerous distraction' - and shares the 3 types of cryptocurrencies with real-world use cases that he's excited about</a>

Crypto billionaire Sam Bankman-Fried discusses why dogecoin should be named asset of the year - and how its rise reflects the meme-stock trend

<ul class="summary-list"><li><keyword id="11985141" type="UNKNOWN" weightage="60" keywordseo="ukraine" source="Orion">Ukraine</keyword> asking for <keyword id="11893902" type="UNKNOWN" weightage="60" keywordseo="bitcoin" source="Orion">bitcoin</keyword> donations to support its fight against <keyword id="11894337" type="UNKNOWN" weightage="60" keywordseo="russia" source="Orion">Russia</keyword> is bullish for <keyword id="11893898" type="UNKNOWN" weightage="60" keywordseo="crypto" source="Orion">crypto</keyword>, <keyword id="12046048" type="UNKNOWN" weightage="60" keywordseo="tom-lee" source="Orion">Tom Lee</keyword> said.</li><li>The Ukrainian government has taken in around $17 million in cryptocurrency, according to data provider Elliptic.</li></ul>The Ukrainian government asking for donations in <a href="https://markets.businessinsider.com/currencies/btc-usd">bitcoin</a> shows the utility of the cryptocurrency and is a positive sign for the market, veteran strategist Tom Lee has said.Ukraine government accounts have raised around $17 million worth of cryptocurrency after asking for donations to help the country in its war with Russia, <a href="https://www.elliptic.co/blog/live-updates-millions-in-crypto-crowdfunded-for-the-ukrainian-military">according</a> to blockchain data company Elliptic."Still think bitcoin is not useful?" Tom Lee, co-founder of financial research company <keyword id="11921656" type="UNKNOWN" weightage="60" keywordseo="fundstrat" source="Orion">Fundstrat</keyword>, said in a note to clients Monday.He said Ukraine's requests for cryptocurrency "highlights the strength of the case for bitcoin and crypto as digital money." He added: "A sovereign nation is not asking for USD donations, but rather crypto donations. Wow."Bitcoin has fallen sharply since hitting a record high of close to $69,000 in November. Investors have sold assets deemed to be at the riskier end of the spectrum, including many tech stocks, as they've braced for the Federal Reserve <a href="https://www.businessinsider.com/federal-reserve-hints-raise-interest-rates-inflation-fomc-meeting-january-2022-1">to hike interest rates</a> this year.However, bitcoin and other tokens rose dramatically Tuesday, as the correlation with stocks appeared to fade. The world's oldest cryptocurrency was up 10% to $43,779 on the Coinbase exchange shortly after 10 a.m. ET.The fact that rich Russians are now looking for ways to get around Western sanctions could also be boosting bitcoin and other cryptocurrencies, famed emerging market investor <a href="https://markets.businessinsider.com/news/currencies/bitcoin-price-btc-russia-ukraine-invasion-crisis-cryptocurrencies-mark-mobius-2022-3">Mark Mobius told CNBC</a> Tuesday.The US and its allies agreed to cut certain Russian banks <a href="https://www.businessinsider.com/russia-close-swift-ban-more-eu-countries-support-ejection-2022-2?utm_medium=ingest&amp;utm_source=markets&amp;utm_medium=ingest&amp;utm_source=markets">out of the crucial SWIFT</a> global payments messaging service over the weekend, and have imposed sanctions on numerous members of the country's elite.Lee said: "Surely this will force Russia to seek alternative ways to route and access capital. Perhaps Russia might seek its own crypto paths."The whole cryptocurrency complex was strongly in the green Tuesday, despite the <a href="https://markets.businessinsider.com/index/s&amp;p_500">S&amp;P 500</a> opening lower. <a href="https://markets.businessinsider.com/currencies/eth-usd">Ethereum</a>, the second-biggest token, was up around 9% to $2,982.

You Searched For "oldest crypto exchange" and got 6 results

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