Securities Daily: The listing of Coinbase is a milestone.CeFi and DeFi may coexist and co-prosper

Original title-zce "Nasdaq Opens Its Heart and Embraces "Honest Man" Coinbase Becomes the "No. The opening bell of Nasdaq rang, and the stock code was "COIN". Since then, Coinbase has become the world's first encrypted digital currency trading platform listed on a mainstream stock exchange. The blockchain digital encryption asset industry has ushered in a milestone event. On the same day, as the market expected, the stock price of Coinbase rose sharply at the opening, with an opening price of $381, an increase of 52%. What needs to be reminded is that based on the number of fully diluted shares, the initial market value is close to 100 billion US dollars, reaching 99.6 billion US dollars. Subsequently, Coinbase’s share price quickly soared to US$429.54, an increase of 72%, and its market value once exceeded US$100 billion, reaching US$112 billion. Since then, affected by the negative remarks of Federal Reserve Chairman Powell, its stock price has basically turned all the way down, and the opening price of 381 US dollars has not been maintained, and finally closed at 328.28 US dollars, which is only 31.31% higher than the issue price of 250 US dollars. The total market value exceeds 645 One hundred million U.S. dollars. Looking at the first-day performance of Coinbase, which has always shown itself as a well-behaved "honest man", although the stock price soared and fell, it performed a wonderful "big carnival". Highly appreciated by investors and people in the encrypted digital currency industry. Coincidentally, on the day Coinbase landed on Nasdaq, Powell was doing an online interview. He believes that encrypted digital currency is mainly used to bet on rising prices, and has not reached the status of a payment mechanism. Therefore, "encrypted digital currency is actually a speculative tool." Securities Daily: Blockchain applications will usher in the "landing tide": On June 8, Securities Daily published an article "Blockchain applications will usher in the 'landing tide' and cultivate famous products , famous enterprises and famous parks are the highlights." The article stated that on June 7, the Ministry of Industry and Information Technology and the Office of the Central Network Security and Informatization Commission jointly issued the "Guiding Opinions on Accelerating the Application of Blockchain Technology and Industrial Development." The "Guiding Opinions" proposes to cultivate a group of "famous products, famous enterprises, famous parks", etc., which clarifies specific goals for the ecological development of the entire blockchain, which is conducive to the integrated development of industries, enterprises, and governments from various dimensions, and also provides local The implementation of government policies, how to implement blockchain industry applications, how blockchain companies keep up with national policies, and the development positioning of blockchain industrial parks provide support for implementation. [2021/6/8 23:19:04] As soon as Powell’s cold water was poured out, the price of the newly listed Coinbase stock fell, and gave up most of the gains in the day. At the same time, Bitcoin, which hit a record high of US$65,000 during the day, also fell by more than 5% from its intraday high. In addition, the stocks of top mining machine manufacturers such as Canaan Technology and Yibang International also fell by more than 7% on the day. Although there was a short-term market decline, this did not make investors lose confidence. On the contrary, some people in the industry believe that Powell's "bargaining" as an after-dinner talk may add some joy. And many people believe that in the long run, the listing of Coinbase may stimulate the continuation of the bull market of encrypted digital assets, and make itself grow stronger along with the bull market. While Coinbase has made all parties in the market feel "happy", we have also seen the "ambition" of Nasdaq, which has been committed to embracing technology stocks, in the early and comprehensive deployment of digital finance, digital economy and other fields. If it is said that the leading encrypted digital currency trading platform represented by Coinbase has set up a bridge between investors and encrypted digital currency represented by Bitcoin, we can completely say that following the establishment of the asset management company Grayscale Fund After establishing the bridge between the encrypted digital currency world and the traditional financial world, Nasdaq has built a bridge for encrypted digital currency trading platforms to go public and raise funds on traditional mainstream stock exchanges. Voice | Securities Daily: In 2020, 5G will be fully commercialized to promote breakthroughs in blockchain and other technologies: On January 3, the "Top Ten Prophecy Research Group" of Securities Daily, based on the development of the latest political and economic situation at home and abroad, combined with the research results of relevant think tanks , launched the top ten predictions for 2020. One of them is the comprehensive commercial use of 5G to promote breakthroughs in technologies such as blockchain, which will explode traditional industries and various application scenarios. The National Industry and Information Work Conference held in December 2019 proposed that my country will continue to steadily promote the construction of 5G networks, and strive to achieve 5G network coverage in all prefecture-level cities across the country by the end of 2020. We believe that 2019 is the first year of 5G commercial use, and the pace of commercial use of 5G technology will be further accelerated in 2020. In particular, the acceleration of the layout of 5G base stations means that ecological applications based on 5G networks will enter a stage of explosive growth, and technology applications including blockchain will make positive progress. The superposition of these two technologies can empower traditional industries and various application scenarios. We predict that scale-level incremental funds will enter such enterprises, bringing certain vitality to the capital market. [2020/1/3] Coinbase's listing on Nasdaq has made encrypted digital assets "out of the circle" again. It can be said that the public listing of Coinbase has a lot of impact. In this regard, Yu Jianing, the rotating chairman of the Blockchain Special Committee of the China Communications Industry Association and the president of Huobi University, told the "Securities Daily" reporter, "Coinbase's listing will not only promote capital's acceptance of digital assets, but also benefit Promote the improvement of laws and regulations for the digital asset industry in various countries, promote further research and thinking in digital asset compliance, and finally bring this emerging industry into a benign and healthy growth stage of 'compliance development'." Specifically, the successful listing of Coinbase will have the following three impacts on the digital asset industry: First, it will drive more digital asset trading platforms to ensure compliance. Because "compliance" will be the key to determining the future development of digital asset trading platforms. For example, various traditional financial giants including Chicago Options Trading Platform, Chicago Mercantile Trading Platform and Singapore DBS Bank have launched digital asset compliance trading platforms. The second is to increase mainstream capital's acceptance of digital assets and drive more traditional investors and funds into the market. The third is to promote the improvement of laws and regulations for the digital asset industry in various countries. Sound | Securities Daily: Bitcoin stands firm at $4,000 in the New Year, and more than 30% of the world’s mining machines may run at a loss: Securities Daily published an article titled “Bitcoin’s New Year’s Standing at $4,000, More than 30% of the world’s mining machines may run at a loss”. The article mentioned that in 2019, the encrypted digital currency market in the cold wave seemed to show signs of recovery. Bitcoin finally stood above $4,000 on the first weekend of the new year, and has continued to this day, regaining the $4,000 mark. According to a research report by the Institute of Computing Power Think Tank, the sharp drop in Bitcoin has caused a large number of mining machines to lose money. According to calculations, by the end of December 2018, more than 30% of mining machines were at a loss. The shutdown currency price range of mainstream Bitcoin mining machines is 9,854 yuan to 56,223 yuan. Calculated according to the bitcoin currency price of 25,861 yuan on December 26, 2018, more than 30% of the mining machines are at a loss. [2019/1/10] Dr. Li Zhijie, deputy director of the Financial Technology Research Center of the National Institute of Financial Research of Tsinghua University, told the "Securities Daily" reporter, "Coinbase, the leading centralized encrypted digital asset trading platform, is listed on the stock exchange of the conventional financial system. Nasdaq's direct listing is similar to the integration of business forms and technological synergy in the industrial revolution from electrification and informatization to digital upgrading." He believes that the impact of this event will be multifaceted: first, encrypted digital assets. The industry accelerated the development of compliance. Coinbase started as a secure digital currency wallet business, and its distinctive label is a compliance-focused digital currency trading platform. And the direct listing method is adopted, which reflects the mainstream demand of the market is to accelerate the development under the premise of compliance. The second is to bring new issues to supervision. Coinbase relies on Nasdaq to project its influence into the global multi-level financial system, producing multiple effects. It is a quick trial and error process for the regulatory compliance of the "mixed currency" cross-border flow of conventional financial assets and encrypted digital assets, cross-market financial products and innovative trading methods. The third is that the successful listing of Coinbase means that the centralized financial CeFi in the world of encrypted digital assets will be suppressed in the short term, but the distributed financial DeFi will be promoted in the medium and long term. The fourth is to stimulate new breakthroughs in related industries (such as NFT, integrated wallets with CBDC/DCEP embedded hot and cold services) and technologies (such as blockchain security). Voice | Securities Daily: More than 50% of insurance companies operate Internet insurance empowered by blockchain: Recently, Securities Daily published an article stating that Internet insurance is the migration of sales, underwriting, underwriting, claims and other operational links in the traditional insurance model to Online, and use cutting-edge technologies such as big data, Internet of Things, artificial intelligence, and blockchain for business empowerment. According to the latest research report released by Huatai Securities, as of the end of 2017, a total of 117 insurance companies across the country operate Internet insurance, accounting for 52.7% of the total number of insurance companies. [2018/11/16] Terence, head of Binance’s business in Greater China, told the reporter of Securities Daily that the listing of Coinbase means that it is recognized and regulated by the sec, which plays a positive role in promoting the regulatory development of the entire industry; at the same time , After the listing of Coinbase, it will attract more attention from the traditional financial field to encrypted digital currency. I believe that more and more institutions and investors will pay attention to and join this industry, which is good for the overall market. Regarding whether the listing of Coinbase will further stimulate the continuation of the bull market for encrypted digital assets, Long Dian, the founder of Huoxun Finance, said in an interview with reporters, “Coinbase’s listing in the traditional capital market means that digital assets and traditional physical assets have been integrated, and it is a further step forward. As a powerful driving force to push encrypted digital assets to the mainstream, the successful listing of Coinbase will inevitably stimulate the further expansion and continuation of the bull market of encrypted digital assets.” Fu Rao, executive director of the International New Economic Research Institute, also told reporters, “Coinbase’s income is comparable to that of the entire encrypted digital assets. The asset market and the enthusiasm of retail investors are closely related, which will stimulate the continuation of the bull market of encrypted digital assets." However, Fu Rao also reminded that the value change of encrypted digital currency will still be cyclical, and in the past, it was often seen that the bear market of encrypted digital currency came and traded The total market value of the encrypted digital currency market in the future is still uncertain. Voice | Securities Daily: Bitcoin disputes frequently occur in various places, and some courts remind traders to bear their own risks: According to the Securities Daily, digital currencies led by Bitcoin may not yet be recognized by regulatory authorities, but their circulation transactions generate Many problems have triggered a large number of lawsuits and arbitrations. In this context, courts at all levels have become one of the first departments to face the issue of digital assets. In fact, because the laws and regulations involving digital assets have not yet been perfected, some courts also have the situation of "crossing the river by feeling the stones" when making judgments, and local courts in various places have not consistently identified the virtual digital assets involved. Only on issues such as the legal nature of Bitcoin and whether it is protected by law, there have been many different cases in local courts. At the beginning of this year, the People's Court of Kaifu District, Changsha City issued a judgment stating that Bitcoin should not be used as a pricing or exchange method. The point of view clearly points out that the behavior of bitcoin as an exchange, such as pricing and pricing in bitcoin, violates the national monetary policy.   In some court judgments, Bitcoin is characterized as computer information data and protected. In addition, although Bitcoin has not been "qualified", some courts have stated in their judgments that in Bitcoin transactions, when the trading platform is not the counterparty, the Bitcoin transaction is at the risk of the transaction party. [2018/8/15] Many people in the industry said in an interview with reporters that the listing of Coinbase has led to the need for the market to revaluate other trading platforms and their platform tokens. After all, the listing of Coinbase and the high expectations and high valuations it triggered before its listing have become a new valuation benchmark. Of course, many people hope to remind investors through reporters that they must pay attention to the huge risks hidden in the hot market. In fact, the platform currency sector has almost skyrocketed recently. Among the three major platform currencies, BNB (Binance platform currency) and OKB (Ouyi platform currency) have broken through new highs. BNB even broke through 600 US dollars, and OKB also broke through 24 The U.S. dollar, HT (Huobi Platform Token) also rose from $12 to more than $20. "The expected rise of platform coins such as BNB is directly related to the listing of Coinbase." Long Dian said that for a long time, the valuation of platform coins on encrypted digital currency trading platforms has been completely based on "consensus and imagination in the circle", while the listing of Coinbase has made Traditional markets have a valuation logic for encrypted digital currency trading platforms. From the perspective of daily trading volume, Coinbase is not the largest. As a benchmark, it will naturally stimulate the rise of the three major platform currencies such as BNB. "Coinbase, as the first encrypted digital currency trading platform listed through compliance channels, will receive a lot of attention. It will allow more traditional capital investors to understand encrypted digital asset business, increase user scale and capital inflow. It is the world's three major platforms. It is an important reason for the skyrocketing currency.” said Yu Weiren, president of Gyro Research Institute and vice president of Shenzhen Information Service Industry Blockchain Association. Terence explained, "The listing of Coinbase also makes more users have higher expectations for the future development of platforms such as Binance. In the long run, there is a high probability that it will be linked to the rise of platform coins such as BNB. Therefore, for BNB, whose fundamentals are already good, the positive expectations are even greater.” Regarding whether the listing of Coinbase will set off a wave of listings for encrypted digital currency trading platforms, Terence made it clear to the reporter of Securities Daily Said, "Listing is not the only way out for projects in the blockchain industry. For Binance, we have no plans or preparations for listing for the time being, which is equivalent to diluting the company's value. However, such as BinanceUS cannot be ruled out. It’s a different story if it’s an independent company.” Intriguingly, just before Coinbase’s listing, Binance announced that it will soon list Coinbase Equity Tokens, which are tokenized shares of publicly traded companies. With Coinbase on the verge of listing, Tesla suddenly became Binance’s first listed equity token. This new product is called BinanceStockTokens (bst) zero-commission tradable equity tokens that allow users to trade fractional shares.

Tags：

Ethereum Exchange