🗞 Daily Crypto News, May, 14th💰

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Welcome to the Daily Crypto News: A complete News Review, Coin Calendar and Analysis. Enjoy!

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🗞 DOJ, IRS Investigating Crypto Exchange Binance

Binance Holdings Ltd. is facing a federal investigation by the U.S. Department of Justice and the Internal Revenue Service, Bloomberg reported Thursday.

Officials specializing in tax and money-laundering investigations are probing the world’s largest crypto exchange, according to the report.

Binance operates a sprawling global empire of crypto trading, including derivatives, which are essentially barred from the U.S. market. Binance has attempted to project itself as above-board through recent regulatory hires, including former U.S. senator Max Baucus. Former banking regulator Brian Brooks was installed as CEO of Binance’s U.S. affiliate last month. Binance is based in the Cayman Islands.

“We take our legal obligations very seriously and engage with regulators and law enforcement in a collaborative fashion,”* a Binance spokeswoman said in a statement. “We have worked hard to build a robust compliance program that incorporates anti-money laundering principles and tools used by financial institutions to detect and address suspicious activity.”*

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🗞 MicroStrategy Buys $15 Million Bitcoin, Rejects Elon Musk’s Bitcoin Criticism

For months, MicroStrategy CEO Michael Saylor’s huge acquisitions of Bitcoin have been overshadowed by Elon Musk, the Tesla and CEO of SpaceX who disclosed purchases of billions of dollars in Bitcoin earlier this year.

But when Musk turned his back on Bitcoin this week, citing environmental concerns, the price crashed. So Saylor seized the opportunity to buy the dip.

"Elon and Tesla performed less due diligence buying a billion of Bitcoin than I do on my average shitcoin trade," quipped Rob Paone of crypto recruiting firm Proof of Talent.

“MicroStrategy has purchased an additional 271 bitcoins for $15.0 million in cash at an average price of ~$55,387 per #bitcoin,” tweeted the CEO of the cloud computing firm yesterday.

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MicroStrategy’s purchase brings its Bitcoin holdings to 0.437% of Bitcoin’s entire supply. Tesla has disclosed holdings of under half of that: 43,200 Bitcoin, or 0.206%.

And MicroStrategy is far deeper into Bitcoin than Tesla. MicroStrategy’s Bitcoin holdings comprise 97% of its market cap of $4.76 billion. Tesla’s Bitcoin exposure amounts to just 0.3% of its $757 billion market cap.

🗞 Coinbase Boosts Year Active Users Forecast Range, Reports Q1 Results Inline With Preview

Coinbase, issuing its first quarterly earnings report as a public company, reported Q1 results largely in line with its preliminary announcement made early last month. The U.S.’ largest cryptocurrency exchange boosted its year forecast range for active users, a key metric.

For the Q1, Coinbase reported:

  • Net income $771.5 million, preliminary $730 million to $800 million.
  • Adjusted EBITDA $1.12 billion, preliminary $1.1 billion.
  • Revenue $1.8 billion with $1.54 billion from transaction revenue and $56.4 million from Subscriptions and Services revenue, preliminary $1.8 billion.
  • Transaction revenue from institutions increased eightfold from $10 million in Q1 2020 to $85 million in Q1 2021.

For the Q2, Coinbase said it expects all of its business metrics to meet or exceed the results recorded in Q1. Q2 trading volume will “slightly” exceed Q1 trading volume if it persists at the same pace, the company said.

🗞 Dogecoin Price Jumps 30% After Coinbase Says It Will List Token

  • Dogecoin was created as a joke token.
  • Coinbase is serious about cashing in on its popularity

Cryptocurrency prices have been down in the dumps the last few days, especially Dogecoin.

But U.S. crypto exchange Coinbase's announcement today that it will soon allow trading of the fourth-largest token by market cap has revived Dogecoin's fortunes.

DOGE, which traded for as low as $0.38 at one point on Thursday, is now going for $0.50 across exchanges where it is listed, including Binance, FTX, and Kraken.

🗞 Daily Crypto Calendar, May, 14th💰

  • PlotX (PLOT)

"PlotX v2 Mainnet on Polygon to launch on May 14th, 2021"

  • Amepay (AME)

"@Ame_pay's own marketplace will be Live after testing in just 4 weeks."

  • Student Coin (STC)

"Major European Exchange Listing"

  • Bafe.io (BAFE)

"$BAFE (BAFE.io) to be Listed on #LBank @Bafeio"

  • 0x (ZRX), Maker (MKR), REN (REN)

"To that End, Kraken Is Supporting Three New Assets: Maker, Ren and 0x. Trading Will Start at 15:30 UTC for all Assets."

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