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Andrew Throuvalas



Articles by Andrew Throuvalas

Bitcoin Dips As Powell Voices Plans To Accelerate Bond Taper

14 hours ago

Jerome Powell – Chairman of the Federal Reserve – has now confessed that rising US inflation numbers are not “transitory”. As such, he is considering speeding up the taper on the Fed’s bond purchase program to bring inflation under control.
As the news dropped, Bitcoin’s price almost immediately fell by $2000.
Inflation Not “Transitory,” Says Powell
The chairman voiced his new plans while testifying in front of the Senate earlier today. He said that the US economy is currently strong enough – and inflation hot enough – to warrant a faster taper.
“It is appropriate, I think, for us to discuss at our next meeting, which is in a couple of weeks, whether it will be appropriate to wrap up our purchases a few months earlier,” said Powell.
Jerome Powell. Source: Barrons
At the

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Coinbase Acquires Israel-based Unbound Security

17 hours ago

Coinbase – a popular cryptocurrency exchange – recently acquired the Israel-based cryptographic security company, Unbound Security. The exchange notes that this gives them an all-new presence in the region, which is “a well-established and rapidly growing technology hub.”
How Unbound Helps Coinbase
Coinbase announced its latest acquisition in a blog post earlier today. The company said Unbound is a first-mover on cryptographic security technology, including a new area called “secure multi-party computation,” or “MPC”. The technology involves advanced mathematics which fosters easier storage and transfer of digital assets. Apparently, Yehuda Lindell – Unbound’s co-founder – is a world leader on MPC.
“Coinbase not only gains access to some of the world’s most sophisticated

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Invesco Launches Bitcoin Spot ETP With German Stock Market Operator

1 day ago

Deutsche Borse – a German stock market operator – recently announced the listing of a Bitcoin Spot ETN on its digital stock exchange “Xetra.” The product comes from Invesco, an American investment management company that filed for a Bitcoin futures ETF in the US in August but recently dropped.
Invesco’s Spot ETN
Deutsche Borse revealed the new product in a press release on Monday. Accordingly, the “Invesco Physical Bitcoin” ETN (ticker: BTIC) offers “physically secured access to Bitcoin performance.”
The ETN was admitted by the Regulated Market of the Frankfurt Stock Exchange and is centrally cleared through Eurex Clearing. This will provide “significantly reduced risks in the settlement of transactions,” as reads the announcement.
ETF Stream elaborated that the ETN’s

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Since Launching Smart Contracts, Cardano (ADA) Price is Down Only

2 days ago

While Ethereum and Bitcoin have touched multiple all-time highs in the last two months, Cardano hasn’t seen any new peaks since September. Launching smart contracts didn’t seem to put much wind in its sails, and its market cap continues to decline.
Slow Period for Cardano
As of September 2nd, 2021, ADA’s price peaked at over $3, and its market cap nearly surpassed $100 billion. This was followed by a steep dropoff on September 7th alongside the rest of the crypto market, when El Salvador’s Bitcoin law took effect.
Less than a week later, Input Output – the team behind Cardano – confirmed the deployment of the Alonzo upgrade. This brought smart contract compatibility to the network, using the Plutus framework. ADA’s price saw a short pump back up to $2.71 in the aftermath

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Crypto Resource DappRadar to Launch Own Governance Token

3 days ago

DappRadar – a popular dApp discovery and analysis platform – recently confirmed plans for a platform-native token called RADAR. It is intended to help DappRadar decentralize its future operations.
RADAR Token
The company revealed the RADAR token at an event in the crypto VR game Somnium Space earlier this week. According to a statement seen by CryptoPotato, RADAR is a governance token granting its holders greater influence over DappRadar’s broader ecosystem.
Through various methods, the token will reward holders for their contribution and involvement with the platform’s growth. That includes taking part in decision-making processes, meaning users will become the core of the service.
Skirmantas Januškas – co-founder and CEO of DappRadar – said the token’s introduction is

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El Salvador Buys The Dip, Adds 100 More Bitcoin To Existing Stash

4 days ago

Nayib Bukele – President of El Salvador – recently announced that his country has purchased another 100 Bitcoin. That’s about $5.4 million worth of the primary cryptocurrency, at today’s prices.
El Salvador Continues to HODL
As always, the “CEO” of El Salvador (as reads his bio) casually announced the purchase in a tweet on Friday. Despite Bitcoin’s bearish slump this week, the president has not second-guessed his investment. Instead, he took it as a chance to stack sats.
“El Salvador just bought the dip. 100 extra coins acquired with a discount,” reads the tweet.
Last month, the president announced a much larger purchase of 420 Bitcoin, after its dollar price descended into the lower sixty thousand range. Combined with the recent purchase, El Salvador now holds well over

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Hillary Clinton Advocates For Crypto Regulation To Protect Dollar’s World Reserve Status

6 days ago

Hillary Clinton – former first-lady and US Secretary of State – recently called for the Biden administration to regulate the crypto markets. She said the technology could be “manipulated” by Russia and China, and even “destabilize” the dollar’s status as the world reserve currency.
Crypto Versus America
Clinton re-affirmed her anti-cryptocurrency stance in conversation with MSNBC’s Rachel Maddow on Wednesday. Her comments were part of a larger conversation on regulating tech companies to protect them from foreign influence.
After discussing Google and Apple’s recent compliance with Russian authorities, Clinton pivoted to the issue “on the horizon”, being the crypto market. She showed concern over “even larger sums of money” being amassed by Russia or China through the

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Dogecoin (DOGE) Is Not Good For The Crypto Market, Says Ripple CEO

6 days ago

Brad Garlinghouse – CEO of Ripple – recently stated that Dogecoin might not be good for the crypto market. In the context of using cryptocurrencies as an inflation hedge, he said that the meme coin’s inflationary nature doesn’t fit well into that picture.
Can Doge Really Fight Inflation?
The CEO aired his thoughts on the meme coin in a CNBC-moderated panel discussion at the Fintech Abu Dhabi event on Tuesday. While discussing the broader cryptocurrency market, he said that rising inflation is creating “tailwinds” for the entire sector.
Earlier this month, the labor department reported a 6.2% annual inflation for the month of October. Shortly afterward, Bitcoin’s price shot to an all-time high of $69K.
That said, Garlinghouse questioned how well Dogecoin could use this

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Breadwallet Acquired by Coinbase: BRD Skyrockets by 400%

7 days ago

Breadwallet – an open-source cryptocurrency software wallet – recently announced that it has been acquired by Coinbase. In response to the news, BRD token’s price has soared by 400%.
Breadwallet Joins Coinbase
Breadwallet announced its acquisition by Coinbase in a blog post earlier today. The team stated that it will work with the exchange to bring decentralization to more users around the world.
“At this time, nothing will change in the BRD wallet app,” read the statement,  “and as always, your funds are safe and secure. You may continue to transact normally. In the future, BRD wallet users will have an optional migration path to self custody with Coinbase Wallet, which will include a special gift. Stay tuned for more details to come in 2022.”
Breadwallet launched as an

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Over Million ETH Burned Just 3-Month After EIP-1559 Implementation

7 days ago

Since EIP-1559 took effect in August, Ethereum has now burned over 1 million Ether from circulation. At today’s prices, that’s over $4.2 billion in value.
Torching The Ethereum Network
Data from Watch The Burn reveals the Ethereum network’s achievement of this latest milestone. At the time of writing, it shows that 1,002,000 ETH have been burned since the London hard fork on August 5th. The network has proven capable of maintaining its high burn rate, which saw its first $1 billion destroyed within about a month.
In that time, nearly 1.5 million Ether have been minted and distributed to miners as block rewards.  That said, there have been times when the burn rate exceeded the issuance rate, such as earlier this month.
The London hard fork was intended to lower transaction

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Flare Partners With Enterprise Gaming Platform Rival to Become Its Preferred Token Platform

7 days ago

The Federal Byzantine Agreement-based (FBA) network, Flare, recently partnered with Rival to become its preferred NFT, Utility, and DAO token platform for Rival’s NFT marketplace.
Flare and Rival’s Partnership
Rival is an enterprise solution that integrates gaming, esports, and now NFTs, into a company’s fan-engagement strategy. Some of these entities are the Seattle Seahawks from the NFL and the Arizona Coyotes from the NHL.
Using Flare, fans will be able to trade and engage with one another as NFTs using the project’s canary network, while competing on Rival’s platform. The latter’s CEO Matt Virtue said that the partnership allows his project to “expand” its NFT capabilities across the sports and media worlds.
“This partnership augments the Rival ecosystem and provides

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US President Joe Biden Taps Current Fed Chair Jerome Powell For Second Term

9 days ago

US President Joe Biden has officially renominated Jerome Powell as Chairman of the Federal Reserve, with competitor Dr. Lael Brainard as Vice President. That would put Powell in office for another 4 years, pending Senate confirmation, allowing his agenda for addressing inflation to be put to the test.
Four More Years for Jerome Powell
Biden unveiled his nominations in a white house statement earlier today. Justifying his decision, he credits the US economy’s falling unemployment and relatively fast recovery to Powell’s “decisive action”.
“Chair Powell has provided steady leadership during an unprecedently challenging period, including the biggest economic downturn in modern history and attacks on the independence of the Federal Reserve,” reads the statement.
The president

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Senator Lummis Slams Hillary Clinton, Advocates For Stabilizing US Dollar Using Bitcoin

10 days ago

Cynthia Lummis – Republican Senator for Wyoming – recently fired back at Hillary Clinton for deriding cryptocurrencies. She suggested that Bitcoin offers a hard money solution to the US dollar’s inflation problems.
Lummis Tells Clinton to Embrace The Future
Lummis’s comments follow the cautionary words of former Secretary of State Hillary Clinton earlier this week. In a panel discussion at the Bloomberg New Economy Forum in Singapore, the latter suggested that cryptocurrencies could “destabilize nations.”
Today, Lummis responded to Clinton with the opposite perspective. In a tweet, she said that Bitcoin could help “stabilize” an otherwise unstable US dollar.
“Great leaders do not fear the future. America could win the future by embracing Bitcoin as hard money that can be

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DeFi’s First Syndicated Loan Launched By Alameda Research and Maple Finance

13 days ago

Maple Finance – an institutional capital marketplace for digital assets – has partnered with fintech investment firm Alameda Research to launch Defi’s first syndicated loan. Alameda will use Maple Finance’s new development to provide loans to accredited non-US institutions through a single-borrower DeFi lending pool.
Decentralized Syndicated Loans
Alameda is to operate as the sole borrower of the pool, leveraging its high profile to score better pricing on loans. Lenders to this specific pool include CoinShares, Abra, and Ascendex. They have committed $25 million upon launch, with a growth plan to reach $1 billion over a year. Two other unnamed institutional investors have also provided capital to the loan, but all are AML / KYC qualified.
For the uninitiated, a syndicated

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Cryptocurrency Risks for the Financial Sector are Getting Closer: Bank Of England

15 days ago

Jon Cunliffe – Deputy Governor at the Bank of England – recently asserted that the risks cryptocurrencies pose to the financial sector are drawing closer. He urged regulators to take action before such an economic threat can manifest in traditional markets.
Crypto Threatening The Financial Industry?
The governor aired his thoughts in conversation with BBC’s Today Programme on Monday. He feared that the volatility of cryptocurrency markets could start to spill over into traditional financial markets. He claimed that this risk is “getting closer” and encouraged regulators to “think very hard” about the possibility.
“My judgment is they’re not, at the moment, a financial stability risk, but they are growing very fast, and they’re becoming integrated more into what I might

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Bitcoin May Be The Best Inflation Hedge Around, Cites 99.99% Deflation: Bloomberg

17 days ago

Bloomberg recently found that investors are protecting themselves from fears of rising inflation by using Bitcoin. In a tweet, the company even called it “the best inflation hedge around” depending on how one looks at it.
Bitcoin Beats Inflation
After crunching the numbers, Bloomberg Opinion’s John Authers found that Bitcoin has achieved 99.996% deflation over the past 10 years. What cost one Bitcoin in 2011 now costs just 0.004% of a Bitcoin today. Meanwhile, the CPI has risen 28% in dollars during that time.
Just days ago, Bitcoin surged to a new all-time following the release of US inflation numbers for October. Since last year, the CPI has risen by 6.2% across the country – the fastest rise since 1990. What’s more, when using the 1980’s measure for CPI, inflation has

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The Ethereum Foundation Sends 20 000 ETH ($95M) to Kraken

20 days ago

According to Etherscan, the Ethereum Foundation has once again sent tens of thousands of Ether to Kraken.
Etherscan recorded the transaction only hours ago at 2:56 PM UTC
The transaction shows an Ethereum dev sending a contract of 20 000 Ether to Kraken’s public address. That’s worth over $95 million at today’s prices.
A similar transaction took place on May 17th, when another developer sent 35 000 Ether to the exchange. Those were worth $112 million at the time.
The Ethereum Foundation is a non-profit organization that supports Ethereum and its developers. They provide both financial and non-financial support to the broader ecosystem and have sold Ether in the past to provide it.
According to blockchain analyst Colin Wu, the Foundation owned nearly 400 000 Ether as of May

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Dogecoin to the Moon in Q1 2022 as DOGE-1 Set for Launch by SpaceX

21 days ago

Dogecoin is reaching new highs, but not in the way one might think. Unizen – a smart crypto exchange ecosystem – has partnered with Geometric Energy Consumption (GEC) to fund a mission to the moon with Dogecoin. What’s more, it may be set for launch before any other mission of its kind.
Dogecoin To The Moon, Literally
The organizations are prepared to launch a 40kg Cubesat spacecraft into lunar orbit in Q1 of 2022.
A CubeSat is a miniature satellite used for space research. After gathering lunar spatial data, it will relay knowledge back to GEC using its onboard communications module.
Notably, this launch agreement was funded using DOGE, the notorious meme coin popularized by SpaceX CEO Elon Musk. The mission has appropriately been named “DOGE-1”.
Tom Ochinero – SpaceX

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Ethereum Name Service Airdrops DAO Token, ENS Price Up 160% After Launch

21 days ago

Ethereum Name Service (ENS) – a popular system for decentralized naming – has just airdropped its new governance token on existing name registrants. Twitter is bustling with excitement as some name holders rake in incredible gains from its fast appreciating value.
The Purpose of ENS Token
On November 1st, Brantley.Eth – director of operations at ENS – announced and explained the recent airdrop. In the name of decentralization, he said the team would be “passing ENS governance over to the community” through their new governance token, ENS. Starting then, community members could start applying to be ENS delegates.
“Specifically, we wish to have the ENS root multisig pass over control of the existing ENS treasury, its future funds, and control of the .ETH registrar contract

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Financial Services Giant ING Is Working On A Defi Lending Project

22 days ago

ING – the Dutch multinational banking corporation – has begun collaborating with the Netherlands’ financial authority on utilizing decentralized finance.
The Bank’s Defi Project
Annerie Vreugdenhil – ING’s Chief Innovation Officer – said as much at the Singapore Fintech Festival earlier today. Speaking in a panel discussion, the CIO complimented Singapore’s welcoming regulatory environment. As reported last week, the Monetary Authority of Singapore has no plans on banning Bitcoin. Furthermore, the leader of Singapore’s central bank has shown openness to stablecoin innovation.
“In other places, we work with sandboxes that regulators have,” said Vreugdenhil. “We actually have in Amsterdam now an initiative on DeFi on P2P lending where we are starting to work with the

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Bitcoin Price Breaks Another All-time High Surpassing $67K

22 days ago

Yesterday, Bitcoin’s price surged past $65k and consolidated just below the previous all-time high set on October 20, 2021.
Moments ago, the primary cryptocurrency took off and as of writing these lines, the BTC price recorded a new all-time high above $67.8K, according to Bitstamp exchange.
This comes shortly after the total cryptocurrency market cap crossed the $3 trillion milestone for the first time, whereas Bitcoin’s market cap is entitled for 43.6% of it.
Furthermore, Ethereum – the second-largest cryptocurrency by market cap – continues to break new highs. It currently trades above $4800 per ETH, with almost half of Bitcoin’s total market cap, according to CoinGecko.
Currently, the cryptocurrency’s market cap appears poised to overtake silver’s market cap. At $1.27

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Lending Platform BlockFi Files For Physically-Based Bitcoin ETF

22 days ago

Centralized cryptocurrency exchange and lending platform BlockFi is next in line to file for a Bitcoin ETF with the SEC. However, this ETF is intended to be backed by hard Bitcoin holdings, rather than futures contracts.
The BlockFi NB Bitcoin ETF
According to company documents filed earlier today, the “BlockFi NB Bitcoin ETF” (Ticker: BBBB) will issue shares that reflect the performance of Bitcoin held by the trust. It will direct a yet-unnamed custodian to buy or sell bitcoin on its behalf, in order to pay expenses or redeem shares. Each share will be priced daily based on Coin Metrics’ real-time reference rate on Bitcoin’s current value.
This contrasts with the Bitcoin ETFs which have been approved in the US thus far. Both the ProShares and Valkyries Bitcoin ETFs are

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Brazilian Politician Proposes Bill to Offer Government Workers Payments In Bitcoin

25 days ago

Cryptocurrencies are continuing to gain traction as a payment option by businesses and governments alike. Recently, Deputy Luizão Goulart of Brazil proposed a bill to allow public and private sector workers to be paid in bitcoin. If passed, this would be the biggest national move to support digital asset adoption since El Salvador’s legal tender law.
What’s in the Bill?
The bold bill – proposed earlier this week – comes amidst an ongoing regulatory debate in Brazil surrounding Bitcoin. The first lines of the bill state that workers may be partially and optionally compensated for their work in crypto.
“This Law establishes that part of the remuneration of the worker can, optionally, be made through cryptocurrencies.”
Notably, this bill emphasizes the optional nature of the

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Senator Toomey Promises to Fix Flawed Crypto Brokerage Language In Infrastructure Bill

26 days ago

Pat Toomey – Senator and ranking member of the Senate Banking Committee – is not finished fighting the infrastructure bill. He recently vowed to fix flawed language within the legislation that stirred major controversy in August. He’s also taken issue with the newly released stablecoin report, which recommends regulating their issuers like banks.
Correcting Language On “Crypto Brokers”
The senator aired his thoughts during an interview with Yahoo Finance. In conversation with Jennifer Schonberger, he said he “absolutely wants to fix” the infrastructure bill’s language on cryptocurrency brokers.
Toomey and the rest of the crypto community have taken issue with this legislation for months. In totality, the bill is a monumental investment package of $550 billion, intended to

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Mayor of New York Will Accept His First Three Paychecks in Bitcoin

27 days ago

Eric Adams – New York’s newly elected mayor – has just confirmed that he will accept his first three paychecks in Bitcoin. This comes shortly after the mayor delivered an electoral victory speech promising to make New York “a center for Bitcoin.”

In New York we always go big, so I’m going to take my first THREE paychecks in Bitcoin when I become mayor. NYC is going to be the center of the cryptocurrency industry and other fast-growing, innovative industries! Just wait!
— Eric Adams (@ericadamsfornyc) November 4, 2021

Adams revealed his new plans today on Twitter in response to business podcast host Anthony Pompliano. Two days ago, the popular BTC proponent publicly asked which American politician would be the first to accept his salary in Bitcoin.
Upon news of his

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Leading Indian Payments Platform May Implement Bitcoin Services If Regulators Greenlight Crypto

27 days ago

Madhur Deora – CFO of Paytm – recently said that his company might enable Bitcoin offerings if it gains permission from Indian regulators. Paytm is one of India’s largest mobile payment platform, meaning over 330 million users could gain access to simplified Bitcoin payments if the company follows through.
Waiting on Regulator’s Permission
The CFO hinted at possible Bitcoin services in an interview with Bloomberg this Thursday. In conversation with Haslinda Amin and Rishaad Salamat, the three discussed Paytm’s growth and subsequent funding from international blue-chip companies. Deora said that his company was riding the “strong tailwinds” of digital payments to fuel its massive growth.
“The key is to offer consumers more and more use cases, and more and more payment

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Quentin Tarantino Announces Secret Pulp Fiction NFT Collection

28 days ago

Quentin Tarantino – one of the greatest filmmakers of all time –  recently announced that he would auction seven “secret NFTs” featuring uncut Pulp Fiction scenes. As the first of their kind, these non-fungible tokens feature content viewable only by their owners, making them extra special and valuable.
Tarantino’s NFT Collection
Tarantino’s collection will be distributed on SCRT Labs’ “Secret Network,” a layer 1 blockchain-focused on privacy. The director’s NFTs will utilize the native privacy and access control offered by the network. It will initially be auctioned on the world’s largest NFT marketplace, OpenSea, according to a press release from Secret Network.
Each “secret” of the secret NFTs is one-of-a-kind content that has never been seen or heard before. All buyers

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The US Government Has Released Its Stablecoin Report

29 days ago

Gary Gensler – chairman of the Securities and Exchange Commission (SEC) – recently revealed the US government’s completed stablecoin report. It outlines risks associated with such tokens and provides “prudential” recommendations to congress on how to address them.
Stablecoins: Benefits and Risks
The POTUS’ Working Group on Financial Markets (PWS) produced the report in collaboration with the Federal Deposit Insurance Corporation (FDIC) and the Office of the Comptroller of the Currency (OCC).  It begins by describing some of the potential benefits stablecoins provide, including the use of “faster, more efficient, more inclusive payment options.”
However, it follows by detailing a number of risks stablecoins may pose to financial markets. These include their use for trading

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Burger King and Robinhood Will Give Away 2 Million Dogecoin to Customers

November 1, 2021

Fast-food giant Burger King has partnered with Robinhood to distribute cryptocurrencies to its customers. All buyers that make a $5 purchase will receive guaranteed Dogecoin, alongside a chance to win ether and bitcoin.
Crypto With Your Combo Meal
As detailed in a press release from Burger King earlier today, the new crypto giveaway is part of the business’ Royal Perks program. Members earn “crowns” for every dollar they spend at the restaurant, which may be redeemed for more fast food.
This time, program members that purchase over $5 of food through the Burger King app will receive a prize code via email. This code may be redeemed through the Robinhood Crypto trading app to receive cryptocurrency.
Every prize code includes a guaranteed sum of DOGE – though the exact

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Coinbase Reclaims Top Spot on Apple’s US App Store

October 30, 2021

Following Coinbase’s numerous mainstream marketing initiatives, consumers are demonstrably taking notice. The leading US crypto exchange’s mobile app is once again the most popular product in the App Store. It has received more downloads than any other application in the past few days.
Coinbase Reigns Supreme
A recent look at App Store statistics shows Coinbase as the #1 ranked free app right now. Behind it are the likes of TikTok, Instagram, YouTube, and the newly popular mobile football game “Retro Bowl”. Interestingly, another crypto exchange – CryptoCom – currently holds the #4 spot.
The popularity of these crypto apps is no surprise. Bitcoin recently broke its all-time high following a bull run throughout October and has mostly held above $60 000 since then. The

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