CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 82.67% of retail investor accounts lose money when trading CFDs. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money

Shares in crypto exchange Coinbase jump on NBA deal

By Mensholong Lepcha

04:54, 20 October 2021

Coinbase app on a smartphone
Coinbase app on a smartphone - Photo: Shutterstock

Shares in Coinbase Global closed over 4% higher on Tuesday after the company signed a multi-year deal to become the National Basketball Association’s (NBA) exclusive cryptocurrency platform partner.

The deal, which is the first cryptocurrency platform partnership for US professional basketball, will see Coinbase partner with the NBA, Women’s National Basketball Association, NBA G League, NBA 2K League and USA Basketball.

Coinbase will feature during televised NBA games and will create content to educate fans on the cryptocurrency economy, said the press release.

Collaboration

“We look forward to collaborating with Coinbase to provide fans with new ways to engage with the league and each other, while also enhancing the experience for fans who are already Coinbase users,” said Kerry Tatlock, NBA global marketing partnerships and media senior vice president.

This week saw a number of bitcoin exchange-traded funds (ETFs) launch in the US after receiving market watchdog US Securities and Exchange Commission’s (SEC) approval in what proved to be a watershed moment for cryptocurrencies.

XRP/USD

0.69 Price
+0.530% 1D Chg, %
Long position overnight fee -0.0616%
Short position overnight fee 0.0137%
Overnight fee time 22:00 (UTC)
Spread 0.01168

Gold

2,554.20 Price
-0.760% 1D Chg, %
Long position overnight fee -0.0176%
Short position overnight fee 0.0094%
Overnight fee time 22:00 (UTC)
Spread 0.30

BTC/USD

89,737.95 Price
+1.150% 1D Chg, %
Long position overnight fee -0.0616%
Short position overnight fee 0.0137%
Overnight fee time 22:00 (UTC)
Spread 106.00

ETH/USD

3,189.37 Price
+0.960% 1D Chg, %
Long position overnight fee -0.0616%
Short position overnight fee 0.0137%
Overnight fee time 22:00 (UTC)
Spread 6.00

On Tuesday, newly registered ProShares Bitcoin Strategy ETF rose over 2% on its first day of trade on the New York Stock Exchange. 

Bitcoin nears record high

On Wednesday, Bitcoin prices were about 1% off all-time highs of $64,804.72, according to CoinGecko.

Over the past 24 hours, bitcoin rose 2.2% to $63,960.29 by midday in Tokyo on Wednesday. The bellwether cryptocurrency took its seven-day gains to over 13%.

Alt-coins Ethereum inched 0.4% higher to $3,852 while Cardano fell over 2% to $2.1 on Wednesday.

Read more: US SEC approves landmark bitcoin ETF

Rate this article

Capital Com is an execution-only service provider. The material provided in this article is for information purposes only and should not be understood as investment advice. Any opinion that may be provided on this page does not constitute a recommendation by Capital Com or its agents and has not been prepared in accordance with the legal requirements designed to promote investment research independence. While the information in this communication, or on which this communication is based, has been obtained from sources that Capital.com believes to be reliable and accurate, it has not undergone independent verification. No representation or warranty, whether expressed or implied, is made as to the accuracy or completeness of any information obtained from third parties. If you rely on the information on this page, then you do so entirely at your own risk.

Still looking for a broker you can trust?

Join the 660,000+ traders worldwide that chose to trade with Capital.com

1. Create & verify your account 2. Make your first deposit 3. You’re all set. Start trading