Trader Top 9: Is Binance.US a Threat to Coinbase?

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Welcome back to another jam-packed Trader Top 9!  Last week, the headlines centered around Ethereum's surge and increased crypto adoption.  This week, the focus remains largely the same as Ethereum continued its climb, a popular restaurant chain announced it would accept bitcoin as payment, and Binance.US gained momentum.

9. One of the main narratives over the past year has been the amount of money printing occurring both in the U.S. and around the world.  Although the Consumer Price Index (CPI) is supposed to correctly measure the inflation rate over a certain period of time, the below chart certainly brings into question whether the CPI is the best measure.

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8. Tesla made headlines in February when it announced in an SEC filing that it purchased $1.5 billion worth of bitcoin.  Well, just recently Tesla announced that it sold 10% of its bitcoin and Dave Portnoy took advantage of the opportunity to spread some FUD.  Fortunately, Elon Musk was quick to explain the reason behind the sale and it makes perfect sense.  

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7. Last week, Binance.US announced that it hired Brian Brooks, the former Comptroller of the Currency, as its CEO.  Although Coinbase has been the biggest name in U.S. cryptocurrency trading for years, could Binance.US eventually catch them?  The recent increase in volume traded on Binance.US certainly indicates that Coinbase should be nervous.  As a side note, starting next week, we will be supporting Binance.US trading on our platform.  

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6. Bitcoin has cooled off a bit lately but Ethereum certainly hasn't.  ETH hit a new all-time high last week and just hit another new all-time high today of $2,797.23.  Even DeFi is struggling to keep pace with ETH.

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5. Although trading action may not be favorable for bitcoin at the moment, crypto adoption continues to grow.  The island of Bequia, which is part of Saint Vincent and the Grenadines, announced that it would become the world's first fully Bitcoin-enabled community.  

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4. Bequia wasn't the only place to get in on the bitcoin fun.  Landry's announced that between 80% and 90% its restaurant brands, such as Bubba Gump Shrimp Co. and Morton's The Steakhouse, would begin accepting bitcoin for payment within the next 90 days.

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3. Sean Culkin, an NFL player from the Kansas City Chiefs, announced that he will receive 100% of his base salary in bitcoin.  Russell Okung, of the Carolina Panthers, previously announced a similar arrangement.  Could this be the start of a new trend?

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2. JP Morgan, after years of talking down bitcoin, has finally launched a bitcoin fund for its wealthy clients.  What does this mean for the future of bitcoin?  Well, at the very least, it's probably a good indication that JP Morgan is bullish on both price and regulation.

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1. Do you ever have to deal with that annoying person who says "I told you so" when bitcoin and crypto have a down day?  Just show them the 10 year "scoreboard" below and you'll have an instant mic drop moment!  Nothing else will need to be said.

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🔥 Cove Markets now has a Telegram group and a Reddit community page.  Please stop by and let us know what you thought about this week's Trader Top 9! 🔥

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