December 4, 2022

Crypto Stocks Skyrocket as Bitcoin Rises by 5%

For the first time in almost a month, Bitcoin prices rose by 5 percent, and is now trading above the $20,000 resistance level. Meanwhile, Ethereum prices went up by 11 percent, reaching its highest value since the merge.

Crypto Stocks and Miners Seeing Impressive Growth

Now, both top-ranking cryptos are leading a bullish trend in cryptocurrencies and their stocks. Some of the cryptocurrencies to see a consequent rise in price include MicroStrategy and Coinbase, both of which went up by 10 percent.

In addition, crypto miners are having a field day, with top players like Riot Blockchain, Marathon Digital, Bitfarms, and Hut 8 rising by 11 to 18 percent.

Cathie Wood’s ARKF Adds 10,880 COIN Shares

Just yesterday, Cathie Wood’s ARKF, which is the ARK Fintech Innovation Fund, grew its holdings by adding 10,880 COIN shares. Now, the firm’s holdings of Coinbase stocks have risen to $60.5 million, which is a mere 8 percent of the entire fund.

This purchase was the first occurrence since the fund dropped its Coinbase holdings in July due to an SEC probe. But the crypto markets aren’t the only ones flourishing, as traditional equity markets are rallying as well.

The Nasdaq is up by 1.6 percent, while the S&P grew by 1.1 percent. Currently, analysts are of the view that the Federal Reserve is set to stop the current interest rate hike. As for the dollar and bond yields, both took a hit as of Tuesday.

Apple App Store Promotes New Rules on Digital Assets

Aside from new price growth in various domains, Apple launched new regulations on NFTs and cryptocurrencies. The tech giant mentioned what applications can do with the latest NFT technologies.

Across various crypto exchanges, Apple announced on Monday that some applications can allow crypto transactions through approved exchanges. But then the application can only be offered in regions where it has a license or permission to run a crypto exchange.

Moreover, applications can’t rely on native mechanisms to improve functionality or content, such as crypto wallets or cryptocurrencies.

Moreover, Apple has set the record straight on NFTs that are a digitalized version of real-life assets like artwork. These are often purchased with cryptocurrency.

According to guidelines, applications can use in-app purchases to sell NFTs and related services, like the transferring, listing, and minting of such tokens.

Applications can even provide users the opportunity to look through other users’ NFT collections. However, this is only as long as the applications don’t have CTAs, external links, or buttons that take customers to other purchasing mechanisms besides the in-app purchase.

Consequently, any kinds of NFT trading platform should use Apple’s unique in-app payment system. Using this mechanism, Apple take a 30 percent chunk of all in-application payments.