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Coinbase Selected by Sotheby’s to Facilitate Crypto Payment at Contemporary Art Evening Auction



Coinbase is estimated to facilitate payments of up to 8-figures on Sotheby’s website during the auction period.

Coinbase Global Inc (NASDAQ: COIN) announced that it was selected to facilitate payments by Sotheby’s during the Contemporary Art Evening Auction. Notably, according to Sanchan Saxena, Vice President Ecosystem, Coinbase Commerce will enable the firm to accept Bitcoin and Ethereum for Banksy’s Love is in the Air image.

“Coinbase is proud to provide Sotheby’s with a sophisticated payment solution, backed by our deep liquidity, and expertise with trading cryptocurrencies,” said Sanchan. “This is an example of an enterprise that is evolving with their client base to cater to crypto-forward consumers.”

Reportedly, Coinbase is estimated to facilitate payments of up to 8-figures on Sotheby’s website during the auction period. The firm was selected based on its credibility to offer reliable market data and in turn manage price fluctuations.

The Live Auction is expected to take place on May 12, 2021, in New York. The exhibition opened on Saturday, May 1, and is expected to attract global buyers and sellers.

Notably, during the May 12 live auction, Sotheby’s will conduct the process in US dollars. However, the participants have the option to transact in the supported digital currencies.

Coinbase and Sotheby’s

According to Coinbase, the new partnership with Sotheby’s will open up more avenues for future cryptocurrency adoption. Especially now when more institutional investors and retail traders continue to adopt digital assets as a hedge factor against deflationary fiat currencies.

On the other hand, Sotheby’s anticipates widening the market reach through the digital assets industry. Furthermore, more global artists are embracing digital arts through blockchain technology.

“Leveraging the trusted exchange Coinbase is a natural progression and is in line with our dedication to enhancing our client buying experience and developing new ways to expand our client base by meeting them where they are,” noted Stefan Pepe, Sotheby’s Chief Technology Officer.

The announcement, however, did not make any positive impact on the Coinbase stock market as it continued to bleed. According to metrics provided by MarketWatch, COIN stock was trading around $279.79, down approximately 5%. Additionally, COIN stocks have dropped over 7% during the past seven days.

Consequently, the company’s market capitalization has dropped to approximately $58 billion in comparison to the IPO debut at $100 billion.

A similar situation was observed in the crypto market as Bitcoin was down approximately 5% and trading around $54,260 at the time of reporting according to metrics provided by CoinGecko.

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Ethereum price closes in on $4K as Shiba Inu (SHIB) steals Dogecoin’s thunder




The crypto market has rallied into the weekend as Ether (ETH), Dogecoin (DOGE) and Shibu Inu (SHIB) hit new all-time highs as they lead the pack of altcoins up the market cap mountain. 

Much of the excitement behind Dogecoin’s rally has been attributed to the upcoming appearance of Elon Musk, the CEO of Tesla and a Dogecoin advocate, on the popular Saturday Night Live comedy sketch show. Ether, on the other hand, continues to rally toward $4,000 as institutional interest in the altcoin soars and the approaching London hard fork have investors feeling extra bullish.

Data from Cointelegraph Markets and TradingView shows that after briefly dipping to a low of $3,418 in the late hours on May 8, Ether price regained its composure and proceeded to vault 13% to reach a new all-time high at $3,958. 

ETH/USDT 4-hour chart. Source: TradingView

While some have been surprised by the bullish movement from the second-largest cryptocurrency by market capitalization, it comes as no shock to Cointelegraph market analyst Marcel Pechman who recently detailed how Ether “could easily sustain until $5,000.”

Bitcoin (BTC) has used its time out of the spotlight to quietly climb higher with bulls now attempting to hold the price above $59,000.

Canine-themed ‘meme coins’ lead the pack

Dogecoin has emerged as one of the biggest mainstream attention grabbers in cryptocurrency history as scores of new users got their first taste of crypto trading from the popular meme token.

The week-long build-up in momentum for DOGE led to a 25% surge in the early trading hours on Saturday that lifted its value to a new all-time high at $0.74 before profit-taking dropped the price back below $0.68.

DOGE/USDT 4-hour chart. Source: TradingView

Thanks to the global attention that Dogecoin has attracted, a number of canine-themed projects have arisen, including Shiba In (SHIB), which burst onto the scene following a two-day rally that saw its value launch 1,100% higher to establish a new record high at $0.0000178.

The overall cryptocurrency market cap now stands at $2.463 trillion and Bitcoin’s dominance rate is 44.8%.

The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Every investment and trading move involves risk, you should conduct your own research when making a decision.