Bitcoin tops $61,000 after weaker-than-expected April jobs report: CNBC Crypto World

Bitcoin tops $61,000 after weaker-than-expected April jobs report: CNBC Crypto World

today Bitcoin climbs back to $61,000 after a weaker than expected jobs report block and coinbase post earnings Beats bolstered by bitcoin’s first quarter rally and crypto World takes a look at how fashion brand mintage is betting its brand on the promise of web 3 and nfts welcome to cnbc’s crypto world I’m Jordan Smith cryptocurrencies are headed higher after a week jobs report for April has raised hopes that the FED could start cutting interest rates soon by new Eastern Bitcoin climbed back above $61,000 while ether crossed back above $3,000 Unis swop also in the green rising to $745 today’s gains helped bring Bitcoin and ether back from their weekly lows but it wasn’t enough to put them in positive territory bitcoin’s down 3.2% in the past 7 Days compared to 1.9% for ether okay let’s talk about the top stories coinbase and block both releasing earnings Thursday night and both reporting better than expected results on the back of bitcoin’s q1 rally let’s start with coinbase which reported 1 .64 billion in Revenue in the first quarter compared to 1.34 billion expected justed EPS came in at $215 compared to estimates of $19 coinbase reported $935 million in consumer transaction Revenue up well over 100% from a year prior now part of the profit in the quarter included a $650 million Mark to market gain on crypto assets held for investment part of the company adopting updated Accounting Standards now shares of coinbase were down 3.7% by midday today but yesterday after that earnings release the company’s CFO Alicia hos joined closing bell overtime to talk about how the launch of Bitcoin ETFs in the quarter gave the crypto exchange and boost well ETFs really unlocked a flywheel of Engagement across the coinbase prime platform we’ve said that ETFs would be a benefit to coinbase and the ecosystem and that really played out in q1 what we saw is just net inflows across the board so yes we saw 11 billion of inflows into ETFs but we also saw an increase in consumer trading on our platform an increase in institutional Trading and as I said on the institutional side this flywheel we saw people engaging in financing we saw people engaging in trading we saw people engaging in custody and as a result we had 40% of our institutional clients engaged in three or more products on the prime platform in q1 so really it was a lift across the board and benefited the entire ecosystem now payments firm block also reported earnings that beat analyst expectations yesterday the company reported $ 5.96 billion in Revenue compared to 5 .82 billion expected and quadrupled its net income from a year earlier in a note to shareholders Jack dorsy explained why he spends so much time on bitcoin and he said that block spends less than 3% of its resources on bitcoin related projects but will be investing 10% of its gross profit from Bitcoin products into Bitcoin purchases according to dorsy the $220 million the company invested in Bitcoin has grown 160% to $573 million shares of block were up 8/10 of 1% by midday next tether announced a partnership with blockchain analytics firm chainalysis to help monitor secondary market trading the collaboration will include sanctions monitoring to identify addresses of sanctioned entities as well as detection of illicit transfers these compliance measures commas tether the largest stable coin by market cap has faced growing scrutiny over its tokens being used in sanctioned Industries like Venezuelan oil as reported by Reuters just this past Sunday Senators Elizabeth Warren and Roger Marshall sent a letter to various government agencies to express concerns around crypto’s use in evading us sanctions cting a Wall Street Journal report mentioning tether being quote indispensable to Vladimir Putin’s War Machine when crypto World asked tether about the report of its use in sanctioned Venezuelan energy exports the stable coin issuer said it respects ofac sanctions and is committed to working to ensure sanction addresses are frozen promptly all right for our main story the clothing brand mintage has helped move vintage garments into the world of web 3 crypto world’s Talia Kaplan gave us an inside look at the company and how it makes use of blockchain Technology did another shoe with so this never came out it was an idea that came about when the co pandemic was raging around the world Brennan Russo and Nick Adler who knew each other from working on projects with rapper Snoop Dogg met sha wspoon when they visited one of his vintage stores they were inspired by the expertly sourced pieces and so the three teamed up to create the fashion brand mintage a vintage clothing brand which integrates blockchain technology into garments the brand launched in 2022 the same year web through development reached an all-time high the goal of the brand is number one we want to make something that people want to wear and are proud to wear we’re also early adopters and we love technology and we think that fashion can be disrupted greatly by technology and we want to be both you know experimenters but thought leaders when it comes to mixing fashion and Tech mintage is experimenting with that mixture of fashion and Tech by using blockchain and incorporating non-fungible tokens but that comes at a time when Global sales volume is more than 90% lower than its all-time high back in 2022 it was very important for us to integrate web 3 and blockchain Technology into our brand because when you’re thinking about vintage items you’re thinking about authenticity and you’re thinking about special stories like the provenance of that item the Rarity of that item traits around that item and when we looked at what blockchain could do as a technology we realized that it had a lot of solutions for that when you’re going to go out and spend three $400 on a vintage t-shirt the first thing you need to know is is it real that’s a problem and through having a token in which we inspect each individual item that comes through and that we hand select that token on the blockchain when you tap your phone to it that’s the link between the two so that is a really firm approval of yes this is a real product we as a company have seen it we’ve inspected it and we have looked at the history of where we’ve got it from and yes this is a real Snoop Dog t-shirt for instance so how exactly does the team at mintage integrate blockchain technology with physical items we wanted to be able to you know archive these t-shirts we wanted to be able to like curate these in collections but we also wanted to add that like Tech and web 3 side to it so we’re toying around with tons of ways to add our chip to add our tag in a way that wouldn’t compromise the value of the T-shirt wouldn’t compromise you know the overall style of it but would still have that Tech factor and we came up with adding adding the tags down here the first and foremost thing that we’ve done is to integrate NFC chips into our products that’s through both patches through uh tags behind the the neck through a hang tag that we’re really excited to launch super simple no logins you tap your phone up against there you tap the link that opens up the web browser and then it pulls up the verified token and so really blockchain is kind of the backbone a lot of what’s really important to us right now is storytelling so we want you to know who designed the item what number the item is in the collection what potential uh rips and tears and things that we call traits live with the item potentially who wore the item was it worn by some celebrity Sonic Youth again a Brennan breaks down the storytelling aspect of the blockchain integration if you tap your phone you’ll unlock a digital experience it shows you what what the tea is and then if you click down here into product information it’ll show you original size year it was from if they’re distressing in April 2023 mintage released a collection known as the fruits and veggies jeans drop showcasing vintage jeans embedded with NFC tags linked to nfts it was the Brand’s first physical apparel drop after first debuting digital apparel this was a project that I did really based on Old Levi Silhouettes and so we sourced vintage Levis anywhere from like 10 years old to 40 plus years old and we did the fruit and veggie embroidery all over them these killed it for us and these are fully chipped by mintage also so you can go ahead and tap there it’ll bring you to our digital experience and it’ll also give you like a digital collectible to claim as well more recently mintage released its Patchwork collection comprised of a series of nft patches paired with a physical counterpart the brand worked with 11 artists from different genres including web 3 and tattoo artists to design the patches and that patch was released initially as a digital patch and it was purchased via the blockchain Via ethereum and once they owned and purchased that patch they could redeem it for a physical patch to do that customers then went on the company’s website and connected their wallets the program read that they own the digital item they put in their address and we sent them the patch we attached an NFC chip to that patch so when they received that patch all they had to do was tap that patch with their phone and they then received a digital receipt of that patch uh really a two-step process you know this is an example of you know how how a chipped patch and a denim jacket combined to make essentially a new and and and multi-connected product Nick says the Brand’s Patchwork collection was wildly successful the interesting thing about the brand we created is that we have a few different paths to revenue one is through selling physical items and one is through selling digital items and to be completely honest there’s incredible margins and digital items so we were able to launch our patches and sell a high quantity of them and you know that ultimately was purely as a digital item so as a business model there’s a lot of opportunity there where do we see the future is we see a future and obviously there’s the authentication we talked about but we like these patches as opening up consumer loyalty programs we like that if you own these patches we can update these digital patches maybe you walk into a store you tap on your phone and that store gives you a rebate or access to a new product or a special seating or access to special seating at a show so we see a ton of future business opportunity but based on on initial success it’s been through the roof and now mintage has been collaborating with some notable Brands including Wrangler joining forces in February to create a collection of vintage items ingrained with NFC chips we collected a bunch of old artwork uh from some of their old patches and we recreated it and then what we did is on a couple of western shirts and denim jackets we SE on the patches and then we sold those to customers and consumers in Paris so and the mintage co-founders say expect more collaborations with iconic Brands and traditional fashion houses in the future even though the current state of web 3 looks different compared to when vintage launched my Outlook is that fashion is going to be the leading use case of web 3 I was recently in Europe spent a lot of time in in Paris where I think you’re seeing a lot of leaders thinking about this more so than I’m seeing domestically in the United States and you’re seeing a ton of the fashion houses whether they’re hiring heads of innovation or heads of blockchain are thinking about this on a daily basis so I think fashion is going to be the leading use case and I think that it’s going to grow into every facet and every industry that we know and I think it’ll be pervasive I don’t even think we’re going to Define it as web 3 or nfts or blockchain I think it’s going to be everyday technology that’s going to be integrated into our products all right that’s all for crypto world this week we’ll be back again on Monday and we’ll see you then [Music]

CNBC Crypto World features the latest news and daily trading updates from the digital currency markets and provides viewers with a look at what’s ahead with high-profile interviews, explainers, and unique stories from the ever-changing crypto industry. On today’s show, Crypto World takes a look at MNTGE, a fashion brand embracing blockchain technology to bring web3 and NFTs to vintage clothing.

Chapters:
00:00 – CNBC Crypto World, May 3, 2024
0:23 – Bitcoin crosses $61,000
0:49 – The headlines
4:00 – MNTGE’s blockchain strategy

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Bitcoin tops $61,000 after weaker-than-expected April jobs report: CNBC Crypto World