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Top Auction House Sotheby’s to Accept Cryptocurrencies via Coinbase for Physical Art – Bitcoin News

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Top Auction House Sotheby’s to Accept Cryptocurrencies via Coinbase for Physical Art – Bitcoin News


Sotheby’s, the world’s largest auction house, will start accepting cryptocurrencies for physical art. The first auction for which bitcoin and ether will be accepted is Banksy’s Love is in the Air image at the Contemporary Art Evening Auction. The piece is estimated to sell for between $3 million and $5 million.

Sotheby’s Accepts Bitcoin and Ether

Sotheby’s announced Tuesday that it will start accepting cryptocurrency via Coinbase. According to the auction house, this is the first time cryptocurrencies will be accepted for payments for physical art.

Established in 1744, Sotheby’s described itself as the world’s largest marketplace for art and luxury. With a network of specialists spanning 40 countries and 44 departments, “we host over 600 auctions annually and offer a cross-category selection of items available for immediate purchase via both digital and physical shopping experiences as well as private sales,” its website details. Artprice.com ranks Sotheby’s as the number one auction house by turnover, followed by Christie’s.

Sotheby’s CEO Charles Stewart confirmed on CNBC Tuesday:

This is the first time cryptocurrencies will be accepted as payments for physical artwork and we’re really excited to make this happen.

He admitted that “It’s something we have been thinking about for quite some time.” The CEO further shared: “we had our first NFT [non-fungible token] sale a few weeks back. We had over 3,000 bidders and participants in that sale series.” Stewart added that the popularity of that sale “made us really think that we need to take this next step and begin to explore accepting crypto as payments for physical art as well.”

Coinbase explained Tuesday that Sotheby’s will accept bitcoin and ethereum for Banksy’s Love is in the Air image at their Contemporary Art Evening Auction and Coinbase Commerce was selected as the integration partner. According to Sotheby’s CEO, the piece is estimated to sell for $3 million to $5 million.

The Nasdaq-listed crypto exchange elaborated:

Through a bespoke solution, Coinbase will support payment estimated in the eight-figure range on Sotheby’s website, and in addition will help manage price fluctuations.

“The May 12th auction will be conducted in USD, but the buyer and artist will have the option to transact in either crypto or fiat currencies,” Coinbase clarified.

When asked about whether Sotheby’s will be keeping cryptocurrencies on its balance sheet, the CEO explained that his company has an agreement with the owner and consigner of the painting and it will be ultimately up to them. However, he noted that with the partnership with Coinbase, keeping cryptocurrencies is also a “possibility.”

A digital artwork entitled “Everydays – The First 5000 Days” by American artist Mike Winkelmann, also known as Beeple, sold for $69,346,250 at Christie’s in March. It was the first non-fungible token (NFT) ever offered at Christie’s.

What do you think about Sotheby’s accepting cryptocurrencies? Let us know in the comments section below.

Image Credits: Shutterstock, Pixabay, Wiki Commons

Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.





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Kraken Daily Market Report for May 16 2021 | Kraken Blog

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Investors Confuse Ethan Allen With Ethereum: Shares up 50% Over Average Price – Bitcoin News

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Investors Confuse Ethan Allen With Ethereum: Shares up 50% Over Average Price – Bitcoin News


Ethan Allen, a U.S.-based furniture company, has been getting strange traction in markets this year, due to an interesting coincidence. The company’s stock ticker is the same as ethereum’s ticker, something it shares with one of the hottest cryptocurrencies right now. This has caused confusion among investors, who have bought Ethan Allen without doing research and thinking they are buying ethereum.

Ethan Allen Enjoys Ethereum’s Market Ticker

Ethan Allen, a Nasdaq-listed custom furniture company based in Vermont, has been getting a special kind of attention in the market this year, as its shares are going up for no apparent reason. But what’s the cause of all this? Confusion it seems. It turns out that Ethan Allen’s shares its ticker (ETH) with ethereum, one of the most popular cryptocurrencies in the market right now, making investors ape in furniture company shares rather than in digital currency.

And while this might sound incredible to some, the comments on the social boards of stock investing sites confirm this fact: most of the messages posted are related to ethereum, instead of talking about Ethan Allen. Messages like:

“Sideways for the next few days. Load up now #eth.”

“Sold everything for a 10k profit, now parked in $Eth till the next dip, LOVE IT!”

The aforementioned comments are just a couple of instances that illustrate how investors are indeed confusing the two tickers.

However, there are other savvy investors that mock this confusion, with comments like:

$ETH to the moon! – give us something to sit in when we get there!

In the year 2030, all transactions will be settled digitally with Ethan Allen interiors stock

But, even with all this confusion, Ethan Allen has nothing to regret from this. The firm’s stock has been trading 50% over its 5-year price average, an unexpected blessing for Ethan Allen investors.

Other Instances Where This Has Happened

While Ethan Allen has profited from its coincidental relation with ethereum (ETH), there are other companies that have pivoted their names to benefit from this relation. This is the case of Long Island Iced Tea, a company that changed its name to “Long Blockchain Corp.” during the 2017 bull run. This created a wave of buyers aping in, with its stock surging more than 200% in just one day.

However, this change didn’t help the company in the long run. The company had its ticker delisted from the stock market last year, with the SEC stating it had failed to file financial reports since 2018.

What do you think about the Ethan Allen- ETH ticker confusion? Tell us in the comments section below.

Tags in this story
Bitcoin, Confusion, Cryptocurrency, Ethan Allen, Ethan Allen Shares, Ethereum, Ethereum (ETH), Long Blockchain Corp, Long Island Iced Tea Corp, nasdaq, Nasdaq: ETH, shares, stock price

Image Credits: Shutterstock, Pixabay, Wiki Commons

Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.





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TA: Bitcoin Dives Further, Here’s Why BTC Could Find Bids Near $42K

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TA: Bitcoin Dives Further, Here’s Why BTC Could Find Bids Near K


Bitcoin price extended its decline below the $45,000 support zone against the US Dollar. BTC is declining and it could soon test $42,000 or $40,000 in the near term.

  • Bitcoin started a major decline from well above $50,000 and it even traded close to $45,000
  • The price is now trading well below $45,000 and the 100 hourly simple moving average.
  • There is a key bearish trend line forming with resistance near $45,000 on the hourly chart of the BTC/USD pair (data feed from Kraken).
  • The pair is likely to find bids near the $42,000 zone or $40,000 in the coming sessions.

Bitcoin Price Extends Losses

Bitcoin failed to settle above the $50,000 level and started a fresh decline. BTC broke many important supports near $48,000 and $47,000 to move further into a bearish zone.

The price traded below the $45,000 support level and settled well below the 100 hourly simple moving average. Recently, there was a minor upside correction from the $43,800 zone. The price climbed above the $45,000 level, but it failed to extend gains.

Bitcoin Price

Source: BTCUSD on TradingView.com

A high was formed near $46,645 before the price started a fresh decline. There was a break below the $45,000 support zone. There is also a key bearish trend line forming with resistance near $45,000 on the hourly chart of the BTC/USD pair.

The pair even broke the recent swing low at $43,869 and it is extending losses. An initial support is near the $43,200 level. It is near the 1.236 Fib extension level of the upward move from the $43,869 low to $46,645 high.

The main support is near the $42,000 zone. It is close to the 1.618 Fib extension level of the upward move from the $43,869 low to $46,645 high. Any more losses might call for a test of the $40,000 support zone.

Fresh Increase in BTC?

If bitcoin stays above the $42,000 support zone, there are chances of a decent increase. An initial resistance on the upside is near the $45,000 level and the trend line.

The main resistance is near the $46,500 zone. A close above the $46,500 level is needed to start a steady increase in the coming sessions.

Technical indicators:

Hourly MACD – The MACD is now gaining pace in the bearish zone.

Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is moving lower towards the 20 level.

Major Support Levels – $42,000, followed by $40,000.

Major Resistance Levels – $45,000, $46,500 and $48,000.



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