Bitcoin
Coinbase is down 9% this month in line with Bitcoin’s decline
Even with gains as of midday Tuesday exceeding 4% to nearly $222, shares on the cryptocurrency exchange Coin base are down about 13% since June 12, when they closed around $255. During the same period, Bitcoin prices fell about 9% to approximately $62,000.
The equally weighted S&P 500—the version of the index that does not distinguish between the market value of companies— grew a modest 0.27% this month, but even so it highlights the stock’s underperformance compared to the market in general.
But it’s also important to note that Coinbase is still in the midst of a major recovery. The cryptocurrency market has recovered enormously since the end of last year, and Coinbase, the world’s largest second largest exchange, has had something of a renaissance thanks to rising transaction revenues. Despite the recent drop in share price, Coinbase shares have soared year-to-date alongside Bitcoin – up more than 40%, with the original cryptocurrency achieving similar gains.
When Coinbase shares fall, it’s often a reflection of digital assets taking a big hit, given how much of the company’s revenue comes from trading fees. In the first quarter of the year, transactions carried out 67% of revenue. On Monday, volume of business was $788.3 million, while on March 4 it was almost $3.2 billion.
“Volume fell a little and the price came back a little from the peak of the first quarter. Then [Coinbase] will have lower profitability in the second quarter,” Paul Gulberg, senior equity analyst at Bloomberg Intelligence, told Fortune.
‘Lots of noise and activity’
Over the past 30 days, Bitcoin, Ether, and Solana are down about 11%, 9%, and 18%, respectively, and each has failed to gain momentum since mid-March. One of the main reasons is the sluggish performance of the 11 spot Bitcoin exchange-traded funds that the SEC approved in January. Since then, the price of the underlying asset, Bitcoin, has ebbed and flowed with large sums moving in and out of these products. The latest series of net outflows from ETFs began on June 10 and continued every day except one, totaling about $1.3 billion, according to CoinGlass. data. It is the biggest period of departures since the products were launched.
The departures don’t just affect Coinbase because of its ties to Bitcoin, the company is the custodian of eight of 11 ETFs, for which you receive a fee of 0.2%. The outflows mean they are holding less Bitcoin, generating less revenue.
Additionally, Coinbase holds US$207 million value in Bitcoin, making it the public company with the sixth largest exposure. Shares of MicroStrategy, the company that holds the majority of Bitcoin, have fallen about 8% since June 12.
However, Gulberg believes the biggest factor in Coinbase’s recent stock drop is “sentiment,” with so many of the company’s shares held by retail traders: “When there is a lot of noise and activity in the digital asset space, people rush to Bitcoin and Coinbase. And vice versa: when sentiment dies and wanes, people run away from Coinbase.”
Bitcoin
‘This is huge’ — Billionaire Mark Cuban issues ‘incredible’ Bitcoin and crypto prediction amid price slump
Bitcoin
Bitcoin
came back with a vengeance this year when former President Donald Trump Cryptocurrency boosts US presidential election in November with ‘revolutionary’ plan.
The price of bitcoin has surged to more than its all-time high in recent months, surpassing $70,000 per bitcoin and triggering a wave of mega-optimistic predictions about the price of bitcointhough it fell again this week, falling below $65,000 after the Federal Reserve kept interest rates steady.
Now, as Elon Musk suddenly breaks his silence on bitcoin and cryptocurrenciesBillionaire investor Mark Cuban called a California plan to digitize 42 million car titles using blockchain an “incredible step forward” and “huge” for cryptocurrencies.
Sign up for free CryptoCodex now—A daily five-minute newsletter for traders, investors, and crypto curious people that will keep you up to date and ahead of the bitcoin and crypto bull market
Mark Cuban, famous Shark Tank investor and billionaire owner of the NBA team Dallas Mavericks, has… [+] called a cryptocurrency update “amazing” amid bitcoin’s price slump.
Getty Images
The California Department of Motor Vehicles (DMV) has digitized 42 million car titles using blockchain, it was reported by Reuters, through technology company Oxhead Alpha on the Avalanche blockchain and designed to detect fraud and facilitate the securities transfer process.
“This is an incredible development for crypto,” Cuban, best known as an investor on TV’s Shark Tank and owner of the Dallas Mavericks NBA team, posted on X, joking that U.S. Securities and Exchange Commission (SEC) Chairman Gary Gensler could sue the state as part of his hostility toward cryptocurrencies and blockchain technology.
“The reason this is huge for crypto is because people who hold the tokens will have an app with an Avalanche wallet,” Cuban said. “Tens of millions of Californians having and using a crypto wallet in the next five years, or however long it takes, normalizes the use of wallets and crypto.”
John Wu, president of Avalanche developer Ava Labs, told Reuters that California’s DMV is “creating a wallet that you can download on your phone.”
Sign up for CryptoCodex now—A free daily newsletter for the crypto-curious
Bitcoin’s price has rallied this year, triggering a wave of bullish bitcoin price predictions from… [+] people like billionaire Mark Cuban.
Forbes Digital Assets
Last month, Cuban predicted that if the US dollar falls as the global reserve currency, bitcoin could become “a global ‘safe haven’” and a “global currency.” potentially sending the price of bitcoin to a much higher level.
According to Cuban, bitcoin could become what its most ardent supporters “envision” — a means “of protecting our economies… This is already happening in countries facing hyperinflation.”
The price of bitcoin has skyrocketed over the past year, largely due to the world’s largest asset manager, BlackRock, leading a bitcoin attack on Wall Street.
Analysts are starting to pay more attention than usual to Bitcoin-proxy’s underlying enterprise software business MicroStrategy Inc.
How to better invest cash generated from operations is what originally prompted co-founder and CEO Michael Saylor to turn to Bitcoin four years ago. Since then, the Tysons Corner, Va.-based company has adopted a two-pronged strategy of investing in the cryptocurrency instead of traditional assets like short-term Treasuries and ramping up its software operations.
Please note that our Privacy Policy, terms of use, cookiesIt is do not sell my personal information Has been updated.
CoinDesk is a awarded media outlet that covers the cryptocurrency industry. Its journalists follow a strict set of editorial policies. In November 2023, CoinDesk has been acquired by the Bullish group, owner of Optimistica regulated digital asset exchange. The Bullish Group is majority owned by Block.one; both companies have interests CoinDesk has a portfolio of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary with an editorial board to protect journalistic independence. CoinDesk employees, including journalists, may receive options in the Bullish group as part of their compensation.
Bitcoin has retreated from a six-week high as investors shift their focus to speculation the U.S. may sell seized tokens just days after Donald Trump vowed to create a government stockpile of the cryptocurrency if he is elected president again.
The US transferred $2 billion worth of Bitcoin to a new digital wallet address on Monday, blockchain research firm Arkham said in a publish on social media platform X. Market analysis firms have speculated that the tokens are from the Silk Road marketplace, where customers used virtual currencies to buy illegal drugs and hacking tools before it was shut down.
Elon Musk’s X Money is about to change cryptocurrencies FOREVER
Solana Update: 2025 Potential and SOL Price Predictions You MUST SEE!!
Crypto News: Bitcoin BREAKING ATHs, Trump Memecoin, XRP & SOL Flying & More!
China’s $75 billion crypto secret discovered: What it means for you
$500 to $500,000: BIG Cryptocurrency Gains with a SMALL Wallet!?
Crypto News: Bitcoin, ETH Price, CPI Print, PYTH, WIF & MORE!!
Crypto News: Bitcoin Price, ETF, ETH, WIF, HNT & MORE!!
Metasphere Labs announces follow-up event regarding
Solana price potential?! Check out THIS update if you own SOL!!
Who Really CONTROLS THE MARKETS!! Her plans REVEALED!!
Elon Musk’s X Money is about to change cryptocurrencies FOREVER
Solana Update: 2025 Potential and SOL Price Predictions You MUST SEE!!
Crypto News: Bitcoin BREAKING ATHs, Trump Memecoin, XRP & SOL Flying & More!
China’s $75 billion crypto secret discovered: What it means for you
$500 to $500,000: BIG Cryptocurrency Gains with a SMALL Wallet!?
-
Videos9 months agoCrypto News: Bitcoin, ETH Price, CPI Print, PYTH, WIF & MORE!!
-
Videos9 months agoCrypto News: Bitcoin Price, ETF, ETH, WIF, HNT & MORE!!
-
DeFi9 months agoMetasphere Labs announces follow-up event regarding
-
Videos9 months agoSolana price potential?! Check out THIS update if you own SOL!!
-
Videos8 months agoWho Really CONTROLS THE MARKETS!! Her plans REVEALED!!
-
DeFi6 months agoPump.Fun Overtakes Ethereum in Daily Revenue: A New Leader in DeFi
-
News6 months agoNew bill pushes Department of Veterans Affairs to examine how blockchain can improve its work
-
DeFi6 months agoDegens Can Now Create Memecoins From Tweets
-
News6 months agoLawmakers, regulators to study impact of blockchain and cryptocurrency in Alabama • Alabama Reflector
-
Bitcoin6 months ago1 Top Cryptocurrency That Could Surge Over 4,300%, According to This Wall Street Firm
-
Ethereum8 months agoComment deux frères auraient dérobé 25 millions de dollars lors d’un braquage d’Ethereum de 12 secondes • The Register
-
Videos8 months agoCryptocurrency News: BTC Rally, ETH, SOL, FTM, USDT Recover & MORE!