Crypto exchange giant Coinbase has cited a "fast and furious" downturn of the crypto markets as the reasons behind a staggering $1.1 billion net loss in the second quarter of 2022, which also saw trading volume and transaction revenue tumbling. It's the second consecutive quarter of loss for the crypto company and the largest loss since its listing on the Nasdaq Stock Exchange (Nasdaq) in April 2021. The results, which also missed analyst expectations, were shared in a Q2 2022 Shareholder Letter from Coinbase on Aug. 9, stating: “The current downturn came fast and furious, and we are seeing customer …

Crypto and equities markets took a bit of a tumble on Aug. 9 as traders grew a bit skittish ahead of tomorrow’s Consumer Price Index (CPI) report. The details of the print will shine a light on whether or not the Federal Reserve’s aggressive interest hikes are effective in tamping runaway inflation and it could have an impact on the size of future hikes. Earlier in the week, Tesla CEO Elon Musk suggested that July data will reflect the United States reaching peak inflation and that any recession will be “mild to moderate.” Right now the consensus is that July …

The U.S. Federal Reserve (FED) recently initiated an attempt to reduce its $8.9 trillion balance sheet by halting billions of dollars worth of treasuries and bond purchases. The measures were implemented in June 2022 and coincided with the total crypto market capitalization falling below $1.2 trillion, the lowest level seen since January 2021. A similar movement happened to the Russell 2000, which reached 1,650 points on June 16, levels unseen since November 2020. Since this drop, the index has gained 16.5%, while the total crypto market capitalization has not been able to reclaim the $1.2 trillion level. This apparent disconnection …

Bitcoin (BTC) avoided losses as United States equities dived on the July 14 Wall Street open, but traders remained nervous. Analyst: "No way" Bitcoin bottomed at $17,500 Data from Cointelegraph Markets Pro and TradingView followed BTC/USD as it lingered around $20,000 on the day. Wall Street opened with losses, the S&P 500 and Nasdaq Composite Index both down around 1.8% at the time of writing. Bitcoin nonetheless managed to hold its own as the largest cryptocurrency's correlation to stocks fell to its lowest levels of 2022 so far. That said, few were willing to say that the worst was over …

Despite the bear market scaring away many crypto investors in 2022, online brokerage firm M1 Finance is set to launch crypto trading accounts and trading services over the next few weeks. The Chicago-based company was founded in 2015 and claims to have more than $5 billion worth of assets under management (AUM). The brokerage also offers retirement accounts in addition to providing commission-free trading on stocks and exchange-traded funds (ETFs). In a Tuesday blog post explaining the move, M1 CEO and founder Brian Barnes noted that it was primarily driven by strong consumer demand to support crypto assets: “The crypto …

Bitcoin (BTC) starts another week in a precarious position near $20,000 ahead of fresh macro upheaval. After admittedly sealing its best week’s gains since March, the largest cryptocurrency is struggling to hold onto its recently-reclaimed levels. Major resistance zones remain overhead, and with inflation data due for release later in the week, the coming days could prove unnerving for risk assets everywhere. At the same time, crypto market sentiment is showing signs of recovery, and on-chain metrics continue to underscore what should be Bitcoin’s latest macro price bottom. With conflicting data everywhere, Cointelegraph takes a deeper look at potential market-moving …

Russia continues sending mixed messages about the legal status of cryptocurrency, with a parliament official urging the launch of crypto trading on the country’s largest stock exchange. The Moscow Exchange (MOEX) is the best match for hosting a regulated crypto exchange in Russia, according to Anatoly Aksakov, head of the Russian Banking Association and a financial committee within the State Duma. At a recent press conference, Aksakov stressed the importance of building a crypto exchange under the strict requirements of the Russian central bank, local news agency Prime reported on Thursday. The lawmaker pointed out that MOEX is likely to …

Bitcoin (BTC) mining companies have suffered in 2022 due to the crypto bear market. Nonetheless, their stocks collectively saw a sharp rebound on July 6, raising hopes that investors have started to buy the dips. One of the intraday winners was Bitfarms (TSE: BITF), which surged by over 24% to close at $1.29. Similarly, Marathon Digital Asset Holdings (NASDAQ: MARA), Core Scientific (NASDAQ: CORZ), and Cathedra Bitcoin (CVE: CBIT) rose by over/around 12.5%, 16.22%, and 15%, respectively. Bitcoin miners' revenue down 70% from peak The rallies come as a breather in what has been a bad year for mining stocks. …

Despite some touting crypto as a hedge against traditional markets, digital assets today share a similar risk profile to commodities such as oil and gas, and tech and pharmaceutical stocks, according to an analysis from Coinbase’s chief economist. The observation comes from a blog post from Coinbase chief economist Cesare Fracassi on Wednesday, noting that the “correlation between the stock and crypto-asset prices has risen significantly” since the 2020 pandemic. “While for the first decade of its existence, Bitcoin returns were on average uncorrelated with the performance of the stock market, the relationship increased quickly since the COVID pandemic started,” …

Bitcoin (BTC) drifted further downhill into the June 30 Wall Street open as United States equities opened with a whimper. U.S. dollar returns to multi-decade highs Data from Cointelegraph Markets Pro and TradingView followed BTC/USD as it abandoned $19,000 to hit its lowest in over ten days. Bulls failed to preserve either $20,000 or $19,000 at the hands of limp U.S. stock market moves, the S&P 500 and Nasdaq Composite Index down 1.8% and 2.6%, respectively, at the time of writing. At the same time, the U.S. dollar once again staged a comeback to fix a trajectory toward twenty-year highs …

Major Dutch stock exchange Euronext Amsterdam, a part of the pan-European marketplace Euronext, is debuting its first Bitcoin (BTC) exchange-traded fund (ETF). Jacobi Asset Management, a London-based digital asset management platform, is preparing to launch its Jacobi Bitcoin ETF on Euronext Amsterdam next month, the firm announced on Thursday. The spot Bitcoin ETF will start trading on the Euronext Amsterdam Exchange under the ticker BCOIN. The Jacobi Bitcoin ETF is positioned as the first spot Bitcoin ETF launched in Europe, Jacobi founder and CEO Jamie Khurshid told Cointelegraph. "Our product is the first spot or physical-backed Bitcoin fund, and the …

Bitcoin (BTC) returned under $20,000 on June 29 as analysts stayed hopeful of a trip higher. Traders looks to $19,500 for support Data from Cointelegraph Markets Pro and TradingView followed BTC/USD as it crossed below the $20,000 mark for the first time in nearly a week in Asian trading hours. The weakness followed rangebound behavior near $21,000, this characterizing a market still in tune with moves in global equities. The S&P 500 had finished its previous session down 2%, while the Nasdaq Composite Index lost 3%. On the day, Hong Kong’s Hang Seng was likewise 2.1% lower, while China’s Shanghai …