Shares of Coinbase Global Inc. (COIN) have been downgraded by analysts at Goldman Sachs after plunging cryptocurrency prices affected the exchange’s underlying business, underscoring the challenges posed by the bear market. The reason for the downgrade stems from the “continued downdraft in crypto prices,” Goldman analyst William Nance said in a note that was obtained by Bloomberg. The analyst said Coinbase “will need to make substantial reductions in its cost base in order to stem the resulting cash burn as retail trading activity dries up.” According to Bloomberg, Coinbase still has 20 buy recommendations, 6 holds and 5 sell ratings …

Ethereum's native token, Ether (ETH), gained alongside riskier assets as investors assessed weak U.S. economic data and its potential to cool down rate hike fears. Ether mirrors risk-on recovery ETH's price climbed up to 8.31% on June 24 to $1,225, six days after falling below $880, its lowest level since January 2021. Overall, the upside retracement brought bulls 40% in gains, raising anticipation about an extended recovery in the future while alleviating fears of a "clean fakeout." For instance, independent market analyst "PostyXBT" projected ETH's price to close above $1,300 by the end of June. In contrast, analyst "Wolf" feared …

A 60% plunge in Voyager Digital’s share price since it disclosed its Three Arrows Capital (3AC) exposure has been accompanied by further falls in crypto industry stocks. According to data from TradingView, Voyager Digital plunged as much as 60% during regular trading hours on Wednesday before closing at $0.5998 to mark a drop of 50.84% for the day. The sharp drop followed Voyager Digital disclosing that the potentially insolvent Three Arrows Capital (3AC) owes the company 15,250 Bitcoin (BTC) and 350 million USD Coin (USDC), worth around roughly $660 million in total. Voyager has given 3AC until June 24 to …

There is good reason to be afraid. Previous down markets have seen declines in excess of 80%. While tightfisted hodling might hold wisdom among many Bitcoin (BTC) maximalists, speculators in altcoins know that diamond handing can mean near (or total) annihilation. Regardless of one’s investment philosophy, in risk-off environments, participation flees the space with haste. The purest among us might see a silver lining as the devastation clears the forest floor of weeds, leaving room for the strongest projects to flourish. Though, doubtlessly, there are many saplings lost who would grow to great heights themselves if they had a chance. …

The United States-based subsidiary of cryptocurrency exchange FTX will acquire Embed Financial Technologies as part of a deal aimed at “enhancing” the company’s stock offering. In a Tuesday announcement, FTX US said it will purchase Embed Financial Technologies and its subsidiary, clearing firm Embed Clearing, for an undisclosed amount “pending satisfaction of customary closing conditions and regulatory approval.” The deal followed the crypto firm’s announcement in May that it would be launching a stock trading platform, with FTX Stocks partnering with Embed Clearing to “execute, clear and custody” user accounts and trades. According to FTX US president Brett Harrison, the …

The firm behind one of the first Bitcoin futures-linked exchange-traded funds in the United States will give investors a new vehicle to bet against the price of the cryptocurrency. In a Monday announcement, exchange-traded fund issuer ProShares said its Short Bitcoin Strategy ETF would be available for trading on the New York Stock Exchange, or NYSE, starting Tuesday under the ticker BITI. The vehicle will allow U.S. investors to bet against Bitcoin (BTC) using futures contracts, given the cryptocurrency’s performance in a single day as measured by the Chicago Mercantile Exchange Bitcoin Futures Index. “BITI affords investors who believe that …

Bitcoin (BTC) starts a new week still battling for $20,000 support as the market takes in a week of severe losses. What felt all but impossible just weeks ago is now a reality as $20,000 — the all-time high from 2017 to 2020 — returns to give investors a grim sense of deja vu. Bitcoin dipped as low as $17,600 over the weekend, and tensions are running high ahead of the June 20 Wall Street open. While BTC price losses have statistically been here before — and even lower — concerns are mounting for network stability at current levels, with …

Short-sellers have made a killing on various sectors of the United States stock market this year, but no other sector “held a candle” to the blockchain industry, with crypto company short-sellers profits up 126% in 2022, according to new data. On Thursday, technology and data analytics firm S3 Partners published a video summarizing its recent report, which found that overall, U.S. equity short-sellers are up on average more than 30% for the year. Some of these profit gains were attributed to the short-selling of automobiles and components stocks (up 54%), software and services stocks (up 50%), media and entertainment stocks …

Bitcoin (BTC) ran out of steam near $23,000 on June 16 after the biggest United States key rate hike in nearly thirty years. Dollar strength wobbles after rate hike news Data from Cointelegraph Markets Pro and TradingView showed BTC/USD reaching highs of $22,957 on Bitstamp after the Federal Reserve confirmed a 0.75% hike in June — its largest since 1994. Momentum did not last long, however, and at the time of writing, the pair had shed $2,000 to return to $21,000 at the new Wall Street open. $BTC Did indeed fail to hold the mid range and fell back to …

Hong Kong-based Samsung Asset Management (SAMHK), a local subsidiary of Samsung’s investment arm, is moving forward with a blockchain-themed exchange-traded fund (ETF). The firm expects to launch its Samsung Blockchain Technologies ETF on the Hong Kong Stock Exchange on June 23, SAMHK announced on Thursday. The ETF seeks to achieve long-term capital growth by investing in stocks of companies actively involved in the development and adoption of blockchain technologies, the fund prospectus reads. The fund will invest in blockchain-related research and development firms, data providers, industry investment firms and others. The ETF’s composition will be managed by SAMHK’s portfolio management …

A further two cryptocurrency-backed exchange-traded funds (ETF) have launched on the Cboe Australia exchange on Monday, bringing the total amount of crypto ETFs available to Australian traders to six. The Canada-based 3iQ Digital Asset Management launched two spot ETFs, the 3iQ CoinShares Bitcoin (BTC) Feeder ETF and the 3iQ CoinShares Ether (ETH) Feeder ETF. Both of the Australian funds feed from the firm’s Canadian ETFs listed on the Toronto Stock Exchange (TSX), the 3iQ CoinShares Bitcoin ETF, and the 3iQ CoinShares Ether ETF. The underlying assets of the Canadian ETFs are holdings of BTC and ETH held in cold storage …

Bitcoin (BTC) retained new higher levels at the June 6 Wall Street open after BTC/USD snapped a nine-week losing streak. Stocks could take BTC as high as $37,000 Data from Cointelegraph Markets Pro and TradingView followed the largest cryptocurrency as it circled $31,500 on the back of 6% daily gains. The start of Wall Street trading provided further support to bulls as United States equities headed higher. The S&P 500 traded up 1.4% at the time of writing, while the Nasdaq Composite gained close to 2%. For popular social media analyst Wolf, Bitcoin's correlation to stocks could see further upside …