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Coinbase (COIN) Stock Recovers 3% With Strong Institutional Activity in Q2

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3 months ago

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For the second quarter of 2024, crypto exchange Coinbase (NASDAQ: COIN) reported strong earnings beating Street expectations, thereby sending the COIN stock soaring 3% in the after-market hours. In Q2, the crypto exchange reported a staggering $1.4 billion in revenue.

Coinbase Institutional Activity Booms

During the last quarter, the crypto exchange surprised everyone with strong trading volumes despite the low crypto market volatility. As we know, crypto exchange revenues usually thrive during the bull and the bear phase, and the periods of high volatility. Throughout Q2, the Bitcoin price has been trading in a narrow trading range, thereby pushing many traders to the sidelines.

During Q2, the crypto exchange’s retail and institutional trading volumes stood at $236 million, up year-over-year. However, these numbers dropped from the $312 billion trading volumes reported during the first quarter. It will be interesting to see whether the trading volumes pick up once again in Q3 with the expected Fed rate cut in September.

From Q2 2023, the exchange’s transaction revenue, derived from the crypto trading activity, surged by 2x to a staggering $780.9 million. The consumer-based transactions contributed $665 million, falling short of the expected $695 million. However, the institutional transactions surprised on the upside recording $63.6 million in revenue, against the expected $55 million.

This is the third straight quarter of Coinbase reporting a profit with a net income of $36 million. Over the past few months, the COIN share price has remained range bound oscillating between $200 on the downside and $280 on the upside.

The COIN stock has been facing selling pressure from top players such as Cathie Wood’s Ark Investments which has been offloading its COIN holdings in July last month.

Also Read: Coinbase Reveals Major Support For MEW, JASMY, & MEME

Base Layer 2 See 300% Growth QoQ

The Layer 2 network is becoming a core part of the Coinbase ecosystem registering 300% growth quarter-over-quarter while becoming the number one L2 network in total transactions processed. The Base network mints a median daily fee of $0.01 per transaction, which contributes to its strong growth.

A large part of the exchange revenue also came from subscriptions and services revenue, which includes blockchain rewards and fees, stablecoin revenue, etc.

Furthermore, the exchange is focusing more on regulatory developments and its push for regulatory clarity in the US. “Crypto legislation has become a mainstream issue in the US, garnering bipartisan support, and there is real energy within both the House and the Senate to pass meaningful legislation,” noted the exchange.

Also Read: MicroStrategy Reports 12.2% YTD Bitcoin Yield, 226,500 BTC Balance

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Bhushan Akolkar

Bhushan is a FinTech enthusiast and holds a good flair in understanding financial markets. His interest in economics and finance draw his attention towards the new emerging Blockchain Technology and Cryptocurrency markets. He is continuously in a learning process and keeps himself motivated by sharing his acquired knowledge. In free time he reads thriller fictions novels and sometimes explore his culinary skills.

Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.





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Donald Trump Appoints Elon Musk & Ramaswamy To Lead D.O.G.E, Dogecoin Price To $2.4?

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37 mins ago

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November 13, 2024

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US President Donald Trump revealed that Elon Musk and Vivek Ramaswamy will lead a newly created Department of Government Efficiency, or “DOGE.” This initiative, aimed at streamlining government operations and reducing bureaucratic waste, aligns with Trump’s “Save America” movement and promises to reshape federal spending and regulatory practices.

Following the announcement, Dogecoin (DOGE) experienced a surge in trading, with analysts predicting further growth in its value, fueled by renewed interest in the cryptocurrency market.

Donald Trump Appoints Elon Musk & Ramaswamy To Lead D.O.G.E

According to Donald Trump’s statement, the Department of Government Efficiency (DOGE) will focus on cutting down unnecessary regulations, reducing wasteful expenditures, and restructuring federal agencies.

Elon Musk and Ramaswamy will lead this effort from outside the federal government, partnering with the White House and the Office of Management and Budget (OMB) to drive large-scale reform. Trump described the project as potentially “The Manhattan Project” of modern government, emphasizing the ambitious nature of the initiative.

The DOGE initiative has been positioned as a patriotic mission to improve government accountability and efficiency, making the federal system more responsive to “We the People.” Trump expressed confidence that this effort would create a “leaner” and “more accountable” government by July 4, 2026, in time for the United States’ 250th anniversary. Musk echoed the sentiment, suggesting that the changes would send “shockwaves through the system.”

This Is A Breaking News, Please Check Back For More

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Kelvin Munene Murithi

Kelvin is a distinguished writer with expertise in crypto and finance, holding a Bachelor’s degree in Actuarial Science. Known for his incisive analysis and insightful content, he possesses a strong command of English and excels in conducting thorough research and delivering timely cryptocurrency market updates.

Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.





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Shibarium Crosses 500 Mln Transaction Milestone, SHIB Reacts

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5 hours ago

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November 12, 2024

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Shibarium, the Ethereum-based Layer-2 scaling solution backed by the Shiba Inu (SHIB) ecosystem has recorded a huge mainnet milestone. According to data from Shibarium scan, the total transactions processed on the platform has crossed the 500 million milestone. As of writing, the total transaction is pegged at 500,623,178.

Shibarium and the Obvious Growth Catalyst

The Shiba Inu-backed layer-2 scaling solution launched in August 2023. For a protocol with a largely rocky start, the new milestone has sparked series of debates on X. Shibarium got a major boost less than a month ago when Shiboshi-linked NFT update triggered enhanced ecosystem adoption.

With the NFT bridge feature on the mainnet, transaction count jumped to millions per day from a few thousands. At the time of writing, the daily transaction count comes in at 4.69 million. Despite this figure, the protocol records at least 2,227 transctions in hours. The new milestone has triggered a comment from Kaal Dhairya, one of the ecosystem’s lead developers.

Per the Shibariumscan data, the protocol now have a total block of 7,849,660 with wallet adresses coming in at 1,889,496. With the consistent growth, the protocol hopes to match with some of its peers like Base and Optimism soon.

Shiba Inu Reacts, Will This Boost Market Value?

The memecoin has reacted to the update within the ecosystem as it underscore the relative growth overall. At the time of writing, SHIB price was changing hands for $0.0000264, down by 3.39% in 24 hours. Within this period, the token has traded within a low price of $0.00002457 and a high of $0.0000303.

While the token ought to print a rally, SHIB has recorded an extreme growth trend amid the boom in the price of Bitcoin. In the past week, the token has retained a more than 48% rally overall. With the token’s price largely linked to the broader market trend, it’s recovery might come faster than projected.

Meanwhile, lead developer Shytoshi Kusama has set his sight on his SH.I.B proposal to create the Silicon Valley destination for crypto. He recently pitched this idea to Elon Musk in a bid to get the Donald Trump administration to consider the prospects.

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Godfrey Benjamin

Benjamin Godfrey is a blockchain enthusiast and journalists who relish writing about the real life applications of blockchain technology and innovations to drive general acceptance and worldwide integration of the emerging technology. His desires to educate people about cryptocurrencies inspires his contributions to renowned blockchain based media and sites. Benjamin Godfrey is a lover of sports and agriculture.

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Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.





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How A Simple Wallet Error Cost $25 Million To This Crypto User?

Published

12 hours ago

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November 12, 2024

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In an unfortunate situation, a crypto user faced investors’ scariest dreams. He lost $25M worth of crypto while transferring from one wallet to the other. The user wished to transfer to the liquid restacking platform called Renzo. However, with a simple wallet error, the user transferred all the cryptos to the platform’s wrong address, bearing millions worth of losses.

When the rest of the market is busy grabbing all the gains, as Bitcoin surpassed Silver after a new ATH, this one user is bearing a loss.

Crypto User Sent Cryptos To The Wrong Wallet Address

The person lost $25 Million on Sunday while transferring the Renzo Restaked ETH to Renzo’s safe wallet. However, instead of the safe wallet, which is a primary wallet that allows full access to funds, the users pasted the wrong address link,  which led to the transfer to a safe module. As a result, all those tokens are now locked in a Smart Contract and cannot be retrieved due to the transaction’s decentralized nature.

Urgent Request for Help!

To all skilled hackers and white hats out there: I’ve lost a significant sum of funds in a contract and urgently need help recovering it. If you can successfully retrieve the funds, I’ll immediately offer a 10% reward, which is approximately $2.5 million…

— 我有一个狗王梦 (@qklpjeth) November 10, 2024

The user has approached people on X, describing his story to the community members. He has pleaded with hackers and white hats to help with this situation in return for a 2.5% reward ($22.5M), which is quite high. Many people have replied to support, and a few even attempted to recover, but the person has sent it to the safe module, making it almost impossible to retain these tokens without changing the Smart Contracts code.

A few readers have advised reaching out to the platform’s team and conveying the needed changes to retrieve the assets. Even the DeFiLlama founder 0xngmi has suggested that the crypto user should connect with the Renzo team to edit the contract code and retrieve his tokens.

Renzo Fails To Help Due to Compliance Issues

Renzo is a staking platform designed to simplify restocking on popular blockchains like Ethereum and Solana. Despite the possibility of updating the code, the team has declined to assist in this matter. The crypto user explained that Renzo could not help due to compliance issues.

A few community members further advised the victim to take legal action to solve this issue. This is because, on many occasions, the court has ordered to resend the cryptos in case of hacks and similar situations. However, the crypto user has declined to do so due to his good relations with the company, saying,

I haven’t considered the legal process. I’m good friends with the Renzo team and don’t want to go through legal procedures.

How To Protect Your Crypto?

This unfortunate event is a big-time reminder that trading in digital assets comes with multiple challenges other than thefts and hacks. Even a minor mistake could lead to losing your crypto forever, as this crypto user did, as he sent all the tokens to a safe module instead of a safe wallet. As a result, the user has lost $25M worth of Renzo Restaked ETH and is approaching crypto hackers to retrieve the tokens. Till now, no solution has come out, and even Renzo’s team failed to help out on this due to compliance issues. With this, it has become an important lesson to double-check the details and understand the platform protocol to protect cryptos. More importantly, every user should have a strategic trading strategy to help with losses and grabbing profits, as this crypto investor turned $1.2M to $9.36M.

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Pooja Khardia

With a deep-seated passion for reading and five years of experience in content writing, Pooja is now focused on crafting trending content about cryptocurrency market.

As a dedicated crypto journalist, Pooja is constantly seeking out trending topics and informative statistics to create compelling pieces for crypto enthusiasts. Staying abreast of the latest trends and advancements in the field is an integral part of her daily routine, fueling a commitment to delivering timely and insightful coverage

Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.





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