Crypto

2022 - 5 - 11

Coinbase - coinbase share price

'Crypto Winter' Sparks Coinbase Stock Crash As Bitcoin, Ether And ... (Forbes)

Coinbase stock hit a record low after management revealed the firm's first net loss as a publicly traded company.

The firm’s market capitalization hit a record closing high of $76.9 billion on November 9—just one day before bitcoin hit its latest peak of roughly $69,000. Triggering the stock plunge, Coinbase revealed its first loss as a publicly traded company after the market closed on Tuesday, reporting a second-quarter loss of $430 million (compared to a $771 million profit one year earlier) and revenues that fell 53% to $1.2 billion. Coinbase stock plunged 26% to a record closing low of $53.72 on Wednesday, posting its worst one-day drop ever and pushing the stock down 84% from a peak in November, the same month bitcoin also hit its latest record high.

'Full Irrational Panic' - Solana Drops To Lowest Since August Amid ... (Forbes)

Solana prices have plunged lately, causing the digital currency to trade down more than 80% from its all-time high. What caused the latest declines?

“The Luna collapse fuelled already negative sentiment that was present in these tokens. “Our expectation is that when the recovery comes, that market will consolidate around 1 or 2 of these challenger chains, whether Solana will be in that mix is difficult to say,” Smith added. “The LFG sell off added additional selling pressure and contributed to additional fear on investors.” An “increase in treasury rates, macroeconomic forces and a strengthening U.S. dollar contributed in part to the decline in the overall crypto market,” he noted. Scott Melker, a crypto investor and analyst who is the host of The Wolf Of All Streets Podcast, spoke to the significant impact of this, stating that “the entire market is reeling.” “The Fed and inflation has caused market participants to worry and liquidity has fallen drastically,” he noted, speaking to the significant increases in consumer prices and the uncertainty around how aggressively Federal Reserve policymakers will tighten monetary policy.

Crypto billionaires' vast fortunes are destroyed in weeks (The Business Times)

That's now just US$2.2 billion, according to the Bloomberg Billionaires Index, after a selloff in digital currencies from Bitcoin to Ether triggered a ...

Crypto billionaires' vast fortunes destroyed in weeks (The Straits Times)

Coinbase Global founder Brian Armstrong saw his personal fortune plummet from US$13.7 billion in November to just US$2.3 billion.

Trading volumes at Coinbase have steadily fallen since the beginning of the year, while more internationally focused Binance saw an uptick in volume last month. By Wednesday, that had shrunk to US$16 billion, using the average enterprise value-to-sales multiples of Coinbase and Canadian crypto firm Voyager Digital as a basis for the calculations. Bitcoin, the most popular cryptocurrency, and Ether have both fallen more than 50 per cent since their record highs late last year. Mr Armstrong owns 16 per cent of Coinbase and controls 59.5 per cent of its voting shares, according to the company's 2022 proxy statement, while Mr Ehrsam has a 4.5 per cent stake and controls 26 per cent of its voting stock. There is "no risk of bankruptcy" even amid a "black swan" event and users' funds are safe, said Mr Armstrong, the firm's chief executive officer. Then there is Mr Michael Novogratz. The CEO of crypto merchant bank Galaxy Digital has seen his fortune plummet to US$2.9 billion, from US$8.5 billion in early November. He has been a champion of TerraUSD, the algorithmic stablecoin that is now at risk of a complete collapse amid a breakdown in the price of a crypto token in the same ecosystem, Luna.

Crypto startup Moralis raises US$40m in fresh funding (The Business Times)