This category covers crypto market news today, including crypto index trends, major exchange data, capital flows, sentiment shifts, regulation impact and crypto’s interaction with traditional finance. Designed to help you understand the forces driving valuation across tokens, sectors and regions.
Robinhood may have taken this decision to halt trading to avoid an anxiety surge amongst traders and to mitigate the volume of losses that they incur.
Popular Bitcoin critic Peter Schiff also predicts a major downfall in the Bitcoin ETF market on Monday. He expects a gap down of nearly 15-30% on Monday, as the US market goes live for trading.
According to some analysts and market observers, the Japanese market swung into a state of panic after the Bank of Japan announced its decision to raise interest rates.
The launch of Grayscale Bitcoin mini ETF two days ago has severely dented flows for FBTC, BITB, and ARKB Bitcoin ETFs which have seen zero inflows in the last four trading sessions.
Grayscale’s ETHE, formerly holding $9B in Ether, has seen 22% outflows since its conversion. Analyst Mads Eberhardt predicts these outflows will slow by week’s end, potentially boosting Ether prices.
In Q2 2024, the company’s adjusted EBITDA swung into a loss of $85.1 million from a profit of $35.8 million in the previous year.
In the letter, Coinbase confirmed that the total revenue was down 11% quarter-over-quarter and the revenue from transactions was $781 million, down 27% from Q1 2024.
In the Q2 results, the company has also introduced a new performance indicator dubbed “Bitcoin Yield” showing the percentage change over time in the ratio of the company’s Bitcoin holdings and its diluted outstanding shares.
Crypto exchange Coinbase is soon to present its second-quarter results with expectations of doubling its revenue as well as a jump in profit.
Ethereum’s performance is particularly reflective of current market sentiments.
Grayscale’s Managing Director John Hoffman expressed optimism about the future regulatory environment for crypto ETFs. He highlighted that with 53 million Americans owning crypto and upcoming elections, the topic is gaining importance at the highest levels of government.
The correlation between Nvidia stock and Bitcoin has been remarkably strong since both bottomed out in late 2022.
The positive inflow is attributed primarily to a reduction in withdrawals from Grayscale’s Ethereum Trust (ETHE).
Cohen explained that Bitcoin and Ethereum have met the financial giant’s expectations, and no other crypto has attained the same level of investor interest and demand.
In the pre-market on Monday, Coinbase and other Bitcoin mining firms saw their stock prices rally anywhere between 3.5-4.5%.