Block Inc Surpasses Coinbase in Market Cap amid Crypto Stocks Struggle
Throughout this year, the performance of Coinbase stock has been a really turbulent one.
Throughout this year, the performance of Coinbase stock has been a really turbulent one.
Only a few days ago, the firm sold part of its shares in Coinbase.
With Bitcoin price taking a dive under $50,000 earlier today, there’s going to be a similar reaction in MSTR price moving forward.
Stocks linked to cryptocurrency exchanges and technology investments have also taken serious hits as well.
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.
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.
The correlation between Nvidia stock and Bitcoin has been remarkably strong since both bottomed out in late 2022.
Find out the latest stock market news, in-depth market analysis, expert finance advice, and comprehensive information on key developments in the stock market sphere below.