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Coinbase’s crypto crunch lowers trading

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Coinbase’s trading volumes have fallen more than 40 per cent in the first quarter of this year

Coinbase is the U.S.’ largest cryptocurrency exchange. On the back of the loss, shares dropped by more than 15 per cent in after hours trading.

The Financial Times reports the drop is down to worse-than-expected earnings, and the fallout from the crypto bear market.

Revenue was $1.17 billion, which is down from predications of $1.5 billion.

The company says the figures reflect volatility in crypto, which date back to late 2021.

But executives believe the market conditions are “not permanent” and has its eyes set towards the future.

Monthly transacting users were 9.2 million, compared with 11.4 million in the fourth quarter and analyst estimates of 9.9 million.

Coinbase is expecting lower users in the upcoming second quarter. The exchange platform also believes services and subscription revenue will be “modestly lower” too.

It has also filed a shelf registration with the U.S. Securities and Exchange Commission, which it hopes will “offer and sell securities in the future”.

The world’s most popular cryptocurrency, Bitcoin has more than halved in value since its peak in mid-November.

Costa is a news producer at ticker NEWS. He has previously worked as a regional journalist at the Southern Highlands Express newspaper. He also has several years' experience in the fire and emergency services sector, where he has worked with researchers, policymakers and local communities. He has also worked at the Seven Network during their Olympic Games coverage and in the ABC Melbourne newsroom. He also holds a Bachelor of Arts (Professional), with expertise in journalism, politics and international relations. His other interests include colonial legacies in the Pacific, counter-terrorism, aviation and travel.

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Underground bitcoin mining surges in China amid ban

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Bitcoin production is rolling on in China despite Beijing’s strict ban on crypto mining

China was once the world’s biggest crypto mining hub.

And Bitcoin miners aren’t giving up, despite Beijing’s ban on the practice.

Several underground mining operations have since emerged in China, with miners taking care to work around Beijing’s ban.

Last year Chinese authorities launched a fresh crackdown on crypto, abolishing mining to combat the creation of new digital currency.

Many miners fled to other countries, including the U.S. and Kazakhstan, which borders China.

But now, fresh research from Cambridge shows that Chinese bitcoin mining activity has quickly rebounded.

This is a remarkable comeback following China’s share of global bitcoin mining plummeting to zero in July

Within a few short months, the new data suggests China made up just over 22 per cent of the total bitcoin mining market

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Robinhood launches second crypto wallet

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A little over a month after Robinhood released its first crypto wallet, the company says it’s already working on a second

Robinhood’s new wallet will give users sole custody over the keys needed to control their money on the blockchain.

It means users won’t depend on Robinhood if the system fails.

But there are some risks of losing the funds altogether, especially if they lose their private key.

The company says the wallet will be offered as a standalone app and says it will have an accessible and simple design.

Crypto has quickly become part of Robinhood’s business strategy.

The company recently said Bitcoin was the number one recurring asset its users have been buying this year.

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MiamiCoin lost 88 per cent of its value in less than a year

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MiamiCoin crypto lost 88 percent of its value in less than a year

The CityCoin initiative requires miners to gain tokens on the Stacks Blockchain to then be used to bid for Miami-Coin

Allegedly the winning bidder receives 70 per cent of their investment in MiamiCoin, while the U.S. city receives the other 30 per cent in tokens.

Miami-Coin value on May 16. Image: OkCoin exchange

The coin has enjoyed the support of the city’s Mayor Francis X. Suarez, who once said it could lead to a government running the city without citizens paying taxes.

When the project first launched, it was projected to succeed as the city’s mayor received a grant for over $5 million.

“I don’t know whether it’s going to work,” he says as the coin’s value dropped to around four-tenths of a cent.

Now it sits at $0.0044, down more than 88 per cent as reported by OkCoin–the only exchange that supports trading for the coin.

In November, the Mayor of New York City, Eric Adams also offered to take three paychecks in Bitcoin.

He also launched the N.Y.C. Coin project, which has already shed around 98 per cent of its value.

Amanda Gunn contributed to this post. 

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