Coinbase beats Q4 earnings estimates amid falling transaction volume
Transaction volume on the exchange fell 12% in 2022's fourth quarter, but the firm still beat forecast earnings despite a 57% year-on-year revenue drop.
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Transaction volume on the exchange fell 12% in 2022's fourth quarter, but the firm still beat forecast earnings despite a 57% year-on-year revenue drop.
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DYDX token has been trading with a bullish bias since late December, rising 236% year-to-date. The bears attempted to dissuade the rally around mid-January, but [...]
<p>The average weekly inflows into digital asset-based investment products reached $36.8 million in January, which is the highest since the collapse of the once-leading crypto exchange, FTX, in November last year. The new height comes months after <a href="https://www.financemagnates.com/cryptocurrency/troubled-ftx-files-for-bankruptcy-as-ceo-bankman-fried-resigns/" target="_blank" rel="follow">FTX’s bankruptcy</a> led to a crypto withdrawal frenzy.</p><p>CryptoCompare, a UK-based crypto market data provider, disclosed these numbers on Wednesday in its Digital Asset Management Review for January 2023. According to the data provider, the total assets under management (AUM) of digital asset investment products also improved by 36.8% month-over-month in January, reaching $19.7 billion. The firm noted the figure is the highest AUM on record since May 2022.</p><p>“The bullish sentiment was driven by liquidated short positions and a favorable macro environment, reflected in the most recent CPI announcement, which saw Bitcoin's price reach $23,000; its highest level since August 2022,” CryptoCompare explained.</p><p>However, despite the improvement, the AUM still falls “considerably” short of total assets under management posted in January last year. This comes as a result of the downtrend experienced in the crypto and traditional asset markets in 2022.</p><p>“In January 2023, average daily aggregate product volumes across all digital asset investment products saw a decent recovery, rising 30.0% to $72.5mn. Despite this, volumes are still 84.4% lower compared to January 2022 and 95.2% lower than the all-time high recorded in January 2021,” CryptoCompare explained.</p><p>Watch the recent FMLS22 session on the crypto market structure.</p><p>Grayscale Okay Despite Troubles at Genesis</p><p>According to data shared by CryptoCompare, Grayscale’s Bitcoin Trust (GBTC) continued to top the Bitcoin trust market in January as its assets under management increased by 38.4% to $14.5 billion month-over-month. GBTC is managed by Grayscale Investment, a digital asset manager and a subsidiary company of the Digital Currency Group (DCG).</p><p>Grayscale Investments’ bitcoin trust remains strong “despite the uncertainty surrounding Genesis Trading," CryptoCompare said. In mid-November, the crypto lender Genesis Global Capital, which is owned by DCG, faced a 'liquidity crunch' and <a href="https://www.financemagnates.com/cryptocurrency/crypto-lender-genesis-files-for-bankruptcy-in-new-york/" target="_blank" rel="follow">sought a $1 billion emergency loan</a>. However, over two weeks ago two lending subsidiaries of the firm <a href="https://www.financemagnates.com/cryptocurrency/crypto-lender-genesis-files-for-bankruptcy-in-new-york/" rel="follow" target="_blank">filed for bankruptcy protection </a>before a Manhattan court.</p><p>In addition, the crypto exchange Gemini is <a href="https://www.financemagnates.com/cryptocurrency/winklevoss-feud-with-genesis-leads-to-earn-users-class-action-request/" target="_blank" rel="follow">battling with Genesis</a> over the payment of a $900 million debt under the Gemini Earn programme. Moreover, three Gemini Earn customers recently <a href="https://www.financemagnates.com/cryptocurrency/winklevoss-feud-with-genesis-leads-to-earn-users-class-action-request/" target="_blank" rel="follow">filed a class action arbitration request</a> against Genesis for allegedly failing to return Gemini Earn users’ assets. Compounding the situation, the US Securities and Exchange Commission recently <a href="https://www.financemagnates.com/cryptocurrency/sec-takes-gemini-genesis-to-court-for-selling-unregistered-securities/" target="_blank" rel="follow">charged both Gemini and Genesis</a> for allegedly selling unregistered securities.</p><p>“Despite the growth in assets under management and trading volume, the discount associated with Grayscale’s GBTC Trust has only slightly narrowed. The situation remains delicate, as Grayscale faced challenges with the bankruptcy announcement of its sister company Genesis due to exposure to FTX in January, and the ongoing lawsuit against the SEC to convert its Bitcoin Trust into an ETF,” CryptoCompare explained.</p> This article was written by Solomon Oladipupo at www.financemagnates.com.
DYDX price exploded on the last day of January rallying as much as 49.86% brushing shoulders with $3.5. This was after the release of the [...]
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<p class="MsoNormal">With bearish trends in Bitcoin (BTC), Decentralized Finance (DeFi) and Non-Fungible Tokens (NFTs), the market capitalization of the global cryptocurrency market slumped by 64.1% to $829 billion at the end of 2022, which is down from $2.3 trillion at the start of the year. </p><p class="MsoNormal">In a similar fashion, spot trading volume on the top 10 crypto exchanges collapsed to $0.46 trillion in December, which is down 67.3% from $1.5 trillion in January 2022. The deepest decline in this market occurred during the fourth quarter of the year in the aftermath of <a href="https://www.financemagnates.com/cryptocurrency/ftx-the-rise-the-fall-and-the-reaction/" target="_blank" rel="follow">FTX's collapse </a> and the resulting contagion that impacted over 1 million estimated depositors, creditors and investors, the report notes.</p><p class="MsoNormal">These figures are according to the CoinGecko 2022 Annual Crypto Industry Report <a href="https://www.coingecko.com/research/publications/2022-annual-crypto-report" target="_blank" rel="follow">released</a> on Tuesday. The report notes that BTC emerged as the worst-performing asset in the year as it sank by 64.2%. However, BTC traded above $21,000 on Tuesday, with the total market cap briefly topping above the US$1 trillion mark. </p><blockquote class="twitter-tweet"><p lang="en" dir="ltr"><a href="https://twitter.com/hashtag/CoinGecko?src=hash&ref_src=twsrc%5Etfw">#CoinGecko</a> 2022 Annual Crypto Industry Report ??2022 was a tumultuous year for <a href="https://twitter.com/hashtag/crypto?src=hash&ref_src=twsrc%5Etfw">#crypto</a> - NFTs and DeFi are among the hardest hit sectors, while stablecoins had a mixed performance.Here are 8 key highlights you shouldn't miss ?? <a href="https://t.co/w4n4BoSq7x">pic.twitter.com/w4n4BoSq7x</a></p>— CoinGecko (@coingecko) <a href="https://twitter.com/coingecko/status/1615292037141794816?ref_src=twsrc%5Etfw">January 17, 2023</a></blockquote><p class="MsoNormal text-align-justify">Also, the CoinGecko report highlights that the NFT industry had its <a href="https://www.financemagnates.com/cryptocurrency/mutant-ape-planet-nft-creator-aurelien-michel-arrested-at-jfk-airport/" target="_blank" rel="follow">first bearish cycle</a> in 2022 with trading volume across the top eight chains shrinking to $1.5 billion by the last quarter of the year, which is down from $13.3 billion during the first quarter. </p><p class="MsoNormal text-align-justify">In addition, the DeFi market saw its tokens, minus stablecoins and wrapped tokens, collapse by 72.9% “with various governance and <a href="https://www.financemagnates.com/terms/u/utility-tokens/" class="terms__main-term" id="5f74fe44-312a-4855-ad8b-6181eb376bbd" target="_blank">utility tokens</a> losing over $48.4 billion in value.” The stablecoin market, for its part, descreased 16.6% to $27.3 billion by year-end.</p><p>Watch this recent FMLS22 session on the future of cryptocurrencies.</p><p class="MsoNormal text-align-justify">Resilient Crypto Industry?</p><p class="MsoNormal text-align-justify">However, despite these trends, <a href="https://www.financemagnates.com/cryptocurrency/institutions-stick-to-crypto-despite-market-upheaval-in-2022/" target="_blank" rel="follow">crypto adoption remained steady</a> “with a healthy growth of BTC and Ethereum addresses.” Furthermore, the report notes that Ethereum <a href="https://www.financemagnates.com/terms/s/staking/" class="terms__secondary-term" id="ebfdd4d9-00b3-41ff-bff5-878cd2eb105f" target="_blank">staking</a> improved significantly quarter-on-over-year, reaching 15.8 million units by the end of the year. This represents an 80% increase compared to the 8.8 million units posted at the start of 2022. </p><p class="MsoNormal">“In the first half of 2022, growth of total staked ETH in validators can be attributed to a bullish Ethereum Merge sentiment. Following <a href="https://www.financemagnates.com/cryptocurrency/post-ethereum-merge-crypto-flows-indicate-continued-caution-among-investors/" target="_blank" rel="follow">a successful Merge in mid-September</a>, the crypto community began to anticipate the upcoming Shanghai upgrade – driving its notable growth last quarter,” CoinGecko explained.</p> This article was written by Solomon Oladipupo at www.financemagnates.com.
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