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CleanSpark Inc. (Nasdaq: CLSK) has postponed its Q3 2024 financial results webcast initially scheduled for August 8, 2024, citing plans to announce a new date soon. (Read More)
Binances proactive security measures and industry collaborations lead to the recovery of $73 million in stolen funds by mid-2024.
BitMEX announces the launch of Q3 2024 Quarterly Futures, starting 11 June 2024. (Read More)
BitMEX has updated its index weights for Q3 2024, now live as of June 28, 2024. The new weights are reflected in the NEXT index family. (Read More)
Grayscale's latest research report reveals significant trends in the cryptocurrency market for Q3 2024, analyzing key sectors and their performance. (Read More)
<p> HIVE Blockchain Technologies Ltd. (<a href="https://www.financemagnates.com/tag/hive-blockchain-technologies/">NASDAQ:HIVE</a>), a cryptocurrency mining company focused on green energy, announced on Wednesday its financials for the third quarter of 2022. Similar to other publicly listed miners, HIVE reported a visible slump in revenue compared to the previous year due to the drop in Bitcoin (BTC) and <a href="https://www.financemagnates.com/terms/e/ethereum/" target="_blank" id="230aa7bc-daf7-4523-af41-90671a2e79de_1" class="terms__main-term">Ethereum</a> (ETH) prices.</p><p class="MsoNormal">According to the press release, HIVE was able to mine 858 BTC and 7309 ETH using clean energy during the previous quarter, achieving revenue of $29.6 million, which translates to a 45% decline compared to $42.9 million reported in the same period year earlier.</p><p class="MsoNormal">HIVE’s Bitcoin production rose by 4.5% quarter-over-quarter (QoQ) and 31% year-over-year (YoY), mainly due to the purchase of 17,300 new ASIC miners expanding the company’s New Brunswick data center facility to 60 MW of power.</p><p class="MsoNormal">The lower <a href="https://www.financemagnates.com/terms/b/bitcoin/" target="_blank" id="261088a9-0f41-4202-a73c-31f75ba6bd93_3" class="terms__secondary-term">Bitcoin</a> prices gross mining profit margin achieved by the mining company stood at $15.9 million, lowering by $41% QoQ from $27 million. It translated into a net loss of $37 million, compared to a net income of $38.9 million in Q3 2021.</p><p class="MsoNormal">“It was an extremely challenging quarter for the global digital asset ecosystem, where we saw the capitulation of crypto prices due to the Proof of Stake ‘PoS’ Luna token blow up in the spring and subsequent contagion from over leveraged ‘shadow banks’, hedge funds and offshore exchanges. Strategically, we have not borrowed expensive debt against our mining equipment or pledged our Bitcoins for costly loans, thus our balance sheet remains healthy to weather this storm,” Frank Holmes, the Executive Chairman at HIVE, said.</p><p class="MsoNormal">“We believe our low coupon fixed debt; attractive green renewable energy prices and high performing energy efficient ASIC chips will help us navigate through this crypto winter.”</p><p class="MsoNormal">Crypto Miners Under Mounting Pressure</p><p class="MsoNormal">Publicly-held crypto miners have entered the earnings season for the third quarter, and the results do not look promising. The prolonged ‘cryptocurrency winter’ and the BTC price at the two-year lows cut mining profitability and negatively impacted share prices.</p><p class="MsoNormal">Last week <a href="https://www.financemagnates.com/cryptocurrency/hut-8-loss-deepens-despiite-higher-mining-rate/">Hut 8 Mining Corp.</a> (NASDAQ:HUT) reported revenue of CAD 18.6 million, which was significantly lower than CAD 50.3 million for Q3 2021. The financial results were reduced despite the fact that the digital asset mining company was able to mine more Bitcoins than last year (982 BTC).</p><p class="MsoNormal"><a href="https://www.financemagnates.com/cryptocurrency/canaan-feels-the-bitcoin-blues-net-income-down-90/">Canaan Inc.</a> (NASDAQ:CAN) is another <a href="https://www.financemagnates.com/tag/wall-street/">Wall Street</a> company from the mining industry, focusing on manufacturing hardware for miners, which reported diminishing financial results. During the three-month period that ended on 30 September 2022, the revenue slumped 40% QoQ to $137.5 million.</p><p class="MsoNormal">For stock traders, publicly-listed mining companies are an indirect way to gain exposure to the cryptocurrency sector. As a result, stock price fluctuations are largely dependent on the price of Bitcoin and other tokens. For example, HIVE shares have lost more year-to-date (80%) than BTC itself (60%). However, during the market boom, they guaranteed higher returns on investment than the oldest cryptocurrency.</p> This article was written by Damian Chmiel at www.financemagnates.com.
The United States-listed Bitcoin miner has produced at least 1,231 Bitcoin since the start of July and has sold none of it to date.
Coinbase’s transaction revenue has decreased by 44% from the second quarter. Transaction revenue had dropped from $655.2M in the second
<p> Robinhood, a major US commission-free stock trading and investing app, reported a net loss of $175 million during the third quarter of 2022. Although the company's transaction-based revenues increased slightly, the cryptocurrency sector generated a substantial decrease.</p><p class="MsoNormal">According to the popular no-fee trading app's quarterly report, total net revenues stood at $361 million, which is an increase of 14% compared to the previous quarter. <a href="https://www.financemagnates.com/tag/robinhood/" target="_blank">Robinhood </a>rose its transaction-based revenues within equities and options asset classes, while <a href="https://www.financemagnates.com/terms/c/cryptocurrencies/" target="_blank" id="b091101e-6e02-4b36-aa0e-7c972dfdd6ed_1" class="terms__main-term">cryptocurrencies</a> lost 12% to $51 million. </p><p class="MsoNormal">Overall, Robinhood reported a net loss of $175 million ($0.20 per share). While this value is certainly not optimistic, it is a significant improvement over the previous quarter when the company showed a net loss of $295 million ($0.34 per share).</p><p class="MsoNormal">"In the third quarter, we achieved our goal of reaching adjusted EBITDA profitability, a quarter earlier than planned. We delivered on top feature requests for customers including advanced charts, options in cash accounts, instant withdrawals and our self-custody, web3 wallet. In the next week, we are raising the yield on uninvested cash for Gold members – making it one of the best rates in the industry," Vlad Tenev, the CEO and Co-Founder of Robinhood Markets, said.</p><p class="MsoNormal">Volatile Market Cuts Robinhood User Base and Staff</p><p class="MsoNormal">In August 2022, Robinhood announced that it was <a href="https://www.financemagnates.com/cryptocurrency/robinhood-cuts-its-workforce-by-23-due-to-deterioration-of-the-macro-environment/">cutting its workforce by almost 25%</a> due to the continued decline in its user base. Earlier in the year, the company <a href="https://www.financemagnates.com/forex/brokers/robinhood-to-lay-off-9-of-staff-as-stock-hits-all-time-low/">slashed 9% of its staff</a> due to the same issues. </p><p class="MsoNormal">According to the newest release, a volatile market environment, risk aversion and long-term declines are the main reason for the continued slump in monthly active users (MAU). In the third quarter, the Robinhood user base contracted to 12.1 million from 14 million reported in the second quarter. MAUs last peaked back in Q2 2021, when they stood at 21.3 million.</p><p class="MsoNormal">Adding to the current problems with the cryptocurrency division, the New York State Department of Financial Services (NYDFS) has <a href="https://www.financemagnates.com/cryptocurrency/news/robinhood-crypto-to-pay-30-million-penalty-for-aml-and-consumer-protection-violations/">imposed</a> a $30 million penalty for consumer protection, <a href="https://www.financemagnates.com/terms/c/cybersecurity/" target="_blank" id="d5b7f88f-89b3-4477-a0d2-c6eae7833df9_1" class="terms__secondary-term">cybersecurity</a> and anti-money laundering violations.</p> This article was written by Damian Chmiel at www.financemagnates.com.
What was the best-performing asset class in Q3? Believe it or not, it was Bitcoin.
The world’s biggest cryptocurrency topped the ranks with a boisterous 3.1% return. Hmmm.
Yeah – perhaps nothing sums up the abhorrent market more than the best-performing asset class scraping in as barely positive. Precious metals yielded 1.3%, while cash investors rejoiced at a 0.2% return. Every other asset class? Negative.
As inflation has rumbled, the Federal Reserve has hiked rates, sending markets into a tailspin. Throw in a war in Europe, an energy crisis as the winter approaches, and myriad other bearish factors, and it starts to make sense why the market has been plummeting.
Bitcoin one of the worst assets to holdLooking at yearly returns, rather than just Q3, paints a different story. Bitcoin has freefallen, shedding over half its value thus far – well south of some other major asset classes, as shown in the chart below.
As the market has turned risk-off, returns have generally been in line with what is to be expected during bear markets. That is to say, the further out on the risk spectrum, the further assets have fallen.
For crypto, this is bad news and the reason Bitcoin has been so putrid. It also explains how nearly every other cryptocurrency has fallen further than Bitcoin.
Looking at the above figures, the S&P has fallen 25%, roughly half of Bitcoin. I actually would have guessed it would be more, had you asked me at the start of the year where Bitcoin would be if the stock market nuked 25%.
The Nasdaq is further out the risk curve, being more tech-focused, with a drop closer to 30%. And gold does what gold does – hangs in there.
Dollar is the best-performing assetIn times of crisis, investors flock to safe-haven assets – for evidence of this, look no further than the fact the US dollar has been incredibly stout thus far this year, dominating almost every currency worldwide.
There is, after all, nothing safer than the US dollar. Adding to this fact is that so many liabilities worldwide are USD-denominated, meaning debtors scramble to obtain dollars. Additionally, the Federal Reserve has hiked more aggressively than many other major currencies, such as Europe and Japan, attracting capital flows to take advantage of higher yields and thus strengthening the dollar further.
What does Q4 hold?The fate of Bitcoin, stocks and other assets in Q4 will largely hinge upon inflation and interest rate rises (what is new?).
The next CPI reading is Thursday (October 13th) and hence we should see volatility to close the week and a sign of what things could hold for Q4. If inflation misses, expect a hawkish Fed and more sell-offs across the market.
But if Q4 can deliver OK CPI readings, and avoid major negative macro implications, it could at least be in store to outperform what was a dreadful Q3. In other words, in the short-term, nobody knows. But the next part is training all eyes on Jerome Powell this Thursday.
The post Bitcoin the best-performing asset class of an ugly Q3 appeared first on Invezz.
The latest quarterly report from DappRadar highlights a period of consolidation across the cryptocurrency ecosystem following a turbulent Q2.
Apple, Inc. (NASDAQ: AAPL) reported strong third-quarter results this Thursday, and the board of directors declared a $0.23/quarterly share dividend.
Apple showed the ability to grow its sales even during a time of uncertainty for the U.S. economy and reported that it sees continued strength in demand for iPhone.
Apple sees continued strength in demand for iPhoneApple reported strong third-quarter results on Thursday; total revenue has increased by 1.9% Y/Y to $82.96 billion, while the GAAP earnings per share were $1.20 ( beats by $0.05).
Third-quarter results beat expectations; revenue attributed to the iPhone was $40.65 billion, while the company’s Services revenue rose to $19.6 billion.
Sales attributed to the iPad, Mac and Wearables and Accessories came in at $7.22 billion, $7.38 billion, and $8.08 billion. Apple demonstrated once again the ability that even in these tougher times, the company can achieve excellent results. Tim Cook, CEO of Apple, said:
We set June quarter records in the Americas, in Europe, and in the rest of Asia Pacific region. We also saw June quarter revenue records in both developed and emerging markets with very strong double-digit growth in Brazil, Indonesia and Vietnam and a near doubling of revenue in India.
The board of directors declared a $0.23/quarterly share dividend (in line with the previous) which will be payable on August 11 to stockholders of record as of August 08, 2022.
Apple reported that it sees continued strength in demand for iPhone and Chief Executive Tim Cook confirmed that Apple remains in a strong position to improve its already massive market presence in the months ahead.
Apple didn’t give exact earnings or revenue estimates for the next fiscal quarter, but CFO Luca Maestri said that he expects gross margins for the fourth quarter to be between 41.5% and 42.5% on sales that are seen as growing from a year ago.
Analyst firms remain positive on Apple after the third-quarter report; Deutsche Bank maintained a “buy “rating with a $175 price target, while Evercore ISI analyst Amit Daryanani boosted his price target to $185.
Wedbush Securities analyst Dan Ives said that Apple has the ability to navigate a supply chain shortage in an impressive performance and maintained his outperform rating and $200 price target on Apple’s stock.
Technical analysisApple shares have advanced slightly above 19% since the beginning of July 2022, and the current price stands at $162.51.
Data source: tradingview.comIf the price jumps above $165, it will signal to trade Apple shares, and the next target could be $170.
On the other side, if the price falls below the strong support that stands at $150, it would be a “sell” signal, and we have the open way to $130.
SummaryApple reported strong third-quarter results on Thursday and reported that it sees continued strength in demand for iPhone. Analyst firms remain positive on Apple after the third-quarter report; Deutsche Bank maintained a “buy “rating with a $175 price target, while Evercore ISI analyst Amit Daryanani boosted his price target to $185.
The post Should I buy Apple shares after strong Q3 results? appeared first on Invezz.
Read Friday's breaking news in the daily digest!
Marathon Digital Holdings (MARA) will conduct a conference call on November 12, 2024, to discuss its Q3 2024 financial results. The call will be accessible via webcast. (Read More)
This edition of Cointelegraphs VC Roundup features Eidon AI, Brevis, Multiledgers and Alluvial.
MARA Holdings has announced its Q3 2024 financial results, revealing significant insights into its operations and future plans. The company will discuss the results in a webcast and conference call. (Read More)
Over $127 million was stolen in Q3 2024 due to phishing attacks, with September alone seeing losses of $46 million.
NVIDIA plans a conference call on November 20 to disclose its Q3 2025 financial results, offering insights and a Q & A session for analysts and investors. (Read More)
Robinhood Markets, Inc. (NASDAQ: HOOD) reports a 36% increase in Q3 2024 revenues, reaching $637 million, with significant growth in transaction-based revenues and a substantial rise in net income. (Read More)
COIN shares have dropped in after-hours trading as the crypto exchange missed earnings estimates, blaming softer market conditions.
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