Cryptocurrency News: Coinbase Up 50% Ahead of Earnings, Block’s Bitcoin Loss, FLOW Soars

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Cryptocurrency News: Coinbase Up 50% Ahead of Earnings, Block’s Bitcoin Loss, FLOW Soars

Cryptocurrency news update: COIN stock rises ahead of its earnings report on news that Coinbase (PIECE OF MONEY) and black rock (noir) are teaming up on a cryptocurrency platform for institutional investors. To block (SQ) quarterly bitcoin earnings and sales fell over the year, in part due to a drop in bitcoin revenue. Meta (META) extends its NFT footprint, sending FLOW flying. Robin Hood (HOOD) The crypto subsidiary of was fined $30 million over anti-money laundering and cybersecurity concerns. Hackers feel sorry for stealing $200 million from crypto firm Nomad and have started returning funds.

Click here for more information on today’s cryptocurrencies.

Cryptocurrency News: Price Action

Bitcoin rises above $24,000 after rebounding 16.8% in July, its best monthly performance since October 2021. Ethereum is at a two-month high after climbing to nearly $1,800 ahead of its planned merger with a proof-of-stake blockchain. Ethereum is transitioning its Goerli network to PoS, which will run from August 6-12. This is the final testnet before the official merge scheduled for September. July also marked the best month for digital asset funds so far this year. Digital asset fund inflows totaled $474 million for the month, nearly offsetting June’s $481 million in outflows. Around $490 million of funds have been invested in digital asset products so far this year.

Most Popular Cryptocurrencies

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Investments in digital assets are extremely volatile. Although the fundamentals and technical indicators of cryptocurrency may differ, investors should focus on the same key objectives. First, stay protected by learning when it’s time to sell, reduce losses Where capture profits. Second, get ready to enjoy if the cryptocurrency starts to rebound.

Despite their initial promise, cryptocurrencies have not acted as inflation hedges. Instead, they tend with the broader indexes. Lily Overview and pulse of the market to follow daily market trends.

View IBD Best Cryptocurrencies and Crypto Stocks to Buy and Watch page to help you navigate the world of digital asset investments.

Want a deeper dive into crypto? Check What is Cryptocurrency? explanatory page.

Coinbase teams up with BlackRock

Cryptocurrency exchange Coinbase partners with the world’s largest asset manager, BlackRock, on an institutional cryptocurrency investment platform. Announced on Thursday, Coinbase Prime will provide crypto trading, custody, brokerage, funding and staking capabilities to institutional clients of Aladdin, BlackRock’s investment management platform.

COIN stock jumped more than 10% after the news broke and was up nearly 50% in the past week ahead of its Aug. 9 earnings report.

For the quarter, Wall Street expects Coinbase to post an adjusted loss of 72 cents per share versus adjusted earnings of $7.42 per share last year. Forecasts call for revenue to fall to $874 million from $2.23 billion.

Block Bitcoin Losses

To blockthe parent company of Square and Cash App, beat forecasts for its second-quarter results, despite a 72% drop in profits and a 6% drop in revenue. Cash App’s Bitcoin revenue fell 34% for the period to $1.79 billion, due to lower Bitcoin prices, consumer demand and broader uncertainty around crypto assets , Block said.

The company’s gross profit from Bitcoin was $41 million, down 24% on the year. Block also recorded a $36 million impairment loss for Bitcoin, a slight improvement from the $45 million impairment last year.

Robinhood Crypto Fine

In other cryptocurrency news, Robin Hood was fined $30 million by the New York Department of Financial Services earlier this week for its crypto subsidiary’s “significant” anti-money laundering, cybersecurity and privacy violations. consumer protection, as well as lying about compliance status.

“As its business grew, Robinhood Crypto failed to invest the appropriate resources and attention to develop and maintain a culture of compliance – a failure that resulted in significant violations of the department’s compliance regulations. anti-money laundering and cybersecurity,” DFS Superintendent Adrienne Harris said in a news release.

NYDFS says the AML program was understaffed, failed to transition from a manual transaction monitoring system, and did not dedicate enough resources to address risks. Similarly, RHC’s cybersecurity program ignored operational risks and compliance with several security and virtual currency provisions, stemming from management and oversight gaps.

As part of the sanctions settlement, Robinhood Crypto must retain the services of an independent consultant to assess regulatory compliance.

Meta NFT extension

Meta deploys NFTs in 100 countries after integration with Coinbase Wallet and Dapper labs. The company formerly known as Facebook has been testing NFT support for Instagram and its eponymous social media platform over the past few months. Meta will also add support for Dapper’s Flow blockchain, which powers NFT collections and partnerships with big names like NBA Top Shot.

META stock is down nearly 3% this week. COIN shares rose more than 50% on the news, it is also partnering with BlackRock ahead of earnings. And FLOW Token is up over 48% this week following the news.

Nomad Hackers returns funds

A hacker and ordinary investors stole nearly $200 million from crypto firm Nomad in a matter of hours last week. A hacker found a code comment in Nomad’s audit report that explained how Nomad Bridge could be exploited. The hacker manipulated the transaction code to siphon funds from the bridge into his personal wallet. Everyday cryptocurrency investors saw what happened and joined in the looting by copying the transaction. All they had to do was change their wallet for the destination.

The deck was emptied of $190 million by simply pressing copy-paste. At least some investors are feeling remorse. Data from Etherscan shows that approximately $32.6 million in various cryptocurrencies was returned or donated to Nomad’s official funds recovery address on Monday afternoon.

Cryptocurrency News You Might Have Missed

It proves Helium, which bills itself as a blockchain-powered wireless network, doesn’t make a lot of money and doesn’t have a lot of customers. Helium received $365 million in funding from a16z, and retail investors spent $250 million buying hotspot nodes to earn passive income. But Helium only generates $6,500 in monthly revenue. People bought the nodes for $800 to $1000 hoping to recoup their investment and start making a profit within months.

The company also got its contracts wrong with Lime and Selling power (RCMP). Helium even displayed its logos on its website under its partner list until questions arose about it.

A16zAndrew Chen, who was a lead investor for the clubhouse and sub-stack deals, is now responsible for the company’s new Game Fund One, which will invest in the metaverse, augmented reality/reality game studios virtual, social platforms for gamers, and more. Game Fund One will operate out of Venice, Calif., Chen wrote in his substack.

Focus on cryptocurrency

Dapper Labs’ FLOW token is the native cryptocurrency of the Flow network and blockchain. Flow’s platform uses smart contracts that allow developers to create their own non-fungible apps, games and tokens.

Dapper Labs is behind some of the biggest officially licensed NFT projects and has partnerships with the NBA, NFL, UFC and Spanish soccer league La Liga. It’s line of NBA Top Shot NFTs, which are essentially digital trading cards of hot music videos, have seen around $1 billion in transactions.

The company is adding more celebrity and athlete partnerships to expand its product portfolio. Dapper Labs raised $725 million in its last funding round in May, valuing around $7.6 billion.

Read more cryptocurrency news

Bitcoin
What is Cryptocurrency?In the simplest terms, cryptocurrency is internet money and digital assets. Cryptocurrencies have grabbed headlines for eye-popping valuations — and crashes. Bitcoin hit all-time highs of $69,000 last November, but is in free fall… Read more
Bitcoin, Blockchain and Cryptocurrency NewsBitcoin and blockchain technologies have taken off as they grow in popularity, from exchange operators like CME and CBOE to Wall Street investment banks and mobile payments company Square. Other cryptocurrencies… Read more
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