Kategorie: Crypto News

• Coinbase reported its second-quarter financial results on Thursday.
• Berenberg analyst Mark Palmer sees downside in “COIN” to $39.
• Coinbase stock has nearly tripled since the start of the year 2023.

Shares of Coinbase Global Inc wobbled but eventually ended flat in extended hours today even though the crypto exchange reported market-beating results for its fiscal second quarter.

Why is Coinbase stock unimpressed in after-hours?

The stock is primarily responding to weakness in transaction revenue that printed at $327 million – down nearly 13% sequentially. Trading volume also tanked to $92 million versus $145 million in the prior quarter.

Also a negative was interest income that declined about 17% on a quarter-over-quarter basis to $201 million. Reacting to the earnings print in an email, Mark Palmer – a Berenberg analyst wrote:

Interest income and staking revenue appear to be at risk going forward given the ongoing declines in USDC’s market cap and regulatory challenges to staking programs.

USDC holdings brought in $151 million in interest income to Coinbase in Q2.

Notable figures in Coinbase Q2 earnings report

• Lost $79 million versus the year-ago $430 million
• Per-share loss also narrowed from $1.98 to 34 cents
• Revenue tanked roughly 35% YoY to $773 million
• Consensus was 76 cents loss on $628 million in sales
• Subscription and services revenue printed at $335 million

In June, Coinbase Global Inc was sued by the SEC that accused it of violating the U.S. securities laws (read more).

Should you buy Coinbase stock?

Coinbase also revealed in a letter to shareholders today that transaction revenue stood at $110 million in July.

The crypto exchange now forecasts at least $300 million in subscription and services revenue in its current financial quarter. According to Berenberg’s Palmer:

Guidance was muted, and adjusted EBITDA print included a huge adjustment for stock-based compensation – an area management had said it would look to reduce.

Note that Palmer has a $39 price target on Coinbase stock that warns of a more than 50% downside from here. In his own words, shares of the crypto company are uninvestable at least in the near term.

The post Coinbase reports a 13% sequential decline in transaction revenue appeared first on CoinJournal.

Key takeaways

• Bitcoin continues to trade below $30k, and market experts expect a further downward trend in the short term.

• Chancer’s presale has surpassed $1.1 million, with more than 21 million tokens sold so far. 

Bitcoin stays below $30k

Bitcoin, the world’s number one cryptocurrency by market cap, has been underperforming since the start of the month. It is down by more than 1% over the past 24 hours and continues to trade below the $30k psychological level.

Despite the recent bearish trend, investors remain optimistic that a bullish cycle is on the horizon. This has seen more investment in cryptocurrency projects.

Chancer has already raised over $1.1 million in its second presale stage with a target of $2 million. 

What is Chancer?

Before you invest in the project, you need to understand what Chancer is and the utility it is presenting to web3 users. 

Chancer is an exciting Web3 project that seeks to change the gambling and betting ecosystem. The team is developing a unique Web3 peer-to-peer (P2P) custom betting platform allowing users to live stream betting events. 

The ultimate goal of the team is to decentralise the betting industry. Chancer will be a completely decentralised online gaming platform.

The biggest selling point of Chancer is that the betting options go beyond traditional sports and casino bets. With Chancer, users can bet on any event, even ones they make up themselves. 

This is the second presale stage, and Chancer has raised $1.1 million of the desired $2 million. So far, the team has sold more than 21 million CHANCER tokens, with 132 million tokens allocated for the entire 12 presale stages. 

The developers will use the funds raised from the presale stages to build a P2P betting platform. 

In their Whitepaper, the team said users can enjoy various benefits, including betting markets in real-time and based on user interests, social media connections, and expertise. 

Chancer users would also be given the opportunity to set up their own custom P2P betting markets. 

Furthermore, Chancer claims it wants to solve the problems associated with using bookmakers when betting. Users would be allowed to set up their custom P2P betting markets. 

Chancer’s second presale is 50% completed

Chancer’s presale event will occur in stages, and the second one is more than 50% completed. In the second presale stage, Chancer has raised $1.1 million so far, with less than $900k left to raise. 

The funds generated from the presale will be used to develop Chancer’s suite of products. Chancer intends to carry out 12 presale events, with a target of $15 million. 

Chancer’s native token, CHANCER, is currently sold for $0.011, with the price set to increase to $0.012 in the next presale round.

The token will power several activities on the Chancer platforms. Token holders can create markets and invest in markets created by other users.

Furthermore, the token would allow users to create, participate in, and profit from their very own predictive markets. 

At the moment, investors can purchase CHANCER tokens by connecting their Web3 wallets to the Chancer website. Some of the supported wallets include Trust Wallet, MetaMask, Coinbase Wallet, and Rainbow. 

Visit the Chancer website to get more information about the presale. 

Should you invest in Chancer today?

Chancer could be an exciting project for investors due to the team’s desire to decentralise the betting industry. With the right adoption, Chancer could become a multi-billion dollar platform in the medium to long term. 

A surge in Chancer’s adoption could push its token price higher over the coming months and years. Furthermore, CHANCER’s price could rally higher if the market embarks on a bull run.

The post CHANCER price prediction: Chancer’s presale surpasses $1 appeared first on CoinJournal.

• The Curve founder had taken a $100 million DeFi stablecoin loan using his own CRV stash as collateral.
• Curve Finance was recently hacked causing the CRV token to depreciate significantly.
• The Huobi co-founder has locked up the tokens as veCRV.

Jun Du, the co-founder of Huobi has bought 10 million Curve Dao tokens Michael Egorov, the Curve founder who is trying to reduce his exposed stablecoin loan positions.

Egorov has so far paid back over $17 million of his stablecoin loans, which has slightly improved the health of the loans as a whole. The DeFi founder, however, still has a heavy debt load, with about $60 million in stablecoins owed on Aave, $12 million on Abracadabra, and about $8 million on Inverse. To add salt to injury, Abracadabra Money has proposed increasing the interest rate on its outstanding loans in order to reduce the risks related to its exposure to Curve DAO (CRV).

Jun Du announced his intention to purchase 10 million CRV tokens in an initial tweet on August 1 at the market price of $0.40, which was established through a number of over-the-counter transactions involving Egorov and several members of the crypto community. In a direct message on Twitter Du confirmed that the purchase was successful and that he had made the decision to lock up the tokens as veCRV.

By locking up the tokens, Jun Du is entitled to voting rights on the Curve platform.

Curve Finance liquidity crisis

Curve protocol was exploited on July 30, resulting in a 30% crash in CRV token price.

Jun Du’s move was in support of Curve protocol which is in a liquidity crisis after the July 30 exploit. Du drew comparisons to his earlier assistance during BendDAO’s liquidity crisis. He emphasised that the current Curve difficulties were temporary and that the industry would profit from support from all sides.

Notably, Du is the co-founder and general partner (GP) of the web3 fund ABCDE in addition to being the CEO of New Huo Tech, a platform for the service of digital assets.

The post Huobi co-founder buys 10 million Curve DAO tokens from Curve founder appeared first on CoinJournal.