Coinbase Global’s second-quarter results show that the crypto exchange recorded a net loss of $1.10 billion during the period. This compares to a loss of $430 million in the first quarter and a net income of $1.61 billion in the second quarter of 2021. Net revenue for Q2 came in at $803 million, down from…
The Committee representing customers affected by Celsius’ bankruptcy has issued a mission statement as it seeks further investigation into CEO Alex Mashinsky for allegedly misleading the public. Unsecured creditors of Celsius on July 27, formed a group that is represented by five individuals and two entities including Covario AG, a Zug-based crypto prime brokerage, to…
Carbon-free mining company Sphere 3D‘s July 2022 report showed that it managed to keep up with its usual performance in July even though the 4,000 new mining rigs were held back in the U.S. customs during the winter market, where mining companies have been taking significant hits. The company has been expecting 4,000 S19J Pro…
The average price and trading volume of virtual land in the Metaverse have collapsed amid the wider downturn in cryptocurrency markets, according to an analysis conducted by the Information. Average virtual land prices have fallen by more than 80%. At the same time, trading volume is down by more than 90% from November 2021 highs….
PlanB, the infamous creator of the stock-to-flow (S2F) model for Bitcoin, has seemingly abandoned the HODL strategy in favor of “quant investing” through ByBit. In a tweet Friday, he announced a “copy my trade” partnership with ByBit that “outperforms buy&hold 100x.” An article detailing the strategy was released Monday via PlanB’s website. The article on…
Singapore-based crypto lending platform Hodlnaut announced a freeze on withdrawals citing declining market conditions. Holdnaut added that it has withdrawn its license application from the Monetary Authority of Singapore (MAS). Dear users, we regret to inform you that we will be halting withdrawals, token swaps and deposits immediately due to recent market conditions. We have…
Amid the current market meltdown, Swiss wealth management firm Pictet Group is cautioning private banks against investing in crypto, Bloomberg News reported Aug 4. Speaking on a panel at the Bloomberg Asia Wealth Summit in Singapore, CEO of Pictet Group’s Asia wealth management arm Tee Fong Seng said: “Crypto will be an asset class that…
Virginia’s Fairfax County Retirement Systems is set to invest its $6.8 billion pension fund in cryptocurrency yield farming to boost returns, the Financial Times reported on Aug 4. The retirement systems fund recently gained approval from its board of trustees for the move, according to the news outlet. Katherine Molnar, chief investment officer of the…
Commission-free stock, options, and cryptocurrency trading platform Robinhood is getting rid of 23% of its workforce due to dipping revenues and a crypto bear market. Company CEO blames woes on rising inflation Vlad Tenev, chief executive for Robinhood, highlighted his plan to reduce 23 percent of the company’s workforce during a meeting earlier this week….
London-based digital asset management firm Coinshares reported a loss before tax of £8.2 million for the second quarter, versus a profit before tax of £28.6 million a year ago, on the back of a one-off loss of £17.7 million due to the collapse of Terra. Combined revenue, gains, and other income for the quarter, excluding…