Did you see that Crypto Markets are now worth over $2 Trillion again?
These were the magazine covers as Crypto was bottoming in November and December of 2022. Keep in mind, this asset class was down towards just $730 Billion TOTAL in the fall of 2022. Source: Allcharts, J-C Parets
Top 30 Trending coins
Source: Coingecko
Coinbase Global Inc. shares jumped 14% in the extended session Thursday
After the crypto-trading platform swung to a quarterly profit and reported revenue well above Wall Street expectations, saying it benefited from “risk on” activity in the markets. Coinbase $COIN earned $273 million, or $1.04 a share, in the fourth quarter, versus a loss of $557 million, or $2.46 a share, in the year-ago quarter. Sales rose to $954 million from $629 million a year ago. Analysts polled by FactSet expected Coinbase to report earnings of 2 cents a share on sales of $826 million. In a letter to shareholders, Coinbase executives said that they saw “a sharp increase in crypto asset volatility,” akin to early 2023, and in crypto asset prices. That was mostly thanks to around approvals for a bitcoin spot ETF and “broad expectations around improving macroeconomic conditions in 2024, which contributed broadly in the capital markets to ‘risk on’ activity,” it said. COIN Coinbase Q4 FY23: • Trading volume +6% Y/Y to $154B. • Bitcoin 31% of volume (-4pp Y/Y). • Revenue+52% Y/Y to $954M ($135M beat). • EPS $1.04 ($1.03 beat). Q1 FY24 Guidance: • Subscription & Services $410-480M ($373M expected). Source: App Economy Insigths, Market Watch
Tether 2023 net income put into perspective
Unlike the banking giants who employ thousands of people, the number of employees at Tether is (officially) 125.
Bitcoin Halving in Just 80 Days 🤔
Ever wondered where Bitcoin was 80 days before in the previous Halvings ? - In 2016, BTC was -62% below its ATH - In 2020, BTC was -52% below its ATH - In 2024, BTC is currently -42% below its ATH So, even if it seems like Bitcoin's price isn't moving much, it's following a similar pattern to previous cycles. Source: Mags
Only a tiny fraction of the world owns bitcoin, and after the halving in April, only 1.3125/21M btc will be left to be mined
Source: Walker
"I got next" effect on ethereum...
Source: J-C Parets
Bitcoin on a roller coaster after SEC drama
Shortly after the market close on Tuesday, the SEC's X account posted an announcement that it had approved bitcoin ETFs to begin trading, something that has been widely anticipated by the crypto market. That post was made by an imposter and was deleted soon after. About 15 minutes after SEC's imposter post, SEC chair Gary Gensler said from his X account that no bitcoin ETFs had been approved. “The SEC’s @SECGov X/Twitter account has been compromised. The unauthorized tweet regarding bitcoin ETFs was not made by the SEC or its staff,” an SEC spokesperson told CNBC. The price of bitcoin briefly spiked after the initial post, but then quickly slid below $46,000. Source: Bloomberg, CNBC, HolgerZ
