Crypto prices flat as markets hold breath for Coinbase earnings thumbnail
Crypto prices flat as markets hold breath for Coinbase earnings
blockworks.co
Crypto prices flat as markets hold breath for Coinbase earnings Crypto may be less correlated with major stock indexes these days, but that won’t stop markets bracing for earnings impact Crypto prices were flat over the weekend ahead of second quarter earnings from major stocks including Goldman Sac
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Crypto prices remained flat over the weekend as investors awaited second-quarter earnings reports from major stocks like Goldman Sachs, Netflix, and Tesla. Bitcoin has been hovering around $30,300 since dropping 4% on Friday, while Ether has stayed relatively stable at $1,930. Although the correlation between crypto and stock indexes has decreased, positive earnings outcomes could still boost crypto valuations. Investors are preparing for a potentially challenging earnings season on Wall Street. Crypto investors are particularly interested in Coinbase's earnings, as the company reported a net loss of $79 million in Q1 and is expected to release its Q2 earnings soon.

Top Highlights

  • Crypto prices flat as markets hold breath for Coinbase earnings Crypto may be less correlated with major stock indexes these days, but that won’t stop markets bracing for earnings impact
  • Crypto prices were flat over the weekend ahead of second quarter earnings from major stocks including Goldman Sachs, Netflix and Tesla. Bitcoin (BTC) has hovered around $30,300 since it dropped 4% on Friday, winding back gains from a halfway-positive US district court ruling in Ripple’s case against the SEC. Ether (ETH) has practically stayed put ...
  • Crypto’s correlation with major stock indexes may have lessened this year but second quarter earnings season could still boost valuations, Toby Chapple, head of trading from Australian trading firm Zerocap told Blockworks. “Bitcoin especially will need a catalyst to go through upside resistance at these levels and a positive earnings season may be...
  • Positive earnings outcomes would likely spur greater risk-taking in emerging assets, Chapple noted. Negative outcomes would lead to a more defensive stance from investors. Wall Street, at least, is preparing for a potentially bleak season marked by declining company profits.
  • Crypto investors may closely watch Coinbase earnings. COIN is up more than 200% this year, bolstered by the world’s largest asset manager, BlackRock, naming the exchange as a bitcoin custodian in a renewed spot ETF filing last month.  Coinbase reported a net loss of $79 million in Q1, down from $430 million lost in 2022’s first quarter. Coinbase c...

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