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

article-image

iQoncept/Shutterstock modified by Blockworks

share

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 at $1,930.

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 the driver for that event,” Chapple said.

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. 

Analysts predict a decline of more than 7% in S&P 500 earnings compared to the same period last year, according to FactSet data

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 called it “turning point” in building a more financially disciplined company. The firm is expected to report Q2 earnings early next month.

Bitcoin miners Riot and Bitmining are respectively up 467% and 165% in 2023. Riot is expected to report second-quarter earnings on August 26 while Bitmining should report a week earlier.


Don’t miss the next big story – join our free daily newsletter.

Tags

Upcoming Events

WED - FRI, OCTOBER 9 - 11, 2024

Pack your bags, anon — we’re heading west! Join us in the beautiful Salt Lake City for the third installment of Permissionless. Come for the alpha, stay for the fresh air. Permissionless III promises unforgettable panels, killer networking opportunities, and mountains […]

MON - WED, MARCH 18 - 20, 2024

Crypto’s premier institutional conference returns to London in March 2024. The DAS: London Experience:  Attend expert-led panel discussions and fireside chats  Hear the latest developments regarding the crypto and digital asset regulatory environment directly from policymakers and experts   Grow your network […]

recent research

Pyth Cover.jpg

Research

Pyth is a low latency pull-based oracle. In a future that looks increasingly high frequency, with various alt L1s and L2s that have significantly shorter block times than Ethereum, and an explosion of “high-frequency” protocols such as oracle or CLOB perp DEXs, Pyth’s low latency oracle product looks much better positioned to capture a significant amount of market share in comparison to competitors.

article-image

The Binance executive is also reportedly set to make an appearance in a Seattle courtroom Tuesday

article-image

Monday developments reaffirmed the US as unfriendly to crypto while also offering a potential bullish outlook for segment firms, industry watchers say

article-image

It’s unclear what “actions” the CFTC, DOJ and Treasury will announce Tuesday afternoon

article-image

Some 18,000 accounts have already sent $27 million in crypto to a one-way bridge controlled by a Blast multisig

article-image

Telegram bots have seen a cumulative trading volume of over $4 billion

article-image

Avalanche has been inundated with transactions for inscriptions, similar to the Ordinals that already hit Bitcoin, Litecoin and Dogecoin