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

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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.
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