JOBS DAY SELLOFF Nvidia, chip stocks hammered again CCC - CoinMarketCap • USD Realm USD (REALM-USD) Follow 0.000998 +0.000104 (+11.64%) As of 4:48 PM UTC. Market Open. Data provided by Related Crypto News Block is 'a bottom line story,' buy it: Analyst Fintech companies are in the spotlight as major players such as Block (SQ) and MicroStrategy (MSTR) report their quarterly earnings. Block reported revenue of $6.16 billion, falling short of the expected $6.31 billion, but beat with adjusted earnings of $0.93 a share versus the anticipated $0.85. MicroStrategy fell short on revenue, reporting $111.4 million against estimates of $119.3 million. Mark Palmer, Benchmark managing director & senior research analyst of fintech and digital assets, join Asking for a Trend to discuss the fintech space. Palmer describes Block's performance as "a better than expected quarter... pretty much across the board." He attributes the weakness primarily to challenges in the cryptocurrency sector, while noting "solid beats" throughout other areas. Despite missing revenue estimates, Palmer emphasizes that Block has "really become a bottom line story," creating ongoing operating leverage and making it "a good buy." Regarding cryptocurrency, particularly bitcoin (BTC-USD), Palmer remains "bullish on the outlook." He points to the recent bitcoin halving as having "created a nice setup for bitcoin's price going forward." For more expert insight and the latest market action, click here to watch this full episode of Asking for a Trend. This post was written by Angel Smith Coinbase posts third consecutive quarterly profit despite crypto price retreat The largest US cryptocurrency exchange eked out its third consecutive quarterly profit even as crypto prices retreated during the second quarter. CoinDesk 20 Performance Update: Index Gains 1.2% With BCH and ETC Leading The CoinDesk 20 gains 1.2% overnight with BCH up 3.0% and ETC up 2.5%. Risks Are Skewed to a Weaker Nonfarm Payrolls Print, ING Says A weak report will likely bolster Fed rate-cut expectations and potentially support risk assets, including bitcoin. Bitcoin Risk-Reward Remains Compelling Even After Price Surges 100% in a Year Long-term holders are motivated to hold at bitcoin's going market rate, implying an attractive risk-reward for existing or potential investors, according to the "reserve risk" indicator. Bitcoin as a Strategic Reserve Over the weekend, former U.S. President and current Republican nominee Donald Trump and a number of lawmakers spoke at the Bitcoin Nashville conference. The biggest piece of news everyone has been talking about was Trump and Sen. Cynthia Lummis' proposals to create a strategic reserve for Bitcoin, but the event also served as Sen. Tim Scott's entry into actual crypto discussion. Crypto Exec Pushing for Industry Support of Kamala Harris for President The former CEO of crypto platform Uphold, J.P. Thieriot, is trying to drum up crypto support for Vice President Kamala Harris as she pursues the Democratic nomination in the presidential election, arguing that former President Donald Trump is offering empty promises to the industry and Harris is signaling a new openness. Bitcoin Plunges More Than 10% Since Hitting $70K 72 Hours Ago The bullish news continued on Thursday morning, but sellers remained in control of the market. CoinDesk 20 Performance Update: ICP and RNDR Lead Losses as Index Slips 2.2% ICP dropped by 5.3% and RNDR fell by 4.1% in overnight trading. Crypto Lender Ledn Handed Out $1.16B Worth of Loans in First Half of 2024 The platform witnessed a 29.8% jump in retail lending between the first and second quarters. First Mover Americas: Crypto Markets Reel on Geopolitical Risk The latest price moves in bitcoin (BTC) and crypto markets in context for Aug. 1 2024. First Mover is CoinDesk’s daily newsletter that contextualizes the latest actions in the crypto markets. Bitcoin Price Falls. Why Cryptos Fail to Get Any Fed or Trump Boost. The large-cap token's price has barely moved since Republican nominee Trump's speech on Saturday. Bitcoin Miner Riot Platforms' Second-Quarter Loss Widens to $84.4M as Costs Surge The company's loss per share doubled to $0.32. Large Bitcoin Holders Added $5.4B in BTC in July, Data Show Large holders resorted to bargain hunting in July as the cryptocurrency experienced two-way price volatility. Tether Nets $5B Profits This Year, Says Its U.S. Debt Holdings Surpassed Germany's The company said its $97 billion exposure to U.S. Treasuries would put it 18th in the ranking among countries. The Anatomy of a Crypto Bull Market Analyzing previous crypto market cycles helps us understand the current one, says Kelly Ye, head of research at Decentral Park Capital. Investor Surveys Reveal Strong Interest in Digital Assets Research from EY-Parthenon shows that many institutional and retail investors want to increase allocations to digital assets and digital assets related products, Prashant Kher, Senior Director at EY-Parthenon. Bitcoin Price Shrugs Off Latest $2B Mt. Gox Transfer as Distribution Nears Its End Bitcoin holdings of Mt. Gox wallets are down to $3 billion from $9 billion a month ago, Arkham data shows. CoinDesk 20 Performance Update: XRP and SOL Outperform as Index Climbs 1.3% XRP and SOL led the charge in overnight trading, driving the CoinDesk 20 Index 1.3% higher. Lloyd’s of London-Backed Insurance Policies Can Now Be Paid for in Crypto on Ethereum Cryptocurrency insurance underwriter Evertas, a Lloyd’s coverholder, has teamed up with smart contract-based insurance marketplace Nayms to offer the on-chain policies.
