Stocks linked to cryptocurrency exchanges and technology investments have also taken serious hits as well.
Robinhood may have taken this decision to halt trading to avoid an anxiety surge amongst traders and to mitigate the volume of losses that they incur.
In Q2 2024, the company’s adjusted EBITDA swung into a loss of $85.1 million from a profit of $35.8 million in the previous year.
In the letter, Coinbase confirmed that the total revenue was down 11% quarter-over-quarter and the revenue from transactions was $781 million, down 27% from Q1 2024.
In the Q2 results, the company has also introduced a new performance indicator dubbed “Bitcoin Yield” showing the percentage change over time in the ratio of the company’s Bitcoin holdings and its diluted outstanding shares.
Crypto exchange Coinbase is soon to present its second-quarter results with expectations of doubling its revenue as well as a jump in profit.
The correlation between Nvidia stock and Bitcoin has been remarkably strong since both bottomed out in late 2022.
In the pre-market on Monday, Coinbase and other Bitcoin mining firms saw their stock prices rally anywhere between 3.5-4.5%.
Culper Research recently published a report, accusing Iris Energy of insufficient capacity for AI and HPC at its Childress site.
The decline in Bitcoin followed the movement of a substantial amount of BTC by Mt. Gox, the once-dominant crypto exchange.
Formal federal prosecutors said that the plaintiff’s charges on Gill pulling off a fraud wouldn’t stand ground as it would be obvious that he was trying to profits from Gill’s hype over GameStop, thereby failing to prove himself as a reasonable investor.
It appears that from a legal standpoint, this entire lawsuit might not hold water.
Nvidia, an American multinational, saw its stock plummeting, losing over $500 billion in just three days.
DeFi Technologies Inc., a Canadian company specializing in exchange-traded products (ETPs), has taken a swipe at crypto newsletter CoinSnacks. The company also made some counter allegations of its own, aiming to buttress its short and distort claims.
As per the KPMG Canada’s representative, blockchain-based tokenized shares will become the crypto industry’s biggest institutional use case and institutional DeFi players would prefer to transact in a more permissioned environment.