In the “First Mover” interview, Todaro predicted that Coinbase trading volumes for its second quarter (ending June 30) should be the poorest second quarter since the exchange started trading publicly in 2021. But he said July volumes “are okay,” and that investors should already have priced in the company’s Q2 issues. “Folks should start looking at what’s coming up,” including next year’s bitcoin halving, “which is historically coinciding with higher crypto prices, ETF applications and a little bit more of a positive view on regulation,” he said, and described the exchange as “the only kind of adult left in the room at the exchange level.
Ether was recently changing hands at $1,910, off 1.5% from Tuesday, same time. Other major cryptos spent much of the day in the red with ADA, the token of smart contracts platform Cardano, declining 3%. Litecoin, and popular meme coins DOGE and SHIB all recently dropped more than 2%. STORJ, the native crypto of the Storj cloud storage platform, rose more than 40% earlier in the day, but relinquished its gains to trade down 20% from a day ago.
Ether, the second largest crypto in market value, was recently changing hands below $1,800, off more than 5% from Sunday, same time. ETH and other major altcoins followed a similar path to bitcoin on Monday with the bulk of their declines coming in the immediate hours after the SEC suit. BNB, Binance’s exchange token, and SOL, the native cryptocurrency of the Solana blockchain, recently plunged more than 10%. ADA and MATIC, the tokens of smart contract platforms Cardano and Polygon, and popular meme coin DOGE were recently off more than 8%. Even litecoin, which has been rallying the past few weeks, fell more than 9%. The SEC suit called those tokens unregistered securities.
Crypto markets’ Thursday stasis came even amid the release of unexpectedly positive, weekly unemployment figures and GDP – the type of data that has regularly sent markets spiraling. The Labor Department announced that 229,000 Americans filed for unemployment benefits last week, well below the anticipated 245,000, and the U.S. economy increased 1.3%, the third consecutive quarter of growth. Those figures failed to stir equity markets, although a strong forecast by graphics-chip giant Nvidia based on the surging needs of artificial technology seemed to send tech stocks rising as the tech-focused Nasdaq Composite surged 1.7%.
ALSO: Market maker Flowdesk is looking to expand in the U.S., even as a number of major crypto firms, including Coinbase, have lost enthusiasm there because of ongoing regulatory uncertainties.
When you sell a Blu-Ray or a book to someone, they have the sole ability to enjoy it. But with computer files, there is no concept of ownership – you are simply given a license to use it – and courts haven’t gotten comfortable with confirming that a file is deleted on the first user’s computer. After all, files aren’t “exhaustible”; they can be copied an infinite amount of times. Or in crypto parlance, ‘double-spent.”