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Coinbase swings to quarterly loss as crypto winter hits trading volumes

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Coinbase swings to quarterly loss as crypto winter hits trading volumes

Feb 21 (Reuters) – Coinbase International Inc (COIN.O) reported a loss for the fourth quarter on Tuesday, as buying and selling volumes on the cryptocurrency change got here below stress from an industry-wide downturn triggered by a string of high-profile bankruptcies.

Shares in Coinbase, which misplaced roughly 86% of their worth in 2022, have been down about 2% in prolonged buying and selling after outcomes.

The marketplace for digital belongings has suffered from dour sentiment over the past yr, as traders shunned dangerous belongings amid spiraling market volatility and worries of an upcoming recession.

However the largest blow to the sector got here from the chapter of Sam Bankman-Fried’s main crypto change FTX in November. The collapse has since drawn robust international regulatory scrutiny on firms working within the crypto sector and fueled worries of a contagion hitting different corporations.

Buying and selling volumes on the crypto change within the fourth quarter plunged to $145 billion, in contrast with $547 billion a yr earlier.

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“As macroeconomic indicators like inflation remained excessive and rates of interest rose all year long, crypto market cap declined together with broader fairness markets,” Coinbase stated in a letter to shareholders, including that circumstances worsened as a result of depegging of TerraUSD and collapse of FTX.

Retail merchants, who had earlier used Coinbase’s platform to pump cash into the most important cryptocurrencies akin to bitcoin and ethereum, pulled again considerably, spooked by heavy market volatility, with their buying and selling volumes within the quarter plummeting practically 89% to $20 billion.

The corporate reported web income of $605 million within the quarter, in contrast with $2.49 billion a yr earlier.

Coinbase reported a web lack of $557 million within the three months ended Dec. 31, in contrast with a revenue of $840 million a yr earlier.

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In January, Coinbase had stated it’s going to minimize 20% of its workforce, as a part of a restructuring plan that marked the third spherical of layoffs for the cryptocurrency change since final yr.

Reporting by Manya Saini in Bengaluru; Enhancing by Krishna Chandra Eluri

Our Requirements: The Thomson Reuters Belief Ideas.

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RobotBulls Innovates Cryptocurrency Trading with AI and Blockchain Integration

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RobotBulls Innovates Cryptocurrency Trading with AI and Blockchain Integration

RobotBulls, a pioneering force in the cryptocurrency market, has unveiled its latest advancements in leveraging artificial intelligence (AI) and blockchain technology to streamline the trading process.

RobotBulls, a pioneering force in the cryptocurrency market, has unveiled its latest advancements in leveraging artificial intelligence (AI) and blockchain technology to streamline the trading process. This dual-technology approach not only simplifies trading operations but also enhances security and accuracy, providing traders from various backgrounds with an accessible and efficient trading platform.

AI and Blockchain: A Synergistic Approach for Streamlined Trading

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At the heart of RobotBulls’ innovation is the integration of AI and blockchain technology. The platform utilizes advanced AI algorithms to analyze market data accurately and swiftly, offering users actionable insights to guide their trading decisions. Complementing this, blockchain technology ensures all transactions are securely recorded and immutable, reinforcing trust and transparency in all operations.

Key Features of RobotBulls: Elevating Trading Experience

RobotBulls’ platform is designed with several core features aimed at enhancing user experience:

  • Streamlined Trading: Automated trading tasks allow users to execute strategies efficiently without the need for constant monitoring.
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  • Robust Security Measures: Leveraging blockchain, RobotBulls ensures all transactions are transparent and secure, significantly reducing the risk of tampering.

Benefits of Using RobotBulls: Efficient and Secure Trading Traders on RobotBulls enjoy multiple advantages:

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Continuous Innovation and Future Prospects

Committed to continuous enhancement, RobotBulls consistently upgrades its AI algorithms and explores more efficient blockchain technologies. These advancements aim to further expedite transactions and improve analytical capabilities, providing users with deeper insights and more robust trading options.

Supporting Traders with Educational Resources and Community Engagement

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RobotBulls supports its users with an array of educational resources designed to aid both novice and experienced traders in navigating the platform effectively.

Additionally, the company fosters a strong community, enabling users to exchange strategies and insights, further enhancing their trading success.

Experience the Future of Trading with RobotBulls

For traders seeking to harness the potential of digital currencies through a secure, efficient platform, RobotBulls offers a powerful solution. To explore how RobotBulls can transform your trading experience, visit robotbulls.com.

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Alleged crypto scammers arrested in $73 million 'pig butchering' scheme

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Alleged crypto scammers arrested in $73 million 'pig butchering' scheme

The Justice Department said on Friday that it arrested two alleged scammers for laundering “at least” $73 million through shell companies connected to “pig butchering” cryptocurrency investment schemes.

In a pig butchering scam, scammers contact victims online and gain their trust before manipulating them into investing in a fake cryptocurrency.

Daren Li, a 41-year-old dual citizen of China and St. Kitts and Nevis — and resides in China, Cambodia, and the United Arab Emirates, was arrested on April 12 at Hartsfield-Jackson Atlanta International Airport. According to a Justice Department statement, he was subsequently transported to the Central District of California. Yicheng Zhang, 38, a Chinese national and resident of Temple City, California, was arrested on Thursday in Los Angeles, California, the statement said.

The DOJ accused the individuals of having lured victims into depositing money into U.S. accounts. From there, the two allegedly utilized co-conspirators to launder the money through U.S. financial institutions to Bahamas bank accounts, before converting the funds into the stablecoin Tether, also known as USDT.

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“Cryptocurrency investment scams exploit the borderless nature of virtual currency and online communications to defraud victims,” said U.S. Deputy Attorney General Lisa Monaco. “While fraud in the crypto markets takes on many forms and hides in many far-off places, its perpetrators aren’t beyond the law’s reach,” the

Li and Zhang face charges of conspiracy to commit money laundering and six counts of international money laundering. According to the Justice Department, if found guilty, they could be sentenced to a maximum of 20 years in prison for each count.

Two days before announcing the arrests, the Justice Department said it arrested two brothers for allegedly stealing roughly “$25 million worth of cryptocurrency within approximately 12 seconds.” And earlier this month, the department charged ‘Bitcoin Jesus’, a.k.a. Roger Ver, with evading nearly $50 million in taxes.

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