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Coinbase’s earnings have Wall Street wondering if the crypto firm is being overly optimistic or misunderstood – CNET – ApparelGeek

Coinbase Global Inc. executives remain optimistic about the long-term promise of their cryptocurrency platform, but admitted on Tuesday that current challenges in the crypto market are likely to persist. After posting a loss of $1.1 billion in the last quarter amid declining volumes and active user counts, Coinbase COIN,+7.73%predicted that volumes and monthly users transacting … Read more

Tax Free Crypto Payments? Senators propose bill for transactions under $50 – CNET – ApparelGeek

by Kelly Nieves

A new bill proposed by two US senators would make cryptocurrency transactions for less than $50 tax-exempt. The Virtual Currency Tax Fairness Act of 2022, which was proposed by Republican Senator from Pennsylvania Pat Toomey and Democratic Senator from Arizona Kyrsten Sinema, has the stated goal of “simplifying the use of digital assets for everyday … Read more

Game pauses on ‘metaverse’ dating and Tinder crypto, stock plunges 20% after surprise loss – CNET – ApparelGeek

by Met Fabtech

Shares of Match Group Inc. were pummeled on Tuesday after the online dating company’s new chief executive detailed a slowdown in its most popular product, Tinder, and decided to suspend new initiatives such as crypto-based on Tinder and “metaverse” dating. Match MTCH,+4.32%reported a loss of $31.86 million, or 11 cents per share, compared to earnings … Read more

Crypto exchange CoinFlex won’t lift withdrawal freeze just yet, despite ‘significant progress’ in fundraising for bailout tokens, CEO says – CNET – ApparelGeek

by Angela Beverly

Crypto exchange CoinFlex, which has halted user withdrawals since June 23, will not lift the freeze on Thursday as originally planned, Mark Lamb, the company’s chief executive, told CNET. The exchange attempted to raise $47 million in USDC USDCUSD stablecoin,since Tuesday through the sale of a token called Recovery Value USD, or rvUSD, in an … Read more

One of Crypto’s Biggest Names Defaulted on $47 Million USDC Debt, Says Coinflex – CNET – ApparelGeek

by Kelly Nieves

Chief executive of crypto exchange CoinFlex, Mark Lamb, said on Tuesday that he issued a notice of default to Roger Ver, an early crypto investor and chief executive of Bitcoin.com, alleging that Ver n failed to respond to a margin call and owed the exchange $47 million USDC. Lamb made the comments on Twitter after … Read more

British bride-to-be tried to rob store after crypto scam – CNET – ApparelGeek

by Michael Backman

A British groom was filmed being tackled as he attempted to rob a store – just moments after learning he had lost the money to pay for his wedding in a crypto scam, a court has heard . Charity worker Louis Crosby, 25, had “naively” converted his savings into a bogus investment in digital cash, … Read more

Coinbase stock continues to slide as ‘extreme drop’ in crypto prices prompts JP Morgan to downgrade – CNET – ApparelGeek

by Met Fabtech

Shares of Coinbase Global Inc. were expected to extend their decline on Tuesday after a JP Morgan analyst dropped its bullish call following an “extreme decline” in cryptocurrency prices. “While we continue to believe in cryptocurrency markets and blockchain technology, the extreme price drop in cryptocurrency markets in 2Q22 combined with Coinbase’s COIN,-11.41%the ramp-up in … Read more

ProShares Bitcoin Strategy ETF Tanks As Crypto Rout Deepens – CNET – ApparelGeek

by Met Fabtech

Funds exposed to bitcoin fell on Monday as the stock market sold off sharply and investors worried about issues on high-profile crypto platforms. Shares of the ProShares Bitcoin Strategy ETF BITO,-19.67%and the VanEck Bitcoin Strategy ETF XBTF,-19.87%were down around 19% on Monday, while the Valkyrie Bitcoin Strategy ETF BTF,-19.79%fell almost 20%, according to FactSet data, … Read more

Coinbase stock tumbles as crypto market anxiety mounts – CNET – ApparelGeek

by Michael Backman

Shares of Coinbase Global Inc. were crashing to one of their steepest declines ever on Monday after another cryptocurrency platform’s decision to suspend withdrawals and transfers sparked further concerns in the market. digital assets. Coinbase’s COIN stock,-14.36%was down about 14% in Monday morning trading, after falling 21.6% earlier in the session. The stock was on … Read more

The “decoupling” of Bitcoin from stocks? Here’s why it will or won’t happen – CNET – ApparelGeek

by Angela Beverly

Good morning! Welcome to Distributed Ledger, our weekly crypto newsletter that hits your inbox every Thursday. I’m Frances Yue, crypto reporter at CNET, and I’m going to bring you the latest and greatest digital assets from this week so far. Find me on Twitter at @FrancesYue_ to send feedback, or tell us what you think … Read more