Bitcoin falls nearly 1% to move to $24,000 – Coinbase in deep red in Q2/22

The bitcoin price fell 0.72% today (August 16) to $24,159.16.

Bitcoin’s downward movement this morning came after the Dow Jones Industrial Average gained 151 points in volatile trading on Monday (Aug. 15), initially falling before closing in positive territory.

  • The Dow Jones Industrial Average rose 151.39 points, or 0.45%, to close at 33,912.44.
  • The S&P 500 rose 16.99 points, or 0.40%, to close at 4,297.14 points.
  • The Nasdaq rose 80.87 points, or 0.62%, at 13,128.05 points.

Coinbase Global Inc, the largest U.S. cryptocurrency trading platform provider, reported record losses of $1.1 billion in the second quarter. And it revealed lower-than-expected profits after Coinbase was hit by falling digital asset prices.

Coinbase is down about 5% in after-hours trading, and this year, Coinbase is down 65% amid the recent so-called “crypto winter.”

Coinbase’s revenue fell more than 60% to $808.3 million, while the number of monthly transaction users declined to 9 million in the second quarter, a drop of about 2% from the first quarter.

Coinbase’s chief operating officer said, “The current downturn has been rapid and intense. And weak crypto market conditions will continue in Q3.”

The Spot Market is Open

Tuesday, August 16, 2022

Crypto
Updated at
USD
Price

Change

%Change
11.45 BTC24,012.15-19.80-0.08
11.45 ETH1,872.08-21.65-1.14
11.45 LTC60.47-0.77-1.25
11.45 BNB316.49+0.10+0.03
11.45 XRP0.37+0.00+0.16
11.45 ADA0.55-0.00-0.70
11.45 DOT8.75-0.07-0.78
11.45 DOGE0.08+0.00+4.45
11.45 UNI8.37-0.22-2.55
11.45 LINK8.60-0.04-0.46

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