Coinbase Returns Not on The Money

The price of cryptocurrencies declined last Wednesday as most investors took a back seat to reflect on relative weak returns on Coinbase. The firm, the second largest exchange globally, made a total of $1.2bn in revenue in quarter two.

There was a shortfall of $200m from what market analysts had predicted. Coinbase also lost customers in the quarter as unit prices of cryptocurrencies declined. Firms that trade in cryptocurrencies such as Square and Robinhood also noted dismal returns.

Bitcoin dropped to just under $66820 previously the cryptos all time high. BTC and USD established a retest and break pattern, which is bullish according to market analysts. The two have, in recent past, risen well beyond their 25- and 50-day averages.

Like Bitcoin and USD, Ethereum and USD declined as well last Wednesday. They are presently worth $4745, well below $4830, their previous all-time high.

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