Crypto Daily | Bitcoin Rises Above $65,000; Strategy Shores Up Liquidity as Faithful Wait on Rebound; Coinbase Posts Loss as Revenue Drops for Another Quarter

Crypto Daily is our column tracking crypto market trends, offering timely insights and valuable updates to keep you informed.

Crypto News

Leading cryptocurrencies staged a sharp recovery alongside stocks on Thursday, reversing a Federal Reserve-driven sell-off the day before.

After a brief lull, Bitcoin pushed back above $65,000. Ethereum, meanwhile, continued to wrestle with bears near the $1,930 level

Cryptocurrency-related stocks also fell, with Strategy Inc. and Bitmine Immersion Technologies Inc. closing up 4.73% and 2.18%, respectively. 

Strategy Shores Up Liquidity as Faithful Wait on Rebound

After roiling crypto markets with a sweeping overhaul of the financing model underpinning Strategy Inc.’s Bitcoin buying blueprint, Michael Saylor has investors wondering what’s next while reporting another multibillion loss tied to the declining value of the cryptocurrency accumulator’s holdings.

Strategy said in a statement Thursday that it posted a $8.22 billion loss for the second quarter to write down the value of its roughly $58 billion horde. Bitcoin fell 14% during the recent quarter and was down more than 45% at the end of June from a year earlier.

Coinbase Posts Loss as Revenue Drops for Another Quarter

Coinbase Global Inc. reported a third consecutive quarterly decline in revenue, showing once again how a cooling crypto market can pressure even one of the industry’s most diversified exchanges.

Second-quarter revenue dropped a more-than-forecast 19% to $1.22 billion, as falling token prices drained trading activity across digital asset markets, the San Francisco-based company said in a statement on Thursday. That comes on the heels of a roughly 30% decline in the previous three months.

After taking into consideration unrealized losses to the value of its crypto holdings and investments, the company posted a net loss of $359.5 million. Coinbase earned $1.43 billion in the same period last year. The stock — down 28% since December — slumped about 6% in after-hours trading.

Crypto’s Boom-and-Bust Cycle Claims Another Exchange

Crypto’s ruthless four-year cycle has a history of building up industry titans, only to watch them fall.

Mt. Gox was the first major casualty back in 2014. The 2022 crypto winter more memorably claimed FTX. Now BitMEX, the exchange behind the 100x leveraged perpetual futures that have become so ubiquitous, will shutter in September.

Even survivors such as Coinbase Global, Gemini, Crypto.com and Robinhood have been trimming headcount as the industry grapples with institutionalization and changing cost structures. Angela Ang, Asia-Pacific head of digital-asset infrastructure firm BitGo, said it is all part of growing up.

Elizabeth Warren Highlights Survey Indicating 55% of Voters 'Disapprove' of Trump's Billion-Dollar Crypto Earnings

Sen. Elizabeth Warren (D-Mass.) reiterated on Thursday that President Donald Trump is profiting from his time in office, pointing to a survey in which people expressed disapproval of his cryptocurrency-related income.

Warren cited a survey by Echelon Insights showing that 55% of voters disapproved of Trump’s $1.4 billion in earnings from cryptocurrency ventures.

Roughly 44% of those surveyed “strongly” disapproved of Trump’s cryptocurrency earnings, while 11% “somewhat” disapproved.

Warn said that while many Americans are struggling to “afford the basics,” Trump is “using the presidency” to boost his family’s cryptocurrency business.

Bitcoin Spot ETF Flow

The overall net inflow of the US Bitcoin spot ETF on Thursday was $233.13 million. The total net asset value of Bitcoin spot ETFs is $78.76 billion, and the ETF net asset ratio (market value compared to total Bitcoin market value) is 6.06%.

The Bitcoin spot ETF with the highest net inflow on July 30 was iShares Bitcoin Trust, with a net inflow of $183.38 million, according to SoSoValue.