Bitwise Asset Management chief investment officer Matt Hougan shares his outlook for cryptocurrency performance amid tensions in Eastern Europe.
Bitcoin’s price was around $38,000 Friday morning, clawing back from a plunge triggered by Russia’s invasion of Ukraine.
The drop in the cryptocurrency’s price bottomed out Thursday morning around $35,000.
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Bitcoin climbed back above $38,000 by the afternoon.
Heading into Friday, Bitcoin traded higher in two of the past three days, but remains off fractionally for the month and down more than 17% year-to-date.
Shares of Coinbase Global fell more than 3% in after-hours trading Thursday after the cryptocurrency exchange warned that growth would slow in the current quarter.
Coinbase reported trading volumes jumped more than 67% to $547 billion in the quarter, with retail trading accounting for 32% of volumes and crypto assets contributing 68% to total trading, according to Reuters.
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“The sequential increase in retail Trading Volume was driven primarily by higher levels of volatility as well as strong consumer interest in a wider variety of crypto assets,” according to a company statement.
Coinbase said it believes that retail monthly transacting users and total trading volume will both be lower in the current quarter when compared to a year ago.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| COIN | COINBASE GLOBAL INC. | 175.28 | -4.29 | -2.39% |
For the fourth quarter, Coinbase had net income of $840 million, or $3.32 per diluted share, on net revenue of $2.5 billion,.
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The estimates were for earnings of $1.94 a share on revenue of $1.97 billion, according to FactSet.