Coinbase Q2 earnings beat expectations as crypto market posts signs of potential recovery

Coinbase beat market expectations, with Q2 revenue hitting $1.45 billion. ETF cannibalization could affect Coinbase future earnings.

and ETH showed slight increase as the report was largely positive. Coinbase is down 5% on Thursday after announcing a strong Q2 earnings report that surpassed market expectations. The company's positive Q2 report led to a slight rise in Bitcoin and Ethereum . Coinbase earnings beat expectations, but profit lags Coinbase announced positive Q2 earnings on Thursday as its revenue rose to $1.45 billion, beating market expectations of $1.39 billion, a 104.7% rise from Q3 2023.

is down 5.22% on the day but showed positive strength before the market closed. Following its decline, Cathie Wood's Ark Invest sold $2.7 million before Coinbase's earnings report. This adds to its earlier $4.3 million offload of on July 19. Meanwhile, the crypto market gained slightly after Coinbase's positive report. Bitcoin reclaimed $65,000, and Ethereum rose above the $3,200 mark as they attempted to shrug off bearish sentiment about the Federal Reserve's decision to keep interest rates steady. Related news Bitcoin, crypto may rebound in August: Insights from Santiment's July roundup Ethereum declines amid ETH ETF outflows and potential whale dump SEC vs.

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Coinbase’s 2Q earnings preview: Another blowout quarter expectedFind out what to expect from Coinbase’s Q2 results, how it will affect Coinbase’s share price and how to trade Coinbase’s earnings.
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