【Coinbase's Q3 earnings came in well below expectations, and COIN shares fell nearly 12 percent after hours】 Cryptocurrency exchange Coinbase reported Q3 earnings on Tuesday, showing net revenue (net revenue) of $1.235 billion for the third quarter, compared with analysts' general estimates of $1.61 billion, and trading revenue of $1.1 billion ...
[Coinbase’s third-quarter financial report was far below expectations, and COIN’s stock price fell nearly 12% after the market.]
The Q3 financial report released by the cryptocurrency exchange Coinbase on Tuesday showed that net revenue in the third quarter was US$1.235 billion, while analysts generally estimated that it was US$1.61 billion and transaction revenue was US$1.1 billion, which was lower than the estimated net revenue in the second quarter. 1.9 billion U.S. dollars; the third quarter transaction volume was 327 billion U.S. dollars, and the second quarter was 462 billion U.S. dollars; the adjusted earnings per share in the third quarter was less than 1.62 U.S. dollars, and the market expected 1.81 U.S. dollars. The company stated: “Although the cryptocurrency market conditions were weak when we entered the third quarter, driven by low volatility and falling prices of crypto assets, market conditions improved significantly later in the quarter and continued until the beginning of the fourth quarter.” . After the financial report data was released, Coinbase's stock price fell nearly 12% to US$315 in after-hours trading on Tuesday.
[Austria plans to impose a 27.5% capital gains tax on cryptocurrencies]
According to Bloomberg News, as part of the extensive tax reform, the Austrian Federal Ministry of Finance plans to levy a 27.5% capital gains tax on digital tokens such as Bitcoin and Ethereum from March 2022. Austria stated that its tax framework will be the first of its kind in the EU, and may improve fairness among investors by simplifying the conditions between different types of assets. The Ministry of Finance stated: “We are moving towards equal treatment. Take a step forward to reduce distrust and prejudice against new technologies." According to the proposed rules, shares purchased before the tax takes effect will not be affected by the tax. The new tax law only applies to the sale of tokens and imposes a speculative investment tax (that is, investments held for less than one year). A trader who sells a digital token to purchase another digital token will not be liable for taxation, and investors can obtain tax compensation calculated for potential losses at the time of sale.
[Robinhood Crypto Wallet Expected to Launch by End of First Quarter of 2022, Waiting List Exceeds 1.6 Million]
Robinhood Markets now has 1.6 million people on the waiting list for its cryptocurrency wallet, up from 1 million a few weeks ago, Robinhood Crypto Chief Operating Officer Christine Brown said on Tuesday, according to Reuters. Brown also told a conference at Yahoo Finance that its crypto wallet will allow users to transfer backed digital currencies to and from their brokerage accounts, and is expected to launch by the end of the first quarter of 2022.
Grayscale CEO: Whether U.S. Regulators Approve Bitcoin Spot ETFs Has Become a Political Issue
At the "Crypto Goes Mainstream" event hosted by crypto media outlet Decrypt and Yahoo Finance, Michael Sonnenshein, CEO of digital asset manager Grayscale, said that the debate over whether U.S. regulators will approve a bitcoin Sonnenshein noted that the U.S. SEC is really just worried about the potential The cryptocurrency industry is proving that "if you're comfortable with derivatives [...] and these futures contracts are priced from the spot," Sonnenshein said. and those futures contracts are priced from the spot market itself, then you're essentially saying you're happy with the spot market as well." Moreover, while the SEC has repeatedly emphasized bitcoin's volatility in its warnings to investors, Sonnenshein believes that today's investors are well aware that cryptocurrencies and their investments are inherently associated with volatility, and that volatility has been an inherent property of the asset class from the beginning
Circle Launches Venture Fund to Support Early-Stage Blockchain Projects and Companies]
Circle, a major operator of stablecoin USD Coin (USDC) and fundraising platform SeedInvest, announced the launch of a venture fund, "Circle Ventures," which aims to support early-stage blockchain projects and companies. A Circle spokesperson noted that one of the first targets for investment is JPY Coin (JPYC), which is developing a prepaid stablecoin denominated in Japanese yen.
[New York's new mayor Eric Adams supports NYCcoin initiative].
New York City's next mayor, Eric Adams, expressed his support for NYCcoin, the New York City cryptocurrency launched by CityCoin, in a tweet, saying, "We're excited to welcome you to the global home of Web 3! Adams won the Nov. 2 election and is expected to take office Jan. 1. CityCoins explained that once the contract is deployed, NYCoin mining will begin once 20 separate wallets send out activation signals. All CityCoin will have only mining activations, no ICOs, no pre-sales, and no pre-mining. NYCCoin's mining activation is expected to occur on Nov. 10 at 11 a.m. ET. CityCoin says NYCcoin can be mined by anyone and will allow users to earn cryptocurrency through the Stacks protocol. The goal is to support New York City and donate 30 percent of the mined funds to a crypto wallet reserved for the city or the mayor's fund.
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