Cryptocurrency Losses for Major US
As Q2 2022 concluded, many companies shared their data for cryptocurrency losses.
Major United States crypto companies like Coinbase and Galaxy Digital have reviewed their activities. The data they shared further substantiates that we are experiencing a crypto winter.
As per Coinbase, the dip for the previous quarter reached more than $1.1bn. Galaxy Digital's crypto depletion for the same period was $554 million.
'Fast and Furious' Cryptocurrency Losses for Coinbase
One of the largest crypto exchanges, Coinbase was listed by the NASDAQ in 2021. It has shared the data for its crypto losses of more than $1.1 billion in the second quarter of 2022. Since its stock exchange listing, this has been the worst quarter for the firm.
The company announced the deficit via a shareholder letter on August 9, 2022. The letter mentioned that consumer behaviour amid this ‘fast and furious’ crypto winter is the same as previous ones.
Moreover, it revealed that the company is focusing more on innovation in this downward market as it will help the company in the next cycle.
Coinbase shared that its revenue was $802.6 million for Q2. The firm experienced a 45.1% dip in comparison to Q1. Also, if you compare this revenue to Q2 2021, there is a decline of around 153.1%.
The firm is looking to join forces with Blackrock. Both firms agreed to the partnership to support Bitcoin trading. The alliance announcement has been embraced positively in the stock exchange as it saw a surge of more than 15%. Analysts believe that, with Coinbase encountering losses and probes from SEC, a partnership with Blackrock might help the firm financially.
Galaxy Digital Q2 Crypto Losses Reached $554.7m
Another digital assets giant, Galaxy Digital, shared its report for the second quarter of 2022.
As per the data, the deficit piled up to $554.7 million in Q2. In Q2 of last year, the company's total debt was only around $182.9 million.
The cryptocurrency losses for the major firms suggest a further aggravating crypto winter.
Author: Wasay Ali
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