Analysts had expected Coinbase to bring in $832.2 million in revenue.
The overall number of people using the platform decreased by 200,000.
Following a disappointing second-quarter earnings announcement, the price of Coinbase shares has fallen by more than 4% in after-hours trading and is down 10% today. Analysts had expected Coinbase to bring in $832.2 million in revenue for the second quarter, but the crypto exchange clocked in at $808.3 million.
Over the previous three months, the overall number of people using the platform decreased by 200,000. Coinbase gained the same number of monthly active users in the most recent quarter as it had in the same period a year earlier, totaling 200,000.
Trouble Continues For Coinbase
In its second consecutive quarter of negative earnings, the corporation reported net losses of 1.1 billion during the most recent fiscal quarter. According to Coinbase’s financial results for the second quarter of last year, the company made 1.6 billion dollars. The fees that customers pay to exchange Bitcoin and other cryptocurrencies generate revenue for Coinbase. The exchange’s trading volume fell by 29% in the second quarter.
Coinbase became the first publicly traded cryptocurrency exchange when it was launched on the Nasdaq in April of last year. Its stock price surged to $342 at one time, but it’s now down 74% to a little over $87 per share.
Coinbase stated in April that it will make its services available to Indian investors. However, after criticism from Indian regulator, the business drastically reduced its trading services within a week.
A year ago, the SEC granted Coinbase the go-light to go public, but late last month the agency reopened an investigation into the company. On Coinbase, SEC alleges there are unregistered securities, but the exchange says it does not sell any.
The Bitcoin price continues to trade in a tight range between the mid area around $18,000 and $19,500. The cryptocurrency has been moving sideways after a rejection from the $20,000 level which has led to a spike in fear and uncertainty across the nascent sector.
At the time of writing, the Bitcoin price trades at $19,100 with a 2% profit in the last 24 hours and a 1% loss over the last week. The bearish sentiment and fear in the crypto market hint at a potential relief rally which might coincide with the macro forces influencing global markets.
Bitcoin Price Forms A Bottom… For Now
After last week’s U.S. Federal Reserve (Fed) announcement of a new interest rate hike, the Bitcoin price has been dominated by selling pressure. Bears managed to push the cryptocurrency close to its multi-year low at $18,000.
These levels have been operating as critical support as BTC’s price trends to the downside from an an-all time high of $69,000. As selling pressure gained momentum, Bitcoin has stayed about these critical levels.
Analyst Justin Bennett believes BTC’s price is re-creating a price action displayed back in early 2022. At that time, the Bitcoin price was recovering from a massive crash and formed a channel between $37,500 and $49,500.
The cryptocurrency traded sideways inside this pattern for several months only to be pushed down by macroeconomic developments. This led to another massive crash in May 2022.
Bennett believes the Bitcoin price might be forming a similar channel since late June with $27,500 potential operating as critical resistance. As seen below, the analyst believes BTC hit the bottom of the pattern and might be prepared to re-test the top at around $26,000 before crashing below $18,000.
The analyst wrote: “Same structure for $BTC as Feb-April, only we’re missing a retest at $26,000”.
Macroeconomics Ready To Support A Bitcoin Price Relief Rally
Additional data provided by Senior Analyst for Messari, Tom Dunleavy, suggests the crypto market might benefit from a bounce in traditional markets. As the Fed hikes interest rates, risk-on assets, such as Bitcoin and stocks, have shown a high correlation.
(1/5)Could be in for another rough week, but everyone always says a bottom comes when we reach peak bearishness.
Are we almost there?
Some interesting data points: In futures positioning, leveraged accounts are new short more than they have been in a year, by a wide margin pic.twitter.com/VsXwFHj6na
At the time of writing, bearish sentiment in financial markets seems to be reaching levels last seen in 2020, during the start of the COVID-19 pandemic. This is usually an indicator of a market bottom and potential relief as short positions piled up in the market.
According to Dunleavy, the Put/Call Ratio (P, a metric used to measure the number of call (buy) option contracts versus put (sell) option contracts is reaching a level of 1. This can be translated into a high bearish sentiment in global markets.
The last time the Put/Call Ratio was at its current levels, the Bitcoin price and the crypto markets went into a multi-year bull run and entered price discovery toward an all-time high. While the current macroeconomic scenario might cap any bullish price action, the momentum could be strong enough to hit $26,000, as Bennett proposed.
When the leading Japanese companies came together to usher in the era of Web3, the smart contracts platform Astar Network was able to run a national newspaper ad with the most brands in a single ad, setting a new global record. On September 26th, Nikkei published an ad for which 329 blue-chip firms collaborated.
The Japanese Blockchain Association has chosen Astar Network as the most popular blockchain in Japan. Formerly, Japan was a hub for the crypto industry. Astar is leading the charge to make the nation a forerunner in blockchain technology once again. Japan, the world’s third-biggest economy, went through its fair share of growing pains before settling on Astar Network as its preferred blockchain.
The Japanese government now includes Web3 in its overall national policy, and Astar Network CEO Sota Watanabe is guiding the government and many major Japanese corporations ahead in Web3. To prove its dedication, Astar aired this ad with the support of 329 other companies. If implemented properly, Web3 might have a significant impact on the national economy. Large financial institutions and well-known corporations like GMO, DeNA, Accenture, Microsoft, Amazon Web Services, and others support the plan because they want to see Japan succeed.
Sota Watanabe, founder and CEO of Astar Network said:
“Web3 is all about community. And we are proud that we could make this epoch-making ad supported by 329 companies including the biggest banks, reputable Internet companies and branch officers of a foreign companies like Microsoft and Accenture. This ad reflects the strong unity of the Japanese ecosystem. As Japan’s leading blockchain project, we will do our best to accelerate Web3 innovation through Astar.”
As part of the promotional effort, NFTs will be given out for free via QR codes. Those interested in receiving a non-transferable NFT may do so by scanning the QR code located in the ad’s bottom right corner of the Nikkei newspaper. If a user does not have a wallet address, the QR code will create one for them.
Astar Network facilitates the development of decentralized applications (dApps) utilizing EVM and WASM smart contracts with cross-consensus messaging (XCM) and a Build2Earn model that allows programmers to earn money through a dApp staking mechanism for their work. In addition, the network’s Polkadot and Kusama development teams may make use of Astar Space Labs’ Incubation Hub for top TVL dApps.
The successful Ethereum upgrade to proof-of-stake consensus is receiving more backlashes from the market. Therefore, the Ethereum upgrade should produce only positive feedback, but where there are merits, demerits must exist.
One of the aftermath challenges the industry faced since the Ethereum upgrade was the drop in GPU prices. Graphic Processing Units (GPUs) in crypto mining increased over the years because they proved very efficient.
GPU companies were earning huge profits due to the increased demand from ETH miners. However, it is no longer so, as the price of GPUs has dropped drastically over the past three months. Furthermore, the prices of GPUs dropped further after the upgrade.
Is Ethereum Merge Major Cause Of GPU price Crash?
South China Morning Post (SCMP) reported that GPU prices in China dropped to the lowest due to the Ethereum merge. ETH mining has reduced. So miners’ demand for GPU went low. Miners’ demands for expensive cards such as GeForce RTX 3080 and RTX 3090 became low and caused a reduction in price to trice the factory prices.
Also, due to the China mining ban and COVID lockdown, the demand for costly GPUs fell and worsened during the bear market. A Shanghai trader, Peng, told SCMP that RTX 3080 dropped by over 37% in the last three months.
According to Peng, the price of RTX 3080 went from 8000 yuan ($1,140) to less than 5000 yuan (%712). Peng attributed the drop in the price of GPUs to the poor condition of the crypto market.
Ethereum mining was one of the highest contributors to the high demand for GPUs in the past years. Traders noticed a slump in GPU prices as the Ethereum merge drew near.
SCMP reported that retailers at ‘Buy Now,’ a large electronics market in Shanghai, are experiencing low GPU demand.
Retailers Lower GPU Prices
Chinese retailers reduced factory-suggested GPU prices by over 33% in a few weeks to sell their equipment. The reason for this is the crypto bear market and GPU correction market.
According to data from Baidu, traders are losing the selling price compared to the factory cost of GPUs. Analysts estimated that the average price drop of GPUs per week is about 10%.
Some reports show that NVIDIA, a large GPU manufacturer, is reducing the price of their GPU for board partners. This report is still unconfirmed, but it would likely cause further reduction in the coming weeks.
Although the crash in GPU prices may adversely affect many businesses, others think it marks the end of two years of nightmare. Many GPU retailers would previously raise the prices as high as possible because of the high demand by miners.
The crash in GPU prices could prove beneficial to AI coders, gamers, and other users because Crypto miners caused an unnecessary increase in GPU prices.
Featured Image From Pixabay, Charts From Tradingview
Bullish FX price prediction is $0.35286 to $2.42507.
Function X (FX) price might also reach $0.5 soon.
Bearish FX price prediction for 2022 is $0.13979.
In Function X (FX) price prediction 2022, we use statistics, price patterns, RSI, RVOL, and other information about FX to analyze the future movement of the cryptocurrency.
Function X (FX) Current Market Status
According to CoinGecko, the price of Function X (FX) is $ 0.236381 with a 24-hour trading volume of $ 732,991 at the time of writing. However, FX has decreased by nearly 0.2% in the last 24 hours.
Moreover, Function X (FX) has a circulating supply of 534,734,905 FX. Function X (FX) trades in cryptocurrency exchanges such as Bithumb, Coinbase Exchange, Gate.io, KuCoin and Bittrex.
What is Function X (FX) ?
Function X (FX) is a decentralized network solution driven by blockchain technology and smart devices that was launched on July 6, 2021. The network is not dependent on any individual, entity, or structure. FX is an Ethereum token that powers Function X, a platform for decentralized apps that includes a core blockchain, cross-chain protocol, and platform for decentralized applications.FX is built on the principle of proof-of-service (PoS). This consensus mechanism improves network security while retaining high throughput and speed.
FX can be used to pay for services like smart contract development and data storage, as well as to vote on network upgrades and stake on the network.FX is built on the principle of proof-of-service (PoS). This consensus mechanism improves network security while retaining high throughput and speed.
Function X (FX) Price Prediction 2022
Function X (FX) holds the 209th position on CoinGecko right now. FX price prediction 2022 is explained below with a daily time frame.
From the above chart, we can interpret that the price action of FX is similar to BTC and ETH. This indicates that when the price of BTC and ETH increases, the price of FX increases.When the price of BTC and ETH decreases,the price of FX decreases.
The above chart of Function X (FX) laid out an ascending channel pattern, also known as the rising channel. The upper and lower trend lines that connect the higher highs and higher lows respectively appear to move within a rising slope. This pattern is generally a characteristic of a bullish trend.
Currently, Function X (FX) is in the range of $0.23294. If the pattern continues, the price of FX might reach the resistance levels of $0.44263.If the trend reverses, then the price of FX may fall to $0.23194 and 0.14334.
Function X (FX) Support and Resistance Levels
The chart below shows the support and resistance levels of Function X (FX).
From the above daily time frame, we can clearly interpret the following as the resistance and support levels for Function X (FX) .
Resistance Level 1
Resistance Level 2
Resistance Level 3
Resistance Level 4
FX /USDT Support and Resistance Levels
The charts show that Function X (FX) has performed a bullish trend over the past month. If this trend continues, FX might run along with the bulls overtaking its resistance level at $2.42507.
Accordingly, if the investors turn against the crypto, the price of Function X (FX) might plummet to almost $ 0.13979, a bearish signal.
Function X (FX) Price Prediction 2022 — RVOL, MA, and RSI
The Relative Volume (RVOL) of Function X (FX) is shown in the chart below. It is an indicator of how the current trading volume has changed over a period of time from the previous trading volume. Currently, the RVOL of FX lies below the cutoff line, indicating weak participants in the current trend.
Also, the Moving Average (MA) of Function X (FX) is shown in the chart above. Notably, Function X (FX) price lies above 50 MA (short-term), so it is in an uptrend. Currently, FX has entered a bullish state. Therefore, there is a possibility of a reversal trend of FX at any time.
Meanwhile, the relative strength index (RSI) of the FX is 41.97. This means that Function X (FX) is in an oversold state. However, this means a major price reversal of FX may occur in the upcoming days. So, traders need to trade carefully.
Function X (FX) Price Prediction 2022 — ADX, RVI
Let us now look at the Average Directional Index (ADX) of Function X (FX) . It helps to measure the overall strength of the trend. The indicator is the average of the expanding price range values. This system attempts to measure the strength of price movement in the positive and negative directions using DMI indicators with ADX.
The above chart represents the ADX of Function X (FX) . Currently, the ADX of FX lies in the range of 57.85628 and thus, it indicates a very strong trend.
The above chart also represents the Relative Volatility Index (RVI) of Function X (FX) . RVI measures the constant deviation of price changes over a period of time. The RVI of FX lies below 50, indicating low volatility. In fact, the RSI of Function X (FX) is at 41.97 thus confirming a potential buy signal.
Comparison of FX with BTC, ETH
The below chart shows the price comparison between Bitcoin (BTC), Ethereum (ETH), and Function X (FX) .
Function X (FX) Price Prediction 2023
If the declining price action completely slows down in momentum and the trend reverses, Function X (FX) might probably attain $1 by 2023.
Function X (FX) Price Prediction 2024
With several upgrades in the network, Function X (FX) might enter a bullish trajectory. If the coin grabs the attention of major investors, FX might rally to hit $2 by 2024.
Function X (FX) Price Prediction 2025
If Function X (FX) sustains major resistance levels and continues to be recognized as a better investment option among the investors for the next 7 years, FX would rally to hit $3.
Function X (FX) Price Prediction 2026
If Function X (FX) sustains major resistance levels and continues to be recognized as a better investment option among the investors for the next 4 years, FX would rally to hit $4.
Function X (FX) Price Prediction 2027
If Function X (FX) sustains major resistance levels and continues to be recognized as a better investment option among the investors for the next 5 years, FX would rally to hit $5.
Function X (FX) Price Prediction 2028
Function X (FX) holds up a strong stance as a better investment option for the next 6 years amid the trends in the highly-volatile crypto market. By driving significant price rallies, FX would hit $6 in 2028.
Function X (FX) Price Prediction 2029
If investors flock in and continue to place their bets on Function X (FX) , it would witness major spikes. FX might hit $7 by 2029.
Function X (FX) Price Prediction 2030
With greater advancements in the Basic Attention TokenEcosystem, the crypto community might continue to invest in FX for the next 8 years and drive significant price rallies for the token. Hence, Function X (FX) might hit $8 by 2030.
With continuous improvements in the Function X Network, we can say that 2022 is a good year for FX. For this reason, the bullish price prediction of Function X (FX) in 2022 is $2.42507 On the other hand, the bearish price prediction of Function X (FX) price prediction for 2022 is $ 0.13979.
Furthermore, with the advancements and upgrades to the Basic Attention Token ecosystem, the performance of FX would help to reach above its current all-time high (ATH) of $2.20 very soon. But, it might also reach $0.5 if the investors believe that FX is a good investment in 2022.
1. What is Function X (FX) ?
FX is an Ethereum token that powers Function X, a platform for decentralized apps that includes a core blockchain, cross-chain protocol, and platform for decentralized applications. FX can be used to pay for services like smart contract development and data storage, as well as to vote on network upgrades and stake on the network.
2. Where can you purchase Function X (FX) ?
Function X (FX) has been listed on many crypto exchanges which include Bithumb, Coinbase Exchange, Gate.io, KuCoin and Bittrex.
3. Will Function X (FX) reach a new ATH soon?
With the ongoing developments and upgrades within the Basic Attention Token Platform, FX has a high possibility of reaching its ATH soon.
4. What is the current all-time high (ATH) of Function X (FX) ?
On April 30, 2021 Function X (FX) reached its new all-time high (ATH) of $2.20.
5. Is Function X (FX) a good investment in 2022?
Function X (FX) seems to be one of the top-gaining cryptocurrencies this year. According to the recorded achievements of Basic Attention Token In the past few months, FX is considered a good investment in 2022.
6. Can Function X (FX) reach $0.5?
Function X (FX) is one of the active cryptos that continues to maintain its bullish state. Eventually, if this bullish trend continues then Function X (FX) will hit $0.5 soon.
7. What will be the Function X (FX) price by 2023?
Function X (FX) price is expected to reach $1 by 2023.
8. What will be the Function X (FX) price by 2024?
Function X (FX) price is expected to reach $2 by 2024.
9. What will be the Function X (FX) price by 2025?
Function X (FX) price is expected to reach $3 by 2025.
10. What will be the Function X (FX) price by 2026?
Function X (FX) price is expected to reach $4 by 2026.
Disclaimer: The opinion expressed in this chart is solely the author’s. It does not represent any investment advice. TheNewsCrypto team encourages all to do their own research before investing.
Among other investment assets, cryptocurrency is prominent when it comes to volatility in prices, including altcoins such as Chainlink. While an uptrend matters a lot to daily traders, dipping could be favorable for accumulation for long-term investment.
The crypto market over the weekend saw slight positive progress in the prices of most tokens. The past week was downward, but this week could bring more hope.
General analysis on a 24-hour scale for most altcoins shows that last Sunday came with a commendable trend. The majority of the tokens displayed significant progress in an uptrend. Chainlink native token, LINK, was at the forefront, among others.
But the story is quite different for the primary cryptocurrency. After moving to the $19,000 region, BTC stalled on the level through the weekend.
Chainlink Leads As The Top Performer
The crypto market witnessed a positive turnaround, especially with the price performance of the altcoins. The total market cap has stalled with the outcome without making another drop. The value is currently around the $950 billion level.
LINK, the native coin of the leads as the best performer among the altcoins. The token increased by above 5% in the early hours of trading today with an approximate price of $8.
For Ethereum, there is a progressive reclaiming from its 20% post-merger drop. ETH swung into the green as the price crossed the $1,300 level.
Other altcoins increased in their values. These include Solana (SOL) and Shiba Inu (SHIB), which rose slightly. However, for Cardano (ADA), the price stalled on a particular level despite the recent launch of the Vasil Upgrade.
Some crypto assets with a slight dip include Polkadot, Ripple, Polygon, Binance Coin, Dogecoin, Tron, and Avalanche.
BTC Stagnates At Around $19,000
The performance of Bitcoin over the past week has not been quite impressive. However, it is notable that before the US Federal Reserve’s rate increase, BTC made an upward jump. The token surged from $18,300 to around $20,000.
However, its sustainability was short-lived. The announcement of the 75 bps rise in interest rates caused a drastic drop in the price of BTC. The primary crypto asset lost almost $2,000 in value within hours following the announcement.
Bitcoin plummeted to a new 3-month low of $18,100. The crypto market was thrown into another panic as the selling pressure increased.
But after a few days, the price of BTC reclaimed slightly and crawled to the $19,000 level. Then, as the market encountered more bulls, Bitcoin climbed up to $19,500 through the trading hours between last Sunday and today.
At the time of writing, BTC is trading around $19,187, depicting a 0.71% increase over the past 24 hours. Its dominance over the altcoins has returned to 39%, while its market cap is almost about $365 billion.
Featured image from Pixabay, Chart: TradingView.com
LUNC attained a massive surge, registering 41.93% in the last 24 hours.
Recently, LUNC’s price dropped dramatically following Do Kwon’s arrest warrant.
The controversies regarding TerraLabs founder, Do Kwon are still going through the global cryptocurrency market. The arrest warrant and recently issued red notice by Interpol for Do Kwon is the ‘hot topic’ in the crypto world now. At the same time, TerraLabs’ newly launched token, Terra Classic (LUNC) has registered a significant surge in the last 24 hours.
At the time of writing, Terra Classic (LUNC) is trading around $0.000321 with a one-day trading volume of $1,417,085,876. Interestingly, the coin has increased by nearly 41.93% in the last 24 hours. The coin has a circulating supply of 6,151,072,613,161 LUNC coins, as per CMC.
LUNC’s Sudden Gain
The Binance exchange has recently announced its support for the Terra Classic tax burning mechanism. According to the platform, the trading costs for LUNC spots and margin trading pairs would be subject to the burn mechanism. It is assumed that the recent support from the leading global exchange has resulted in a tremendous price surge of the token.
After Do Kwon’s received the arrest warrant from the South Korean authorities, Terra Classic witnessed a dramatic price drop. The coin continuously experienced a wavy price momentum and registered a minor recovery during the past few days.
Previously, the global crypto market has shrunken massively as a result of the TerraUSD crisis. It also resulted in the huge price drop of most of the popular cryptocurrencies. According to reports, the Terra ecosystem failed in May due to the UST de-peg. During that time, the stablecoin dropped by around $0.006.