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  • Dan Dolev sees Coinbase missing Q3 revenue estimates by 10%

    Dan Dolev sees Coinbase missing Q3 revenue estimates by 10%

    dan dolev coinbase missing q3 revenue
    • Mizuho analyst forecasts up to $652 million in revenue for Coinbase in Q3.
    • Dan Dolev continues to see sharp downside in the crypto stock to $27.
    • Coinbase shares are already down roughly 35% versus their YTD high.

    Mizuho lowered its quarterly revenue estimate for Coinbase Global Inc on Wednesday. Its shares are down 1.0% at writing.

    Dan Dolev shares his view on Coinbase

    Dan Dolev now expects the crypto exchange to report revenue about 7.0% below his previous forecast for the third quarter. On Wednesday, he said in a research note to clients:

    We expect dwindling volumes combined with an expected drought in retail trading to meaningfully weigh on 3Q revenue.

    Note that Bitcoin trading volatility tanked to the level last seen over four years ago in August.

    The Mizuho analyst is, therefore, convinced that the Nasdaq-listed firm will come in about 10% shy of consensus estimate for revenue in its Q3. Coinbase shares are currently down 35% versus their year-to-date high.

    Coinbase shares have downside to $27

    Dan Dolev now forecasts Coinbase to report revenue in the range of $609 million to $652 million in its third financial quarter.

    That’s driven from a sharp decline in the platform’s average daily trading volume that stood at about $1.0 billion in the second quarter but had crashed to $665 million in September.

    The Mizuho analyst, therefore, maintained his “underweight” rating on Coinbase shares this morning. His $27 price target suggests a more than 60% downside from here.

    His bearish call on the stock arrives shortly after the crypto exchange said it had secured AML or Anti-Money Laundering registration with the Bank of Spain (find out more). Coinbase is the globally the largest holder of Bitcoin as per Arkham.

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  • JPMorgan analyst sees a ‘conditional’ upside to $45,000 in Bitcoin

    JPMorgan analyst sees a ‘conditional’ upside to $45,000 in Bitcoin

    jpmorgan analyst bitcoin upside $45,000
    • Nikolaos Panigirtzoglou says BTC should be trading at $45,000.
    • His forecast is based on gold that’s currently near the $2,000 level.
    • Despite recent weakness, Bitcoin is up more than 60% year-to-date.

    Nikolaos Panigirtzoglou – a JPMorgan analyst remains bullish on Bitcoin even though it has taken a hit in recent weeks.

    A gold-based forecast for BTC

    Last week, Panigirtzoglou said BTC should be trading at about $45,000. His forecast is hinged on gold that’s currently trading near the $2,000 level. In his research note, the analyst said:

    $45,000 price for bitcoin is under the assumption that it equalizes gold in private investors’ portfolio in risk capital or [volume] adjusted terms.

    Remember that the price of both assets are historically known to move in tandem.

    It is also noteworthy that several whales saw the recent dip in Bitcoin as an opportunity and have accumulated about $100 million worth of BTC over the past 24 hours.

    Bitcoin supply will halve in 2024

    It is conceivable that strength of the U.S. dollar index and uncertainty, be it related to the federal debt, the rate hikes, or on the regulatory front, could continue to weigh on Bitcoin in the short-term.

    Long-term, though, JPMorgan’s Panigirtzoglou is convinced of the upside especially as bitcoin halving next year sees the cost of producing a bitcoin hit $40,000.

    Indeed, the previous halving events of 2016 and 2020 were accompanied by a bullish trajectory for bitcoin prices that had accelerated post the halving event.

    Despite the recent dip, Bitcoin is up more than 60% for the year at writing.

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  • Metacade price sees strong bounce off key technical level

    Metacade price sees strong bounce off key technical level

    • Metacade price has jumped 4% in the past 24 hour as bulls bounced off a key support level.
    • With Metacade building the ultimate Web3 hub, interest in MCADE could see its price rally in coming months.
    • The price prediction for Metacade however also takes into account potential headwinds around broader risk asset markets.

    Metacade price has bounced off a key support level to give bulls some joy. The token is currently trading at $0.021, up 4% in the last 24 hours. MCADE/USD is up 20% in the past week, while the 24-hour trading volume is $226,368, up 57%.

    Price has given up even more gains before, which means profit taking is likely to curtail bulls’ movement. But can buyers establish a footing and rebound even higher, especially with Metacade building the ultimate Web3 hub and MCADE available to the broader market after hitting major cryptocurrency exchanges?

    Metacade price prediction

    At current price levels, MCADE looks like a solid buy. The rally to the all-time high above $0.045 occurred just this month and a few days after the token’s successful presale. Since then, bulls have held impressively above $0.020.

    Today’s bounce alongside the upside flip for Bitcoin price suggests a new bull run for the market could see MCADE surpass its peak. This Metacade price prediction means MCADE could see more than 50% in upside bounce to $0.045.

    Aiding this short term view further is the daily RSI signaling a potential breakout from the neutral position. Also, the key support level that Metacade bounced off of is a horizontal line near $0.020 that has been a robust pillar for MCADE bulls.

    If they can continue to push the price higher, the next target could be $0.026. However, the 20-day moving average line is currently slopping to suggest it might offer an area of crucial resistance at $0.022 and $0.025. Its possible MCADE could see a 50% surge to $0.045.

    Overall, Metacade’s price is currently poised for a bullish flip. However, if the price rejects at the 20-day moving average, then it could fall to support levels beneath the psychological $0.020.

    What is Metacade?

    Metacade is a new community-driven gaming arcade powered by blockchain technology and Web3. The Ethereum-based game platform is being developed as the ultimate hub of play-to-earn (P2E) games. At its core is the objective of making Metacade the home of metaverse arcade games, bringing together game developers, players and crypto enthusiasts.

    Designed to cater to all types of gamers, Metacade’s arcade platform will have everything from casual games to competitive tournaments.

    The platform users will leverage the utility of the native MCADE token to tap into earning opportunities. Governance, staking and trading of MCADE all combine with an extensive array of games from different developers and studios to give token holders even more ways to benefit from their investment.

    Will Metacade price reach $5 in 2024?

    This is like asking: Is MCADE a buy still and what’s the long term outlook for Metacade’s price?

    Like other altcoins and cyptocurrencies, Metacade price can be extremely volatile and thus difficult to predict with certainty where it trades next. However, as highlighted by the short term price prediction, price has the potential to rally to new highs in coming months.

    For a long term outlook of Metacade price, it would be important to focus on the likely catalysts for further growth and demand of the token down the road. Having reached $0.045, the main targets in the short term are likely to be $0.1 and $0.5. These levels could be hit in 2023 or 2024 given the market cycles. 

    The $5 price level is also achievable in 2024 or in the medium term given how tokens like Axie Infinity, The Sandbox and Decentraland raced to their all-time highs during the last bull market.

    However, it might be unrealistic to expect MCADE to roar to $5 this year.

    What could catalyse a new Metacade price rally?

    MCADE is a relatively new token, but is showing a lot of potential given its growing community. What’s likely to catalyse fresh gains for the token include the overall bounce in crypto markets amid a new bull cycle, turbulence in traditional finance that sees risk appetite shift more to cryptocurrencies and a resurgence in investor interest in crypto gaming tokens.

    Apart from a unique approach to the P2E gaming ecosystem, there are a few other strengths that could aid in MCADE demand.

    Notably, Metacade is backed by a strong team that is focused on delivering the Web3 experience for users. It also has a clear roadmap – with key milestones such as the presale, exchange listings and platform development reached – as outlined in the project’s whitepaper.

    The token is also designed to be used across a growing gaming ecosystem, which could see increased demand as its public launch approaches.

    If you are considering buying MCADE, then do your own research. You can start by visiting the Metacade website for more information about the project, team and roadmap.

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  • Warren Buffett still sees bitcoin as a ‘gambling token’

    Warren Buffett still sees bitcoin as a ‘gambling token’

    Warren Buffett sees bitcoin as a ‘gambling token’
    • Bitcoin is up again following the U.S. inflation data on Wednesday.
    • Warren Buffett reiterates that BTC doesn’t have any intrinsic value.
    • BTC is currently up a whopping 80% since the start of the year.

    Bitcoin has climbed a whopping 80% since the start of the year but the “Oracle of Omaha” is still not convinced that it’s an investable asset.

    Buffett reiterates his view on Bitcoin

    Legendary investor Warren Buffett continues to see the bitcoin as “rat poison squared”. Spending money on it, he reiterated today, is more akin to gambling than investment.

    Bitcoin is a gambling token and it doesn’t have any intrinsic value, but that doesn’t stop people from wanting to play the roulette wheel.

    Buffett is one of the most notable critics of cryptocurrencies at large.

    Interestingly, though, his conglomerate Berkshire Hathaway increased its stake just a day earlier in Sumitomo Corp despite the Japanese trading company’s affiliations with Ripple.

    Bitcoin is up after the U.S. inflation data today

    Bitcoin is trading comfortably above the $30,000 level on Wednesday following the update from the U.S. Bureau of Labour Statistics which confirmed that inflation continued to ease in March.

    And Buffett agreed that there’s no telling when the upside will exhaust. On CNBC’s “Squawk Box”, he said:

    That’s predicting when speculation will end, when gambling instinct will go away, when more people would want to get out. If I were good at that, I’d make a lot of money in different things.

    Remember that the total supply of bitcoin is scheduled to have in April or May of next year – an event that’s historically unlocked more upside in BTC.

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  • Shiba Inu Sees Rise in its Burn Rate in the last 24 hours

    Shiba Inu Sees Rise in its Burn Rate in the last 24 hours

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  • Bitcoin sees $23.3K amid market reaction to US jobs report

    Bitcoin sees $23.3K amid market reaction to US jobs report

    • Bitcoin price fell slightly to retest support near $23,250 on Friday.
    • The top cryptocurrency’s price action mirrored early trades on Wall Street as the market reacted to US economic data.
    • The US added 517,000 jobs, against an estimated 188,000 and unemployment fell to 53-year low of 3.4%.

    Bitcoin responded to Friday’s US jobs report by swinging nearly 2% lower to trade around $23,250 early morning. As CoinJournal reported, Bitcoin fell against the US dollar after it briefly touched highs of $24,086. 

    Across crypto, Ethereum had slipped towards $1,600 with about 1.4% in losses.

    Bitcoin and stocks react to US jobs data

    As noted, early action across cryptocurrency prices mirrored the opening on Wall Street, where the three major US indices swung lower after the January jobs report showed a higher-than-expected rise in nonfarm payroll.

    Data released by the US Bureau of Labor Statistics showed the labour market added 517,000 jobs in the first month of 2023. The statistic indicated an unexpected growth, exceeding the 188,000 estimated by economists.

    The US economy added far more jobs in January than the 223,000 managed in December, with the unemployment rate falling to its lowest level in over half a century. Per the data, unemployment is now down to 3.4%, the lowest level for the US since 1969. Economists expected the unemployment rate at 3.5%

    The market’s reaction to the economic data, together with sentiment around disappointing earnings results from across Big Tech, fueled an early sell-off on Wall Street. It’s also likely down to nervousness over what this means for the Fed’s inflation outlook.

    The S&P 500 fell nearly 1%, while the Dow Jones Industrial Average declined by 100 points before regaining some footing. The Nasdaq Composite, impacted by a decline across tech stocks, shed more than 1.3% in early trading.

    The major indices are trying to recoup the early losses, as is Bitcoin that is trading near $23,500 as of 10.25 am ET. If bulls regain the upside momentum, BTC is likely to retest its intraday highs just above $24,000.

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  • Investors Sees Promising Returns from Shiba Inu (SHIB), Dogecoin (DOGE), and Flasko (FLSK)

    Investors Sees Promising Returns from Shiba Inu (SHIB), Dogecoin (DOGE), and Flasko (FLSK)

    Given how stable the cryptocurrency market has been over the weekend, the next bull run may begin early this week. There are numerous indications that a bullish explosion may be imminent. Some coins that could perform well in the upcoming bull run include Flasko, Shiba Inu (SHUB), and Dogecoin (DOGE).

    Because of the developments and the enthusiasm surrounding these currencies, crypto experts believe these coins have a tremendous potential to post a bullish explosion in the coming days. Shiba Inu (SHIB) Showing Some Signs of Recovery Shiba Inu (SHIB) was another green coin at the time of publication. The Shiba Inu (SHIB) has risen by 0.8% over the last 24 hours. Therefore there is a chance that the coin will do well today. One of the main factors influencing the present Shiba Inu (SHIB) growth is the rapidly expanding adoption of the Shiba Inu (SHIB) Eternity Game. Several different factors drive Shiba Inu’s (SHIB) acceptance. Dogecoin (DOGE) Shows Promising Performance The recently completed upgrade of the Dogecoin (DOGE) Core Wallet to version 1.14.6 is now active. Dogecoin (DOGE) may perform well in the upcoming Bull Run due to the upgrade, which is anticipated to promote acceptance of the cryptocurrency. The DogeathonDownunder2022, a hackathon for Dogecoin (DOGE), will also significantly contribute to a bullish Dogecoin (DOGE). These are why Dogecoin (DOGE) may be a coin to keep an eye on. Flasko (FLSK) Is A Secure Long-term Investment Following the launch of its presale in the cryptocurrency market last month, Flasko has unexpectedly drawn several crypto whales to its cutting-edge platform. A market for investing in expensive wines and spirits, a sector with a market value of trillions of dollars, has been created by the ground-breaking enterprise. Flasko’s smart contracts were audited and approved by the German company Solid Proof.  Additionally, the platform locked liquidity for 33 years to demonstrate investors’ commitment to the protocol by forbidding sales of their holdings for the following two years, making it an even safer long-term investment. According to experts, Flasko has every quality that makes blockchain technology successful. Additionally, there is still time to participate in the presale for just $0.065, giving you a great chance to benefit from the growing spirits and wine industry. In our opinion, Flasko is the ideal choice if you want to replicate the profits of well-known cryptocurrencies like Shiba Inu (SHIB) and Dogecoin (DOGE) with minimal investment. Website: https://flasko.io Presale: https://presale.flasko.io Telegram: https://t.me/flaskoio Twitter: https://twitter.com/flasko_io

    Disclaimer: This is a press release post. Coinpedia does not endorse or is responsible for any content, accuracy, quality, advertising, products, or other materials on this page. Readers should do their own research before taking any actions related to the company.

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