Crypto news daily: Bitcoin data and price analysis for May 11, 2022
- Bitcoin is currently trading at $30,579.18, down 5.05%
- Bitcoin fear and greed index on May 11 went from the extreme fear level of 12 to the level of 11
- Coinbase Global (COIN) reported first-quarter revenue that missed analyst estimates
Bitcoin (BTC) fell nearly 5% in the last 24 hours, extending the losing streak. At the moment the rate is close to the $31,000 mark and has tumbled more than 54% below its November 10 all-time high of $69,000. According to analysts, digital asset prices have slumped, following a plunge in equities on fears of aggressive interest rate hikes across the globe to fight decades of high inflation.
Bitcoin fear and greed index on Tuesday, May 11, 2022, went from the extreme fear level of 12 to the level of 11 as per the alternative. me. The Fear and Greed index is a technique for assessing investors' emotions toward the market.
Bitcoin is currently trading at $30,579.18, down 5.05%. In the last 24 hours, the highest it touched was $32,242.15 and the lowest was $30,320.80. Bitcoin has a current market cap of $582,194,304,441. It has a circulating supply of 19,036,743.00 BTC coins and a maximum supply of 21,000,000 coins.
Coinbase shares fall nearly 16% as Q1 revenue misses estimate
Coinbase Global (COIN) reported first-quarter revenue that missed analyst estimates, while its overall trading volumes declined 44% from the fourth quarter. Shares fell 15.67% in post-market trading.
Revenue for the first quarter was $1.17 billion, below the analysts’ estimate of $1.5 billion, according to FactSet. Coinbase posted a quarterly net loss of $430 million, compared with a profit of $840 million in the fourth quarter.
Trading volume in the reported quarter was $309 billion in the first quarter, missing estimates of $331.2 billion and down from $547 billion in the fourth quarter. Monthly transacting users (MTUs) were 9.2 million against 11.4 million in the fourth quarter and analyst estimates of 9.9 million.
For the ongoing quarter, Coinbase expects lower MTUs and total trading volume than the figures from the first quarter. The exchange also sees subscription and services revenue to be marginally lower in the second quarter compared with the first quarter.
Additionally, Coinbase also filed a shelf registration with the SEC, saying in a blog post that “while we have no immediate plans to offer securities at this time, by filing the shelf registration statement now, we will be able to offer and sell securities in the future should we choose to do so”.
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Coinbase said the shelf filing gives the company a chance to issue securities in a faster timeframe, potentially a matter of days, giving it the ability to capitalize on volatility or “short windows of favourable market conditions should we choose to do so”.