Shares of Coinbase Global Inc. (COIN) have been downgraded by analysts at Goldman Sachs after plunging cryptocurrency prices affected the exchange’s underlying business, underscoring the challenges posed by the bear market. The reason for the downgrade stems from the “continued downdraft in crypto prices,” Goldman analyst William Nance said in a note that was obtained by Bloomberg. The analyst said Coinbase “will need to make substantial reductions in its cost base in order to stem the resulting cash burn as retail trading activity dries up.” According to Bloomberg, Coinbase still has 20 buy recommendations, 6 holds and 5 sell ratings …

Bitcoin (BTC) sold off into the June 27 Wall Street open as United States equities fell. $25,000 eyed as bulls' line in the sand Data from Cointelegraph Markets Pro and TradingView showed BTC/USD following stock markets downhill as the last week of June began. At the time of writing, the pair traded below $21,000, having hit its lowest in three days after a broadly stable weekend. Amid a general lack of bullish conviction among traders, expectations for a further drop stayed present, with Bitcoin still below the crucial 200-week moving average (WMA) at $22,430. "Bitcoin says NO against $21K support. …

Alameda Research is a cryptocurrency trading firm and liquidity provider founded by crypto billionaire Sam Bankman-Fried (SBF). Before founding his firm in 2017, SBF spent three years as a trader at the quantitative proprietary trading giant Jane Street Capital, which specializes in equity and bonds. In 2019, SBF founded the crypto derivatives and exchange FTX, which has quickly grown to become the fifth-largest by open interest. The Bahamas-based exchange raised $400 million in January 2022 and was valued at $32 billion. FTX’s global derivatives exchange business is separate from FTX US, another entity controlled by SBF, which raised another $400 …

Crypto lending platform Celsius Network has reportedly onboarded advisers from a management consulting firm in advance of the company possibly facing bankruptcy. According to a Friday report from the Wall Street Journal, Celsius hired an unknown number of restructuring consultants from the firm Alvarez & Marsal to advise the platform on potentially filing for bankruptcy. The report followed one from June 14, which said Celsius had hired lawyers in an attempt to restructure the company amid its financial issues. Steady lads https://t.co/5YAdmq5kt8 — Ben McKenzie (@ben_mckenzie) June 24, 2022 Celsius has been at the forefront of discussions in the media …

Bitcoin hit a 2022 low at $17,580 on June 18 and many traders are hopeful that this was the bottom, but (BTC) has been unable to produce a daily close above $21,000 for the past six days. For this reason, traders are uncomfortable with the current price action and the threat of many CeFi and DeFi companies dealing with the loss of user funds and possible insolvency is weighing on sentiment. The blowback from venture capital Three Arrows Capital (3AC) failing to meet its financial obligations on June 14 and Asia-based lending platform Babel Finance citing liquidity pressure as a …

Crypto exchange FTX is reportedly in talks to acquire a stake in BlockFi after the company issued a $250 million credit to the lending firm. According to a Friday report from the Wall Street Journal, FTX is currently in discussions with BlockFi regarding the crypto exchange purchasing a stake in the firm, but no equity agreement has been reached. The reported ongoing talks followed BlockFi signing a term sheet with FTX to secure a $250 million revolving credit facility on Tuesday. "BlockFi does not comment on market rumors," a BlockFi spokesperson told Cointelegraph. "We are still negotiating the terms of …

The United States equity markets and the cryptocurrency space are witnessing a relief rally this week. Supporting the rise in risky assets is the U.S. dollar index (DXY), which retreated from its multi-year high. Generally, cryptocurrencies move inverse to the price of the U.S. dollar, but this week's bounce does not necessarily mean that bulls' grip over the market has come to an end. Citing on-chain data, CryptoQuant senior analyst Julio Moreno, said that Bitcoin (BTC) miners may have already capitulated. Historical data suggests that miner capitulation usually precedes market bottoms. Another on-chain metric that indicates that Bitcoin’s price may …

Ripple’s (XRP) ongoing upside retracement risks exhaustion as its price tests a resistance level with a history of triggering a 65% price crash. XRP price rebounds 30% XRP’s price gained nearly 30%, rising to $0.36 on June 24, four days after rebounding from $0.28, its lowest level since January 2021. The token’s retracement rally could extend to $0.41 next, according to its cup-and-handle pattern shown in the chart below. Interestingly, the indicator’s profit target is the same as XRP’s 50-day exponential moving average (50-day EMA; the red wave). Major resistance hurdle The cup-and-handle bullish reversal setup tends to meet its …

Singapore’s financial regulator and the central bank have pledged to be “brutal and unrelentingly hard” on any “bad behavior” from the cryptocurrency industry. The comments come from the Monetary Authority of Singapore (MAS)’s chief fintech officer Sopnendu Mohanty, explaining in an interview that “if somebody has done a bad thing, we are brutal and unrelentingly hard.” He also hit back at the rhetoric of certain crypto market participants who have criticized the regulator for not being friendly enough to crypto, and instead questioned the legitimacy of the market, saying: “We have been called out by many cryptocurrencies for not being …

Credit ratings agency Moody’s has downgraded the Corporate Family Rating (CFR) and guaranteed senior unsecured notes of crypto exchange Coinbase, stating that both ratings have been placed under review for further downgrade. The CFR, a rating assigned to reflect Moody’s opinion of a company’s ability to honor its financial obligations, was downgraded from Ba2 to Ba3, which is considered below non-investment grade. Senior unsecured notes are a type of debt a company holds that is not backed by any assets and, in the event of bankruptcy, must be repaid before any others. Moody’s downgraded Coinbase from Ba1 to Ba2. Earlier …

Chainalysis head of international policy Caroline Malcolm expects Australia’s new rules governing crypto advertising, promotion and consumer safeguards to follow a similar path to the United Kingdom when they come into place within the next year: “I think we’re more likely to see something along the lines of the UK model which is really focusing on a crackdown on misleading advertising or advertising which doesn't present the risks alongside the opportunities.” During the Chainalysis Links event in Sydney on Tuesday, Malcolm told Cointelegraph that this meant treating crypto products and services in a similar way to financial products and services …

The Singapore-based crypto venture firm Three Arrows Capital (3AC) failed to meet its financial obligations on June 15 and this caused severe impairments among centralized lending providers like Babel Finance and staking providers like Celsius. On June 22, Voyager Digital, a New York-based digital assets lending and yield company listed on the Toronto Stock exchange, saw its shares drop nearly 60% after revealing a $655 million exposure to Three Arrows Capital. Voyager offers crypto trading and staking and had about $5.8 billion of assets on its platform in March, according to Bloomberg. Voyager's website mentions that the firm offers a …