Coinbase Shares Head for Worst Quarter Since FTX Collapse as Crypto Slumps
Shares of Coinbase Global Inc. and other firms linked to cryptocurrencies have been hammered this quarter as growing concerns about the US economy weigh on digital assets.
Coinbase is down more than 30% quarter-to-date, set for the worst performance since FTX collapsed near the end of 2022. Nearly every major crypto-linked stock has plunged alongside it, from conglomerate Galaxy Digital Holdings Ltd. to miners such as Riot Platforms Inc. and Core Scientific Inc. Things aren't much better in crypto markets, with Bitcoin tumbling more than 10% and Ether losing more than 45% of its value.
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Yahoo
an hour ago
- Yahoo
Will crypto replace banking? The Trump administration can't decide
Last year, Donald Trump took the stage of the Las Vegas Bitcoin Conference to worship at the altar of cryptocurrency. He said he would fire Gary Gensler, the former chair of the Securities and Exchange Commission who led a yearslong crackdown on crypto fraud. The audience roared. He ended on a rousing note: 'We will make America and Bitcoin bigger, better, stronger, richer, freer, and greater than ever before.' This company asked most corporate employees to relocate to Chicago. The majority declined Trump administration orders Pennsylvania power plant to run through the summer Redfin: These 31 major housing markets have shifted to buyer's markets Some crypto activists were perturbed. Sure, Trump rallied behind Bitcoin as a source of industrial growth, but why wouldn't he commit to outright replacing banking with digital currencies? Trump failed to comment on the traditional banks, which crypto advocates thought were discriminating against them by shutting down their accounts, or fiat currency, which some crypto boosters hope to replace entirely. One year later, President Trump skipped out on the Bitcoin Conference, but he sent his envoys. The administration's crypto message has become even more muddled. While Vice President JD Vance emphasized that stablecoins regulated by the administration's new crypto proposal (the GENIUS Act) don't 'threaten the integrity of the U.S. dollar,' Eric Trump said that he'd like to see some major banks 'go extinct.' It seems no one will decide whether crypto is a strength to—or a replacement for—the U.S. financial system. Vice President Vance headlined the conference, where he struck a similar tone to Trump's 2024 speech. He emphasized that Bitcoin is part of the 'mainstream economy,' calling it a digital asset—but not a currency. Vance also promoted the GENIUS Act, which would set regulations for currency or commodity-backed stablecoins (crypto currencies pegged to fiat currency or other reference asset) so they could flow more freely. The bill has already passed through the Senate, and is waiting for a House vote. Vance promised that these coins wouldn't threaten the dollar. 'Dollar-pegged stablecoins, particularly once GENIUS is enacted, are only going to help the American economy and [are] only going to help the American dollar,' he claimed. Central to Trump's crypto strategy was the establishment of a Bitcoin reserve, allowing the government to collect and hold cryptocurrency from criminal or civil asset seizures. But whether this stockpile operates alongside, or in competition with dollar spending remains blurry. Bo Hines, the executive director of Trump's digital assets advisory, spoke of Bitcoin as something the government could grow endlessly. 'We want as much of it as we can possibly get,' he said at the conference. 'We're not going to sell any Bitcoin that we have in the U.S. government, period.' On the other hand, Trump's crypto czar David Sacks was more measured in his words. He said that he 'can't promise anything,' but that he hoped the government would be able to buy more Bitcoin. 'If either the Commerce Department or the Treasury Department can figure out how to fund it without adding to the debt, then they are allowed to create those programs,' he claimed. 'Maybe find the money from some other program that's not using it.' While they struck different tones, Vance, Hines, and Sacks all spoke of Bitcoin as an asset class. Whether it could constitute a new financial system—the currency's original mission—was outside the question. But Eric Trump—while not an administration official, is certainly influential on Trump policy—claimed that crypto could replace banking entirely: 'It makes everything cheaper, it makes it faster, it makes it safer, it makes it more transparent.' He said that he'd 'love to see some of the big banks go extinct.' Trump has backed crypto expansion forcefully, but his rationale remains slippery. At the recent Blockworks Digital Asset Summit, Trump told the audience that they will 'unleash an explosion of international growth,' but didn't explain how, other than a brief reference to stablecoins supporting the dollar. 'It is exciting to watch as you invent the future of finance,' Trump said, while not venturing to explain whether that future included traditional banks. Why is Trump so into crypto? Much of it is likely for personal gain. Trump has raked in millions on his memecoins and NFTs, sending cash directly to his wallet. Crypto advocates also helped Trump reach the White House in the first place. Their lobby has political heft: According to a New Yorker report, they tanked Katie Porter's California Senate bid after she expressed mere glimmers of anti-crypto rhetoric. But there's a political tension underlying Trump's crypto push. If he says that crypto will replace banking—or even fiat currency—traditional financiers could riot. But, if he claims that Bitcoin is merely an asset class and not the future of finance, he could anger the crypto community. For now, Trump and his administration will try to sit on both sides of the fence. This post originally appeared at to get the Fast Company newsletter: Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Business Insider
3 hours ago
- Business Insider
Windtree Therapeutics announces plan for cryptocurrency treasury policy
Windtree Therapeutics (WINT) announced that its board has agreed that the company will create a cryptocurrency policy that will allow the company to accept cryptocurrency as an option for payment and also allow the company to hold the cryptocurrency as an asset. The company's cryptocurrency policy is intended to align with innovative digital commerce trends where millions of people hold cryptocurrency. If a payment is made to the company with cryptocurrency in its revenue generating business, it can be held long term as a potential strategic asset. 'Windtree is executing our new corporate strategy to become a revenue generating company and we are in discussions with several groups that focus on Bitcoin and other cryptocurrencies as an option for payment. These companies are interested in furthering a treasury strategy in conjunction with Windtree and its current diversified operations base. Our Company can also hold the cryptocurrency as an asset,' said Jed Latkin, CEO of Windtree. 'Our Board is supportive of this opportunity and our development of a cryptocurrency policy which we expect to be completed in the near term.' Confident Investing Starts Here:
Bloomberg
3 hours ago
- Bloomberg
Former Meitu Chairman on Bitcoin & AI Outlook
Mike Cai, former Chairman of Chinese Photo Editing app, Meitu, and angel investor that focuses on Web 3 & digital assets, says bitcoin can hit 1.1M USD within a decade. He sees application layer as the next frontier in AI, instead of large language models (LLMs), for competition in technological advancements globally. He talks about his plans to set up an AI focused hub for startups and entrepreneurs in Hong Kong. He speaks with Annabelle Droulers at BEYOND Expo in Macau. (Source: Bloomberg)
