Coinbase Defies SEC and Shines in Earnings, While Twitter Flutters into Crypto Trading

Welcome to Daily Digest, where we surface trending news in crypto-based on conversations we found on Twitter, news publications, blog posts, and other social media, powered by the Coinfeeds platform.

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Market Updates

News

Bitcoin's Stable Price Amid Macroeconomic Events

Bitcoin remains stable near $29.2K despite recent macroeconomic events. Altcoins such as ADA, SOL, and MATIC have also steadied, although they are mostly in the red. Bitcoin has been trading within a narrow range for the past 11 days and seems less affected by external factors that once influenced its price.

Coinbase's Earnings and Legal Battle with SEC

Coinbase reported better-than-expected second-quarter earnings, with adjusted revenue of $708 million, surpassing analyst expectations of $628 million. Despite a lawsuit from the US Securities and Exchange Commission (SEC), the company's stock price rose by over 7% in after-hours trading following the earnings release. Coinbase plans to file an order in court to seek the dismissal of the SEC's lawsuit against it. The company argues that the SEC is pursuing a "regulation by enforcement approach" and has not engaged in rulemaking.

Twitter's Potential Crypto Trading Platform

Twitter is reportedly planning to launch a trading platform within its app. The company is looking for a financial data company to build the platform, recognizing the importance of real-time information in the investment world. This move could potentially expand Twitter's offerings and attract more users interested in cryptocurrency trading.

South Korean Exchange Upbit's Trading Volume Surpasses Coinbase

In July, Upbit, a South Korean cryptocurrency exchange, surpassed Coinbase and OKX in trading volume, becoming the second-largest platform after Binance. While Coinbase and OKX experienced declines in trading volume, Upbit saw a significant increase.

FTX and Alameda Research Accused of Market Manipulation

New research suggests that FTX and Alameda Research may have used social media bots to manipulate the crypto market. The study found that bot-like tweets had an impact on token prices and questioned whether FTX engaged in a Twitter scheme to artificially inflate market values. FTX's former head, Sam Bankman-Fried, is currently facing charges related to the collapse of FTX.

Gen Z's Inclination Towards Crypto Trading

Nearly half of crypto copy traders are Gen Z, according to a report from Bitget. The report reveals that 44% of all copy traders on the platform are under 25 years old. Bitget suggests that Gen Z's inclination to look to social media influencers for investment decisions could explain their affinity towards copy trading.

ProShares' Application for Bitcoin and Ether Equal Weight ETF

ProShares has filed an application with the SEC for a Bitcoin and Ether Equal Weight ETF. The ETF will track the performance of holding long positions in the nearest maturing monthly bitcoin and ether futures contracts. This filing adds to ProShares' existing lineup of crypto-related funds, including a bitcoin futures ETF.

Binance's Addition of Shiba Inu as Collateral Asset

Binance, a cryptocurrency exchange, has added Shiba Inu (SHIB) as a collateral asset for its loan services. This move has sparked speculation about the potential listing of Bone ShibaSwap (BONE) tokens on Binance. The exchange has also expanded its loanable collateral assets, including adding 8 new assets to its Flexible Loan service and 6 new assets to its VIP Loan service.

As always, stay tuned for more updates in crypto!