No Surprise With Coinbase $1.8B Revenue (April 7, 2021)

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Good afternoon (late post, sorry.) Welcome to Wednesday Watch, part of our new series: BitPinas Daily. We will look at the price of Bitcoin, Ethereum and the major cryptocurrencies. Crypto is global, but sometimes news that matters happens while we sleep. So we bring to you what’s happening in our space here and abroad.    

Market Price as of April 7, 2021:

Bitcoin$58,062-1.1%
Ethereum$2,115.06+0.82%
BNB$404.46+10.21%
DOT$43.42-4.8%
ADA$1.26+4.13%
SLP$0.05-15.20%


Bitcoin closed April 6, 2021, at $58,062 per BTC. We’re up 0.8% in the last 7 days and up 100% since the year began. This is also 4.87% below the all-time high of $61,711, which was hit on March 13, 2021.

Bitcoin’s market capitalization stands today at $1,084,557,132,917 which is 53.95% of the entire cryptocurrency market. The entire crypto market, by the way, now has a market cap of $2,021,575,138,522  (-0.1%).

On the table above, there’s the cryptocurrency SLP. If you wonder what that is, check out this article: Playing Axie Infinity vs Minimum Basic Salary in the Philippines.

Coinbase

Coinbase Revenue Tops $1.8 Billion, Active Users Grew By 117%

In its voluntary earnings report, Coinbase repealed a 117% quarter over quarter increase in monthly transacting users, allowing it to produce $1.8 billion in revenue. This also helps Coinbase’s net income to arrive at $800 million.

Coinbase has truly benefited from the bull market, with Bitcoin approaching $60,000 this month. 

Some interesting information from the report:

  • Active users increase to 6.1 million in Q1 2021 vs 2.8 million in Q4 2020
  • Verified users grew to 56 million in Q1 2021 vs 43 million in Q4 2020
  • Trading volume reached $335 volume this quarter vs $193 billion last quarter

BitMEX

Arthur Hayes Surrenders to Face Charges

Hayes, the former CEO of BitMEX surrendered in Hawaii to face charges of failing to take the proper steps to safeguard the exchange from being used for money laundering purposes. After appearing before a judge, he was released on a $10 million bond.

For a background on this case, check out: PH Local Exchange PDAX Says BitMEX Has No Operational Involvement With the Company

Goldman Sachs

CEO Says Big Evolution Coming to Bitcoin Regulation

Some interesting insights from the Goldman CEO David Solomon in his interview with CNBC:

  • Goldman is keeping a close eye on crypto due to increasing client demand
  • “We continue to think about digital currency and the digitization of money in a very proactive way.”
  • “I think that this is a space that is evolving, this is a space that we’re trying to be responsive to our clients. I think there will be a big evolution with how this evolves in the coming years.”

Note that Goldman has plans to offer Bitcoin investment products and reopen its crypto trading desk.

CryptoPH

This Collab Art is Possibly the Highest NFT Sale by a Filipino Artist

In our new article, we talk to Luis Buenaventura II and discuss his recent collaboration with Argentinian artist Jose Delbo to create “Satoshi the Creator – Genesis”. His views on NFT:

“NFT art provides a similar opportunity for artists to collaborate and offer their work to an art community that they would never have had access to otherwise. What we choose to do with these new opportunities, and how we choose to navigate these unfamiliar territories, is entirely up to us.”

Check out: This Collab Art is Possibly the Highest NFT Sale by a Filipino Artist

From The Defiant: NFTs as Major Source of Income in PH

The Defiant deep dives on the Axie Infinity phenomenon in the Philippines which many news sites are still sleeping on. An excerpt:

“People started to share pictures of mothers providing for their baby’s needs, fathers who bought [a] motorcycle, families getting together, house renovation, sons and daughters buying gifts for their parents,” Kookoo, a Yield Guild community leader who also posts crypto gaming content on YouTube, told The Defiant.

What else is happening

  • Cardano Venture Fund Makes First Investment
  • Japan’s BitFlyer Has a New President – Again
  • Playboy Is Turning Its Classic Centerfolds Into NFTs
  • Ripple Wins Ruling to Expose SEC Docs on Bitcoin, Ethereum

This article is published on BitPinas: No Surprise With Coinbase $1.8B Revenue (April 7, 2021)

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Michael Mislos

A business ad graduate from the Pamantasan ng Lungsod ng Maynila, Mike is the website manager of Bitpinas.com. He is responsible for almost every content you see on the site, from topic/news selection to editing of articles. Mike believes correct information about blockchain and cryptocurrency can empower people to make accurate decisions about the industry, which, in turn, should deter bad actors from taking advantage of crypto & blockchain. [Telegram @mikemislos]

Michael Mislos
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