Coinbase led crypto stocks lower on Oct. 30, following its quarterly earnings release and Binance's $6.3 billion security breach. Coinbase reported a 44% annual drop in transaction revenue, while Binance pledged company funds to replace the stolen assets.
Crypto stocks fell as much as 12.54% in Oct. 30 trading, with Coinbase leading the losses. Riot, Hut 8 and Robinhood each lost more than 8%.
Coinbase traded at $140.46, down $20.13 from its previous close, after touching $136.93 earlier in the session. US benchmarks fell at the same time, but less: the Invesco QQQ Trust, which tracks the Nasdaq-100, lost 2.83%.
Coinbase earnings show weaker trading revenue
Coinbase's third-quarter transaction revenue totaled $590.2 million, down 44% from a year earlier and 1% from the previous quarter. Total revenue came to $1.216 billion, a 35% annual decline.
The company still returned to a quarterly profit. Net income reached $718.7 million, compared with a $359.5 million loss in the second quarter.
Binance commits reserves to replace stolen tokens
The Oct. 29 breach affected an estimated $6.3 billion, according to the exchange, which pledged to cover customer losses. In its Oct. 30 update, Binance said it had reserved more than $6.34 billion of company funds, including $5 billion already held in the affected cryptocurrencies.
Binance has also begun buying back stolen altcoins through exchanges and over-the-counter desks. The company said some replacement purchases could take longer because of limited token liquidity and OTC settlement.
Strategy recovers part of its losses
Strategy traded at $132.80, down 6.23%, after falling to $124.34 earlier in the session.
Source: crypto.news
Trading involves risk.
Risk Disclaimer
