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Crypto Moves – Bitcoin and Ethereum fall; Coinbase posts loss amid crypto market turmoil

RIYADH: Bitcoin, the leading cryptocurrency internationally, traded lower on Wednesday, falling 3.69 percent to $22,981 as of 7:46 a.m. Riyadh time.

Ethereum, the second most traded cryptocurrency, was priced at $1,683 falling by 5.46 percent, according to data from Coindesk.

Coinbase posts loss amid crypto market turmoil

In response to this year’s rout in risky assets, Coinbase Global Inc. reported a bigger than expected quarterly loss after the bell on Tuesday, sending its shares down 6 percent, Reuters reported.

Retail trading fell by 68 percent at the cryptocurrency exchange in the second quarter, while institutional trading dropped by 46 percent.

The cryptocurrency exchange’s trading volumes also dropped more than half to $217 billion.

Despite the collapse of certain crypto ventures and a broad selloff in financial markets, Coinbase expects trading volumes to fall further in the current quarter.

The downturn in 2022 has sent Bitcoin 50 percent lower, forced Coinbase to cut jobs and raised fears of a drop in small-scale trading interest.

In the April-June quarter, Coinbase’s monthly transacting users decreased by 2 percent to 9 million.

Based on Refinitiv data, the adjusted loss for the quarter was $4.76 a share. Analysts had expected $2.65 a share. Market expectations were missed by 63 percent.

Despite a 37 percent increase in operating expenses, the company lowered its technology, development, and administration expenditure forecast to between $4 billion and $4.25 billion from $4 billion to $5 billion.

First cryptocurrency import order from Iran

Iran’s semi-official Tasnim agency reported on Tuesday that the Ministry of Industry, Mine and Trade has registered its first official order to import $10 million worth of cryptocurrency, Reuters reported.

Alireza Peymanpak, head of the country’s Trade Promotion Organization said: “This week, the first official import order registration worth 10 million dollars was successfully completed using cryptocurrency.

“By the end of September, the use of cryptocurrencies and smart contracts will be widely used in foreign trade with target countries.”

(With inputs from Reuters)