After a week of nonstop crypto regulatory drama, the days ahead hopefully can offer some rest. Earning seasons for Block, Coinbase, and Coinshares and the start of ETHDenver are on the watchlist this week. After a week of US regulatory announcements, be prepared for more app surprises. Here are some items to consider for Bitcoin and altcoins…
Financial statement disclosure season continues
It will be a busy week for all-year earnings as Coinbase, Coinshares and Block are ready to reveal how much damage FTX’s boom did to the fate of the industry in the last quarter. Coinbase will announce its earnings on February 21. Chief Executive Officer Brian Armstrong has already ruled expectations, warning in December that full annual revenue could be less than half of the firm’s reported $7.8 billion in 2021. Coinbase stocks, like most cryptocurrencies, have had their ups and downs for 12 months. After falling nearly 85% last year, they’ve nearly doubled since the start of 2023, but they’re still pretty far from their 2021 highs.
The industry’s increased legal risks are one reason some analysts have been cold towards the firm lately. Christopher Brendler Davidson, an analyst at DA, slashed the stock to neutral on Thursday. “While we still believe Coinbase is the long-term winner, the SEC is clearly taking a more challenging stance on crypto,” Brendler said. Stock has nearly doubled year on year, but risks are still rising,” he wrote. Coinshares will announce the results on Tuesday, while Block will release its financial statements on February 23.
ETHDenver
ETHDenver is back. The Colorado festival, which started on February 24 and continues until March 5, is one of the largest gatherings of Ethereum developers and fans in the world. Based on history, we can expect many new product and team announcements. And answers to some key questions like updates on the Shanghai Upgrade … and will Ethereum co-founder Vitalik masquerade as Bufficorn again?
There will be workshop sessions on a range of topics, including non-fungible Tokens (NFT), gaming, and the metaverse. Confirmed speakers include Colorado governor Jared Polis; Danny Ryan, Ethereum Foundation researcher; According to the organizers, they include John Linden, CEO of Mythical Games, and Frances Haugen, data scientist and Facebook informant.
Regulatory excitement continues for bitcoin and altcoins
US regulators are looking good after actions last week against Paxos, Terraform Labs, and founder Do Kwon, among other efforts, imposing stricter rules on crypto custody. Could there be more announcements in the coming days? As you follow on Kriptokoin.com, on the app side, Binance has already prepared the world that it expects to pay at least a fine for concluding US investigations.
Data and event calendar of the week for bitcoin and altcoins
US markets will be closed on Monday for Presidents’ Day. However, the crypto market is open as usual, and cryptocurrency exchange Huobi plans to add SingularityNET (AGIX) and SingularityDAO (SDAO) to its list.
On the second day of the week, US data will be released. These are: US Manufacturing PMI, US S&P Global PMI, US Existing Home Sales. On Wednesday, there is an important event for Bitcoin and altcoins: FOMC meeting minutes will be released. On Thursday’s data calendar will be Eurozone Inflation, US GDP, US Unemployment Claims Applications. Also, Raphale Bostic of the Federal Reserve will be speaking.
In the last business day of the week feed, US Core PCE (monthly and yearly) will be US New Home Sales. Also, Loretta Mester of the Federal Reserve will be speaking. In the crypto world, the popular meme coin will enter the basket of Binance US, the US arm of Binance. On Saturday at the weekend, there is an unlock event: ImmutableX (IMX).
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