Forget the Aperol Spritz: This Summer It’s About the Hugo

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Coinbase reports a 13% sequential decline in transaction revenue

Coinbase reported its second-quarter financial results on Thursday. Berenberg analyst Mark Palmer sees downside in “COIN” to $39. Coinbase stock has nearly tripled since the start of the year 2023. Shares of Coinbase Global Inc wobbled but eventually ended flat in extended hours today even though the crypto exchange reported market-beating results for its fiscal second quarter. Why is Coinbase stock unimpressed in after-hours? The stock is primarily responding to weakness in transaction revenue that printed at $327 million – down nearly 13% sequentially. Trading volume also tanked to $92 million versus $145 million in the prior quarter. Also a negative was interest income that declined about 17% on a quarter-over-quarter basis to $201 million. Reacting to the earnings print in an email, Mark Palmer – a Berenberg analyst wrote: Interest income and staking revenue appear to be at risk going forward given the ongoing declines in USDC’s market cap and regulatory challenges to st...
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KuCoin commits to support Terra Classic 1.2% Tax Burn

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KuCoin has joined the list of centralized exchanges that have committed to support the 1.2% tax burn proposal by the Terra Luna Classic community. Other CEXes that have committed to support the LUNC tax burn include MEXC, CoinInn, and Gate.io. MEXC was the first CEX to indicate that it will support the tax burn . The proposed tax burn will result in a tax on all on-chain transactions between wallets and smart contracts involving USTC and LUNC tokens. In an official announcement , Kucoin said: “Dear KuCoin Users, KuCoin will support the 1.2% tax burn proposal of the Terra Classic (LUNC) community.” According to the announcement, KuCoin will fully support the 1.2% tax burn once it is officially approved and implemented. LUNC price surging Recent proposals and the introduction of LUNC burning and staking have pushed the price of the LUNC token up by more than 37,000% since its lows after the TerraUSD (UST) crash. The implementation of the 1.2% tax burn is expected to add more impe...
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