Crypto Markets Dip Post-FOMC, Coinbase Reports Strong Revenue, and Binance Faces Allegations
Crypto Markets Dip Post-FOMC, Coinbase Reports Strong Revenue, and Binance Faces Allegations
The cryptocurrency market experienced a general downturn of 1-3% for major assets following a post-FOMC dip, with Bitcoin falling to $106,000 and triggering over $870 million in liquidations. Despite the broader market softness, Coinbase announced a robust Q3, surpassing revenue expectations with approximately $1.9 billion and transaction revenue exceeding $1 billion. Separately, Binance is facing allegations from Senator Chris Murphy, claiming the exchange assisted in coordinating a Trump memecoin launch potentially in exchange for a pardon for CZ. MicroStrategy reported a significant Q3 profit of $2.8 billion, holding over 640,000 BTC, while Zcash and Aerodrome Finance saw positive movements.
Market Downturn and Liquidations
Crypto majors are experiencing a 1-3% decline after a significant post-FOMC dip yesterday. Bitcoin (BTC) is down 3% at $110,100, Ethereum (ETH) is also down 3% at $3,900, and Solana (SOL) dropped 2% to $192. This market movement led to over $870 million in liquidations across the crypto market after Bitcoin's dip to $106,000, which subsequently pulled many altcoins down by 5-10% or more. However, Zcash (ZEC) and Aerodrome Finance (AERO) bucked the trend, leading top movers with 2% gains each, while Binance Coin (BNB) managed a 1% increase to $1,120.
Coinbase Exceeds Revenue Expectations
In positive news for exchange operators, Coinbase reported a strong Q3, exceeding revenue forecasts with approximately $1.9 billion. Transaction revenue alone topped $1 billion. Coinbase CEO Brian Armstrong also addressed concerns regarding market integrity in prediction markets.
Binance Allegations and MicroStrategy's BTC Holdings
Senator Chris Murphy has made serious allegations, suggesting that Binance may have helped coordinate the launch of a Trump-themed memecoin. This alleged action is claimed to be in exchange for a pardon for its former CEO, CZ, a claim also highlighted by the Wall Street Journal. Meanwhile, MicroStrategy, known for its extensive Bitcoin strategy, reported a profit of around $2.8 billion in Q3, despite a 'softer' Bitcoin market. The company's treasury now holds over $68 billion worth of Bitcoin, totaling 640,808 BTC. In unrelated news, Drake and Adin Ross are facing a class-action lawsuit concerning alleged misleading promotions for the crypto casino Stake. Western Union has also applied for a trademark for 'WUUSD', indicating a potential stablecoin offering.