Bitcoin holds steady at $46,300
Coinbase Global Inc. beat market estimates for second-quarter profit
Vaneck CEO on why investors need a Bitcoin ETF
Jan Van Eck weighs in on Bitcoin regulation and gold outlook on 'Barron's Roundtable'
Bitcoin is holding steady on Wednesday morning.
The price was around $46,300 per coin, while rivals Ethereum and Dogecoin were trading around $3,220 and 26 cents per coin, respectively, according to Coindesk.
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The cryptocurrency exchange Coinbase Global Inc. beat market estimates for second-quarter profit boosted by a near 38% jump in trading volumes on a sequential basis.
The company did however forecast a drop in current-quarter volumes, according to Reuters.
Chief Financial Officer Alesia Haas said Coinbase is paying close attention to the U.S. Securities and Exchange Commission (SEC) Chair Gary Gensler's comments, who called on Congress last week seeking more authority to better police cryptocurrency trading, lending and platforms.
"We're eager to understand the legal framework for the concerns that he has raised and how any of those may impact our product roadmap," Haas said in a post-earnings conference call with analysts.
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The exchange also plans to grow the number of assets listed on its platform, with Chief Executive Officer Brian Armstrong stating that he wants Coinbase to be the "Amazon of assets" and list every legal crypto asset on its platform.
For the quarter, the company's trading volumes rose to $462 billion, from $335 billion in the quarter ended March.
On an adjusted basis, the crypto exchange earned $3.45 per share. Analysts were expecting a profit of $2.33 per share, according to IBES data from Refinitiv.
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In other cryptocurrency news, Paypal Holdings Inc-owned Venmo is rolling out a feature that would allow holders of its credit cards to automatically buy cryptocurrencies with the cashback earned on their purchases, according to Reuters.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| PYPL | PAYPAL HOLDINGS INC. | 62.10 | -1.16 | -1.83% |
Cardholders will be able to buy Bitcoin, Ethereum, Litecoin and Bitcoin Cash through the "Cash Back to Crypto" feature and will not be charged fees for the transaction, Venmo said in a statement.
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The users can at any time hold or sell such assets within the Venmo app and change their choice of cryptocurrency.
The payment service has more than 70 million users.