Cryptocurrency News Update: COIN stock is rising ahead of its earnings report on news that Coinbase (COIN) and BlackRock (BLK) are partnering on a cryptocurrency platform for institutional investors. Block (SQ) ‘s quarterly earnings and sales have fallen over the year, partly due to a drop in Bitcoin revenue. Meta (META) expands its NFT footprint, sending FLOW flying. Robinhood (HOOD) ‘s crypto subsidiary was slapped with a $30 million penalty for anti-money laundering and cybersecurity failures. Hackers feel sorry for stealing $200 million from crypto firm Nomad and have started returning funds.
Cryptocurrency News: Price Action
Bitcoin is over $24,000 after rebounding 16.8% in July, its best monthly performance since October 2021. Ethereum is at a two-month high after climbing near $1,800 ahead of its anticipated merge to a proof-of-stake blockchain. Ethereum is in the middle of transitioning its Goerli network to PoS, which is taking place Aug. 6-12. It’s the final test network before the official merge that’s set for September. July also marked the best month for digital asset funds so far this year. Digital asset fund inflows totaled $474 million for the month, nearly offsetting the $481 million of outflows from June. Roughly $490 million of fund money has been invested in digital asset products so far this year.
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Digital asset investments are extremely volatile. While cryptocurrency’s fundamentals and technical indicators may differ, investors should focus on the same key objectives. First, stay protected by learning when it’s time to sell, cut losses or capture profits. Second, prepare to profit if the cryptocurrency starts to rebound.
Despite their original promise, cryptocurrencies haven’t acted as hedges against inflation. Instead, they’ve trended with the broader indexes. Read The Big Picture and Market Pulse to track daily market trends.
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