Bitcoin tumbles as Iran Israel Conflict Escalates

koolgal
04-14

🌟🌟🌟Bitcoin 's price experienced a sharp decline today, hitting a low of around USD 60,600.  The sharp drop comes amid the escalating conflict between Iran and Israel.

$Coinbase Global, Inc.(COIN)$  has dropped by 6.5% on Friday but for the week, it has just  dropped by just 2.7%.  However Coinbase has surged by 56% year todate and in 2023 it has skyrocketed by 256%.

Is Coinbase a Buy now?

Coinbase has played a prominent role in the Cryptocurrency markets since its inception in 2012.  It has experienced 3 of Bitcoin Halving cycles.  The next Bitcoin Halving Event is just next week where the rewards for mining Bitcoin will be halved again.

The major difference in the Bitcoin Halving Event this time is all about Spot Bitcoin ETFs. These Spot Bitcoin ETFs are a catalyst in the recent all time high of Bitcoin price of USD 73,780.07 since it was launched.

Spot Bitcoin ETFs are a game changer for the average investor.  Instead of buying Bitcoin directly, we can now buy and sell Bitcoin ETFs just like any other stocks.  

The SEC approved 11 Spot Bitcoin ETFs of which 9 Spot Bitcoin ETFs rely on Coinbase for its custodian services including$iShares Bitcoin Trust(IBIT)$ which is the largest Bitcoin ETF with market capitalisation of over USD 10 Billion. 

Coinbase has seen an increase in its revenue in custodian services as well as trading and financing.    In Q423 Coinbase has posted a quarterly profit for the first time since 2021.

Coinbase's transaction revenue grew 83% in Q423 to USD 529 million driven by higher volatility and asset prices.

Coinbase reported a USD 273 million profit in Q423.  For the full year of 2023, it earned USD 95 million on USD 3.1 million in revenue.  In contrast in 2022, Coinbase had  a USD 2.6 billion loss.  Revenue was USD 954 million in Q423, up 41% from previous quarter.

Coinbase is the largest crypto exchange in the US and one of the biggest in the world.  Even though the current Iran Israel Conflict may put a dampener on Coinbase, I believe that the Bitcoin Halving Event next week would be beneficial for both Bitcoin and Coinbase.

There can only ever be 21 million  Bitcoin in circulation and no more Bitcoins will be created after that. This will enhance Bitcoin scarcity and value.   As such the current drop in Bitcoin and Coinbase would be a great time to go bargain hunting.

@Daily_Discussion  @TigerStars  @MillionaireTiger  @Tiger_comments  @CaptainTiger

πŸ’° Stocks to watch today?(30 Apr)
1. What news/movements are worth noting in the market today? Any stocks to watch? 2. What trading opportunities are there? Do you have any plans? 🎁 Make a post here, everyone stands a chance to win Tiger coins!
Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.

Comments

  • Goldenrod
    04-14
    Goldenrod
    What Bout an SEC investigation, Eth and all alt coins will crash similar to XRP when they were investigated, most are aounf 30% down since the rumours started & thr lotential to fall, this of course will affect BT.C short term but mid to long may prove a flight to safety, let the joirney begin
    • koolgal:Β 
      Thanks for sharing your valuable insights 😍😍😍
    • koolgal:Β 
      May the Force Be With Us πŸ€πŸ€πŸ€πŸŒˆπŸŒˆπŸŒˆπŸ’°πŸ’°πŸ’°
  • ZeroAnna
    04-15
    ZeroAnna

    Bitcoin is just at the bottom of its range. Look at monthly chart. It will simply stay in this range until it breaks out after the halving.

    • koolgal:Β 
      Best of luck πŸ€πŸ€πŸ€πŸŒˆπŸŒˆπŸŒˆ
    • koolgal:Β 
      Thanks for sharing your awesome insights 😍😍😍
  • ZebulonToynbee
    04-15
    ZebulonToynbee

    Gold and Silver will outperform bitcoin until the world problems get stable again.

    • koolgal:Β 
      Best of luck πŸ€πŸ€πŸ€πŸŒˆπŸŒˆπŸŒˆ
    • koolgal:Β 
      Thanks for sharing your valuable insights 😍😍😍
    • koolgal:Β 
      That is definitely a possibility.
  • mster
    04-14
    mster
    The market may follow suit comes Monday’s trading?? πŸ€”
    • koolgalReplymster:Β 
      May you have a Successful Week ahead πŸš€πŸš€πŸš€πŸŒ›πŸŒ›πŸŒ›πŸŒˆπŸŒˆπŸŒˆπŸ’°πŸ’°πŸ’°
    • mster:Β 
      No master here. Beginner applying basic calls and puts thats all. Havent get to the multi legs yet… πŸ˜… but you are right, either the market’s direction one can find opportunities… me - still figuring out the direction correctly.. πŸ˜…
    • koolgalReplymster:Β 
      In every market there are great opportunities especially for Options Masters like you. πŸ€πŸ€πŸ€πŸŒˆπŸŒˆπŸŒˆ
    • koolgal:Β 
      Bitcoin is considered a speculative asset. 
    • mster:Β 
      Yah man… a bearish Friday usually see a bullish Monday… comes this Monday it may be a different story…
  • Taurus Pink
    04-14
    Taurus Pink
    [得意] [得意] [得意]
    • koolgal:Β 
      Have a wonderful week ahead πŸ€πŸ€πŸ€πŸŒˆπŸŒˆπŸŒˆ
    • koolgal:Β 
      Thanks 😍😍😍
  • Barcode
    04-14
    Barcode
    Yes, maybe buy a bit of bit and a bit of coin. Bitcoin 😊
    • koolgal:Β 
      Thanks 😍😍😍
    • koolgal:Β 
      Sounds like a brilliant idea 😍😍😍
Leave a comment
35
297