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An earthquake with a magnitude of 5 struck northern Nagano Prefecture, Japan.The U.S. Federal Aviation Administration will cut flights at major U.S. airports to reduce delays.A U.S. delegation recently met with Cuban government officials in Cuba, marking a renewed strengthening of U.S.-Cuba diplomatic relations. This comes after U.S. President Trump threatened intervention, and Cuban leaders stated this week that Cuba is prepared to fight should such an intervention occur.On April 18th, a reporter from NewsNation asked Trump about his previous claim that almost all agreements had been reached with Iran, while Irans version differed. Trump replied that he was "just telling the truth." He stated, "They have to say something different because they also have to cater to other people." "I really didnt mean anything else, Im just doing what I think is right, Im just telling the truth." Trump added, "I think were in a very good position right now, and most importantly, Iran wont have nuclear weapons. You absolutely cannot let Iran have nuclear weapons, that comes above everything else."On April 18, French President Emmanuel Macron and British Prime Minister Keir Starmer hosted an international conference in Paris, France, on April 17, focusing on ending the current Middle East conflict through diplomatic means, reopening the Strait of Hormuz, and providing security guarantees for shipping through the strait once the situation stabilizes. Macron and Starmer stated that France and the UK will lead a defensive multinational operation to ensure the safety of shipping in the Strait of Hormuz when conditions permit, and preparatory meetings will be held in London next week. Italian Prime Minister Meloni said it is necessary to ensure the Strait of Hormuz is free of mines, and Italy is willing to provide naval support on a fully defensive basis. German Chancellor Merz stated that Germany will participate in planning discussions and welcomes the participation of the United States if possible.

COIN Stock Alert: Coinbase Falls on Reports of Withdrawal Delays

Skylar Shaw

Sep 02, 2022 14:38

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The recent run for Coinbase (NASDAQ:COIN) shares has not been smooth, and things aren't looking much better on Thursday. The announcement that the business is now looking into a network problem that is delaying deposits and withdrawals sent the price of COIN shares down around 5% for the day.


The organization said yesterday that it has resolved delays "in processing ETH/ERC-20 deposits on Coinbase.com and Coinbase Pro." Without giving much information, it is now experiencing a different problem with another outage.


Of course, having problems today is not a good thing. Prices for Bitcoin (BTC-USD) are falling, and the whole market is also suffering.


Coinbase has been having trouble overall. Shares have lost almost 75% of their value thus far this year, with a 90.5% loss from peak to trough. In spite of the fact that COIN stock had risen from its 2022 low, almost doubling at one time, it has suddenly dropped by about 50% over the last four weeks.

What Will Happen to COIN Stock?

The business announced its second-quarter profits on August 9. As sales decreased by more than 60% year over year, Coinbase fell short of revenue and profit projections. Since then, COIN stock has been under pressure and has decreased in 13 of the last 18 sessions.


However, according to JPMorgan analyst Kenneth Worthington, Coinbase received some positive news a few weeks ago. According to him, Coinbase will "meaningfully benefit" from the Ethereum Merge.


According to daily trade volume, Worthington said that Coinbase is America's biggest bitcoin exchange. He thinks that because of the company's excessive exposure to Ethereum, it is well-positioned for a greater revenue potential (ETH-USD). With regard to ether assets, Coinbase has "a bigger market share (15%) than the 7% share it holds in the broader crypto ecosystem."


Additionally, he predicts that "incremental yearly staking income from the ether merging will be $650M assuming an ETH price of $2K and a 5% ETH return"

Of sure, this is a plus, but does it really matter?

Currently, it is probable that investors will pay attention to the equity bear market, Coinbase's price movement and financial results, and the development in cryptocurrencies. Although Worthington's claim could be valid, the current trend is alarming.

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