Chanos, who made a name for himself successfully betting against corporate frauds like Enron, explained that he was making a bet against what he calls “Coinbase’s predatory business model.”
Regardless of the market’s recent drawdown, billions of dollars are flowing into the system from nearly every direction.
New research from the Cambridge Centre for Alternative Finance (CCAF) shows that Chinese bitcoin mining activity has quickly rebounded regardless of China's ban.
Call it what you want, but had you only read CoinSnacks, you probably wouldn’t be a part of this mess.
Both bitcoin (BTC) and ether (ETH) are down roughly 25% in 7 days. In fact, at the time of writing, BTC is hovering around $29k, its weakest level since July 2021.
Fortunes are made coming out of bear markets and right now Coinbase has the cash to weather a prolonged storm.
The retail-focused trading app reported total net revenue of $299 million, which is a 43% decrease from the meme stock craze of Q1.
While city governments like Fort Worth are welcoming bitcoin mining initiatives with open arms, across the country we have the state of New York moving in the opposite direction.