{"id":126496,"date":"2025-04-04T20:16:23","date_gmt":"2025-04-04T20:16:23","guid":{"rendered":"http:\/\/cryptospotters.net\/?p=126496"},"modified":"2025-04-04T20:16:23","modified_gmt":"2025-04-04T20:16:23","slug":"crypto-biz-the-worst-quarter-since-the-ftx-collapse-is-finally-behind-us","status":"publish","type":"post","link":"http:\/\/cryptospotters.net\/?p=126496","title":{"rendered":"Crypto Biz: The \u2018worst quarter\u2019 since the FTX collapse is finally behind us"},"content":{"rendered":"

Source: Cointelegraph.com NewsThe election of US President Donald Trump was supposed to usher in a golden era of crypto. Although the regulatory stars are aligning, the crypto industry just experienced its worst quarter in years.
\nThe prices of Bitcoin (BTC) and Ether (ETH) recorded their worst Q1 in seven years, market sentiment fell to its lowest point since the last bear market, and Coinbase stock experienced its worst sell-off since the FTX debacle.\u00a0
\nWith the first quarter finally in the books, investors are looking forward to positive catalysts for Bitcoin and the broader market. This could come in the form of favorable Spring seasonality, more clarity on Trump\u2019s tariff policy and shifting policy winds at the Federal Reserve.\u00a0
\nCoinbase stock suffers worst quarter since 2022
\nCoinbase stock, which has long been considered an important bellwether for the crypto industry, plunged by 33% in the first quarter despite reporting strong business fundamentals and a solid revenue outlook. As Cointelegraph reported, it was the worst quarterly decline since the FTX exchange collapse in late 2022.
\nLike other crypto-native businesses, Coinbase\u2019s performance languished under the pressure of Trump\u2019s tariff war, volatile digital asset prices and the overhang of tightening financial conditions from the previous quarter.
\nBeyond these short-term headwinds, though, Coinbase is booming. The company\u2019s revenues more than doubled in 2024, reaching $6.6 billion. Its adjusted earnings rose to $3.3 billion, marking two consecutive years of growth.\u00a0
\nCOIN stock\u2019s volatile year so far. Source: Google FinanceTrump family backs Bitcoin mining venture
\nDespite fear and volatility gripping the crypto markets, Donald Trump\u2019s family is doubling down on its long-term investments in the industry.\u00a0
\nOn March 31, two of Trump\u2019s sons, Eric and Donald Jr., announced they are backing a new crypto-mining venture called American Bitcoin. The venture is majority-owned by Hut 8, a public crypto miner.\u00a0
\nAmerican Bitcoin \u201caims to become the world\u2019s largest, most efficient pure-play Bitcoin miner while building a robust strategic Bitcoin reserve,\u201d the announcement said.
\nAlthough crypto prices are down, it\u2019s getting harder for investors to remain bearish on the industry with the Trump family investing so heavily. The family is behind the DeFi project World Liberty Financial, which has amassed a large portfolio of digital assets that include Ether, Wrapped Bitcoin (WBTC), Aave (AAVE) and Chainlink (LINK).
\nTether stacks more BTC
\nStablecoin issuer Tether bolstered its balance sheet in the first quarter by acquiring 8,888 Bitcoin, according to onchain data that was later confirmed by CEO Paolo Ardoino. The company now holds 100,521 BTC valued at roughly $8.7 billion.
\nTether is able to acquire Bitcoin and expand its venture capital business thanks in large part to its highly profitable stablecoin operations. The company generated $13 billion in profit last year on the back of its massive holdings of interest-bearing US Treasury bonds.\u00a0
\nDespite its success, Tether has been the subject of negative reports by the media, industry and politicians. A recent JPMorgan report argued that Tether would be forced to sell a portion of its Bitcoin holdings to comply with forthcoming US stablecoin regulations.\u00a0
\nA company spokesperson threw cold water on the conclusion, telling Cointelegraph that JPMorgan understands \u201cneither Bitcoin nor Tether.\u201d\u00a0
\nGameStop raises $1.5B for Bitcoin purchases
\nVideo game retailer turned meme stock GameStop Corporation is poised to add Bitcoin to its balance sheet after finalizing a $1.5 billion convertible debt offering.
\n\u201cThe company expects to use the net proceeds from the offering for general corporate purposes, including the acquisition of Bitcoin in a manner consistent with the Company’s Investment Policy,\u201d GameStop said.
\nGameStop\u2019s board approved the plan to invest in Bitcoin last month. The approval also green-lighted the company\u2019s acquisition of US dollar-denominated stablecoins.\u00a0
\nIn addition to raising debt to buy Bitcoin, GameStop hinted at potentially using a portion of its $4.8 billion cash reserves to fund future acquisitions.\u00a0
\nGameStop shares have experienced extreme volatility since March 26, when the company first disclosed its plan to acquire BTC. Source: Google FinanceCrypto Biz is your weekly pulse on the business behind blockchain and crypto, delivered directly to your inbox every Thursday.Read More<\/a><\/p>","protected":false},"excerpt":{"rendered":"

Source: Cointelegraph.com NewsThe election of US President Donald Trump was supposed to usher in a golden era of crypto. Although the regulatory stars are aligning, the crypto industry just experienced… <\/p>\n","protected":false},"author":0,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[5],"tags":[],"_links":{"self":[{"href":"http:\/\/cryptospotters.net\/index.php?rest_route=\/wp\/v2\/posts\/126496"}],"collection":[{"href":"http:\/\/cryptospotters.net\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"http:\/\/cryptospotters.net\/index.php?rest_route=\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"http:\/\/cryptospotters.net\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=126496"}],"version-history":[{"count":0,"href":"http:\/\/cryptospotters.net\/index.php?rest_route=\/wp\/v2\/posts\/126496\/revisions"}],"wp:attachment":[{"href":"http:\/\/cryptospotters.net\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=126496"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/cryptospotters.net\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=126496"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/cryptospotters.net\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=126496"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}