Elon Musk says Tesla will start accepting dogecoin for some merchandise — sending the token soaring as much as 30%

Tesla CEO Elon Musk
Elon Musk has long supported dogecoin, a meme cryptocurrency.

  • Tesla will start to let people buy some of its merchandise with dogecoin, Elon Musk said Tuesday.
  • Musk tweeted: “Tesla will make some merch buyable with Doge & see how it goes.”
  • The meme cryptocurrency skyrocketed after Musk’s tweet, soaring as much as 30% early Tuesday.

Elon Musk has said Tesla will let people purchase some of its merchandise with the meme cryptocurrency dogecoin.

“Tesla will make some merch buyable with Doge & see how it goes,” Musk tweeted Tuesday.

Dogecoin’s price was down before Musk’s announcement but then skyrocketed as much as 30%. It was last up 26% at $0.2092, according to crypto data website Coinmarketcap.

The Tesla CEO has been a long-running supporter of dogecoin, a Japanese Shiba Inu dog-themed cryptocurrency that was started as a joke in 2013.

In May, he asked his Twitter followers whether Tesla should start accepting dogecoin, to which the overwhelming response was “yes.”

Earlier the same month, Musk said he thought dogecoin could ironically become the future of cryptocurrencies.

Tesla wouldn’t be the first company to accept the meme token in payment. The Dallas Mavericks — the basketball team owned by crypto fan Mark Cuban — began selling tickets and merchandise in exchange for it earlier this year.

Musk and Tesla have been key drivers of the cryptocurrency boom in 2021. The electric-car maker bought $1.5 billion bitcoin in January, and then in March, announced it would start accepting the cryptocurrency in payment for cars.

However, Musk rowed back on that idea in May, criticizing bitcoin’s “insane” energy use. Bitcoin and other cryptocurrencies, including dogecoin, are secured and “mined” using lots of computing power.

Musk began to talk more about dogecoin as he backed away from bitcoin in May, saying he was working with developers to improve its efficiency.

Read more: These 3 proof-of-stake altcoins can surge in the long-term – although shiba inu fever will soon die down, according to a top exec at a platform that hosts almost $3 billion worth of blockchain nodes

It’s been a busy week for Musk, who just sold another $900 million of Tesla stock, taking his total sales since early November to just under $13 billion.

The world’s wealthiest man, he was chosen Monday by Time Magazine as its Person of the Year. The publication called Musk “clown, genius, edgelord, visionary, industrialist, showman, [and] cad.”

Dogecoin’s Tuesday jump was out of keeping with the rest of the crypto sector, which was a sea of red. Digital assets are seen by most investors as highly speculative, and have suffered as the Federal Reserve has talked up the chances of tighter monetary policy.

Tesla did not immediately respond to Insider’s request for further comment.

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Dogecoin has ‘inflationary dynamics’ and isn’t good for the cryptocurrency market, says Ripple CEO

Ripple CEO Brad Garlinghouse speaks onstage at the Moscone Center in San Francisco.
Ripple CEO Brad Garlinghouse.

  • Dogecoin has “inflationary dynamics” and the meme coin isn’t good for the broader crypto market, said Ripple CEO Brad Garlinghouse. 
  • At an event moderated by CNBC, he added that he’d be reluctant to hold dogecoin. 
  • He said inflation, which is at 31-year highs, has been a tailwind for the crypto market. 

Dogecoin, which has no limit on its supply, is not good for the broader cryptocurrency market, said the chief of payment networks company Ripple Labs, according to CNBC

“I’m actually not convinced, somewhat controversially I guess, that dogecoin is good for the crypto market,” said Ripple CEO Brad Garlinghouse at a Tuesday panel discussion moderated by CNBC at the Fintech Abu Dhabi conference. 

“Dogecoin has some inflationary dynamics itself that would make me reluctant to hold it,” he said.

He added that a surge in inflation has served as a tailwind for the wider cryptocurrency market, whose valuation in November briefly topped $3 trillion for the first time. Two measures of annual inflation — the consumer price index and the personal consumption expenditures index — were sitting at their highest levels since 1990 as of October, at 6.2% and 5%, respectively. 

Bitcoin is seen by some investors as a hedge against inflation due to its fixed supply of about 21 million coins, of which not all has been mined yet. (XRP, the digital asset used in Ripple’s payment network, also has a fixed supply). 

Garlinghouse noted that bitcoin has had a lot of momentum. The price has nearly doubled this year, trading above $56,000 on Wednesday, and its market cap has swelled past $1 trillion. 

“When people are concerned about holding a fiat currency that might be inflating, and that’s devaluing, they’re looking at: ‘How can I hold other assets that won’t have that same inflationary dynamic?,'” he said. 

Unlike bitcoin, dogecoin has no hard limit on the total supply of coins. Dogecoin has more than 132 billion coins outstanding, with roughly 5 billion in new coins hitting the supply every year. By contrast, bitcoin’s circulating supply is around 18.9 million, nearing its supply limit. 

Still, dogecoin’s market cap has jumped about 71% year-to-date to more than $28 billion. The meme coin and bitcoin were each off of their highest prices on Wednesday. XRP’s price has gained about 352% this year, and now trades around $1.0172. 

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Move over dogecoin: avalanche’s 100% rally this month means it’s competing with the original meme crypto to become the tenth biggest coin by market value

Avax vs dogecoin
Avax vs dogecoin

  • After doubling in price this month, avalanche is neck-and-neck with dogecoin to be the tenth biggest crypto by market value.
  • The coin has risen by 50% to record highs since announcing a partnership with Deloitte last week.
  • Most of the other major cryptocurrencies like bitcoin, dogecoin and XRP are on track for a loss this month.
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Avalanche’s avax token is putting on a stellar performance this month, fueled by development deals and general optimism around the network’s decentralized finance potential and it’s now vying with dogecoin to become one of the top 10 most valuable cryptocurrencies.

Avax has gained over 100% so far in November, bringing its total market capitalization to around $29.8 billion, while dogecoin, which has lost over 11% this month, has a market cap of around $29.5 billion, according to Coinmarketcap. 

Avalanche launched avax last year as part of its mission to expand the blockchain’s DeFi capabilities, including smart contracts and other applications, rivalling the bigger ethereum network. Avax has rallied this year along with the rest of the crypto complex, but what gave it this most recent boost was its tie-up with “Big Four” accounting firm Deloitte.

“Avalanche has climbed 37% over the last 7 days whilst the rest of the top 10 cryptos have seen red. The significant driving factor for AVAX’s entrance into the top 10 was the partnership with Deloitte, one of the “Big Four” accounting organizations and the largest professional services network in the world,” GlobalBlock sales trader Freddie Williams said.

Avalanche developer Ava Labs announced last Tuesday that it would partner with Deloitte to help simplify reimbursement applications for victims of natural disasters. 

Avax has rallied by almost 50% since then and was last up around 1.5% in 24 hours to $136.50 by 06:01 a.m. ET on Monday, according to Coingecko. Bitcoin meanwhile has lost almost 5% in that time, while dogecoin has shed around 6% and ether has fallen by 2%. 

“The new platform gives state and local officials a decentralized, low-cost and fully immutable system that empowers both the grant funders, and the aid recipients, while using the transparency of blockchain to minimize fraud, waste and abuse,” Emin Gün Sirer, Ava Labs founder, tweeted Tuesday.

Most major digital coins have come under fire this month, as factors such a stronger dollar, more evidence of China’s crackdown on the sector and the potential for higher taxes on cryptocurrencies stemming from the new US infrastructure bill have weighed on the market. 

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“Dogecoin” is the most-googled cryptocurrency in more US states than “bitcoin” and “ether” combined right now, partly thanks to Elon Musk’s endorsement

Dogecoin
Dogecoin

  • Dogecoin was the most-googled in 23 states, including in Florida, Illinois and Michigan, according to financial advisor The Advisor Coach.
  • The meme crypto’s widespread popularity was partly down to Tesla CEO Elon Musk who has cheered the token on this year.
  • Bitcoin came in second place, while ether was third, according to the report.
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There’s no doubt that 2021 has been the Year of the Cryptocurrency. Bitcoin is being heralded as an inflation hedge on a par with gold and ether is rapidly becoming the cryptocurrency of choice for decentralized finance, play-to-earn games, digital collectors’ items, known as non-fungible tokens, and likely soon, the metaverse. 

But it’s not either of these two cryptocurrencies that have captured the public’s imagination.

Dogecoin, which was founded by software engineers Billy Markus and Jackson Palmers in 2013 as a joke, has been the most searched-for cryptocurrency in the largest number of states so far this year, according to research by The Advisor Coach, a financial advisor. The coin, which is based on an internet meme of a Japanese Shiba Inu dog, was the most-googled in 23 states, including Florida, Illinois and Michigan. 

This year, it shot to prominence, thanks in large part to the Twitter-based cheerleading of Tesla chief executive Elon Musk, who is a known crypto enthusiast that holds dogecoin, bitcoin and ether. Musk even went so far as saying in May this year that he might accept dogecoin as payment for his company’s electric vehicles.

By that point, dogecoin was already beloved among the army of Reddit retail traders, who had pushed the coin up to around $0.07, from closer to $0.007 at the start of the year and Musk’s payment remark sent the price to a record $0.70. It’s since eased to around $0.24, but it’s still one of the crypto stars of 2021, with a gain of nearly 5,000% so far.

“The rise in interest can be partially attributed to the endorsement of Elon Musk who stated earlier in the year that Tesla would accept dogecoin as a form of payment,” The Advisor Coach note said. 

Crypto traders’ adoration of Musk extends well beyond what coins he holds and has given rise to dogecoin spinoffs. The Tesla boss even owns a Shiba Inu. There’s now a shiba inu coin, and even a floki inu, named after Musk’s real-life pup, Floki.

By contrast, bitcoin, the biggest and original cryptocurrency, was the most-searched for in just 10 states, including Connecticut, Alaska and Mississippi, ranking it second in the list. Bitcoin has led the surge in appetite for and adoption of cryptocurrencies.  The total market value of crypto assets is hovering at close to $3 trillion, having risen from around $500 billion a year earlier, according to CoinGecko.

Ether came in third place, being the most searched in eight states, while shiba inu landed in fourth place. Interestingly, shiba inu was the most-searched for cryptocurrency in New York, home to Wall Street and the country’s most powerful financial institutions.

Map of crypto google searches
Map of crypto google searches

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The cryptocurrency market has shrunk by $500 billion since bitcoin hit an all-time high, as investors have cashed in on the rally

Bitcoin balloon
Bitcoin balloon

The cryptocurrency market has lost $500 billion since bitcoin hit an all-time high last week, as investors have cashed in on the recent rally that took it to as much as $69,000.

Bitcoin has since fallen 18%, having fallen near $55,000 at one point on Friday. It’s lost 13% in the last seven days alone, putting it on course for its biggest weekly slide in six months.  

“If the downtrend continues, the 14 day relative strength index will register an oversold reading for the first time since May when BTC fell below $30,000,” Will Morris, Sales Trader at UK based digital asset broker GlobalBlock said. 

In technical analysis, if the relative strength index, which goes from 0 to 100, falls to 30 or below, this would indicate an asset has been oversold and would, in theory, be due for a bounce.

The Cryptocurrency Market Fear and Greed index – an informal measure of investor sentiment – has dropped to its lowest since early October, and, at 34, signals “fear”, Morris said. A reading above around 60 would point to “greed. 

“The amount of BTC and ETH on exchanges continues to fall to lower levels and whales continue to accumulate,” Morris said in an emailed response. 

The VanEck bitcoin strategy exchange traded fund (XBTF) is the third publicly traded bitcoin futures ETF. At its market debut on Tuesday, the fund logged trading volume worth $4.8 million, compared with the roughly $1 billion that ProShares’ ETF drew on the day of its launch in late October, according to CoinDesk.

In addition, the new $1 trillion US infrastructure bill, which passed into law on Monday, now requires crypto brokers to report any transactions above a certain level to the tax authorities, but offered little clarity over what constitutes a “broker”.

Ethereum’s ether token has also lost around 18% since touching a high of almost $4,9000 last Wednesday. It was last trading around $4,162, down around 1.4% on the day, and down nearly 10% on the week, marking its biggest seven-day drop since early September. 

With bitcoin under pressure, smaller altcoins have dropped in value too. Dogecoin has lost 11% on the week, while shiba inu has fallen 15%, according to Coinmarketcap. The solana and cardano tokens have also both dropped by around 9.5%. 

“Many market participants are taking advantage of the situation and rushing to stock up on cryptocurrencies from the top-10 list on a drawdown, as indicated by various indicators,” Johnny Lyu, CEO of cryptocurrency exchange KuCoin, said. 

 “It is therefore too early to talk about a general market transition into a bearish phase, since institutional investors are maintaining their cryptocurrency portfolio positions,” he said. 

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The CEO of Binance says he doesn’t ‘get’ meme tokens like dogecoin, but they demonstrate the power of decentralization

Changpeng Zhao, CEO of Binance, speaks at the Delta Summit, Malta's official Blockchain and Digital Innovation event promoting cryptocurrency, in St Julian's, Malta October 4, 2018.
Changpeng Zhao, CEO of Binance.

  • Binance CEO Changpeng Zhao admitted that he doesn’t “get” meme tokens like dogecoin and shiba inu.
  • But he told the Associated Press that these demonstrate the power of decentralization.
  • “We have a lot more meme coins. But guess what? For something to be valuable, you only need one other person to want to buy it,” he said.
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CEO Changpeng Zhao admitted that while he doesn’t “get” meme tokens like dogecoin and shiba inu, these demonstrate the power of decentralization.

“To be honest, I don’t get dogecoin. But this shows the power of decentralization. What I think may or may not matter,” he told the Associated Press. “If a large enough number of people in the community values it because it’s cute because they like the meme, then it has value.”

Meme coins have emerged in popularity as retail investors direct their attention to newer and lesser-known coins, which have become popular for their sky-high gains compared to more established assets.

For instance, dogecoin has risen 4,936% year-to-date, while shiba inu has rocketed to 63,870,000%. By contrast, bitcoin has gained 108% since the start of the year, and ether is up 474%.

“Dogecoin has lasted so many years. It’s gone up and down, up and down, but it’s lasted,” the executive told the AP. “And now we have shiba, which is also a meme coin. We have a lot more meme coins. But guess what? For something to be valuable, you only need one other person to want to buy it.”

Dogecoin was founded in December 2013 in the hopes of becoming the “fun and friendly internet currency.” Shiba inu was founded in August 2020 with the goal of moving away from “rigid social structures and traditional mindsets.” 

Many view meme tokens as jokes but exchanges are taking notice by listing them. 

Crypto exchange Gemini, for instance, added shiba inu coin to its platform this week following the meme token’s stunning rally this year, joining Binance, Coinbase, Public, Crypto.com, and eToro, among others.

“For something to have liquidity, you need a large number of people to want to buy it or sell it,” Zhao said. “Once you have liquidity, a thing has value, according to the neutral market. So it’s not up to me to judge it.”

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Crypto fever has gripped markets this year, making stars out of dogecoin, shiba inu and solana, with investors pouring a record $8.9 billion into digital coins – more than in all of 2020: CoinShares

Crypto coins circle
crypto coins circle

  • Investors have poured a record $8.9 billion into crypto products this year, more than the $6.7 billion for all of 2020.
  • Bitcoin, ether and a number of other altcoins have hit record highs this month, driven by growing investment.
  • Even dogecoin spin-off shiba inu made headlines with a meteoric price rise and a growing fan base.
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Investors have poured more money into crypto so far in 2021 than they did for the whole of 2020, with record amounts flowing into bitcoin and ether, as well as smaller altcoins like sol and ada, according to CoinShares.

In the year to November 5, some $8.9 billion have flowed into crypto products, topping the $6.7 billion in inflows for the whole of last year, data from CoinShares, one of the largest crypto platforms in Europe, showed on Tuesday.

Bitcoin has seen $6.5 billion inflows in the year to date while ether has seen $1 billion in flows. Solana token sol has logged $154 billion inflows, making it the third most popular crytocurrency of 2021, while cardano’s ada has seen $92 billion worth of inflows.

November has brought a wave of bullishness to the cryptocurrency market. Bitcoin and ether have hit new highs near $70,000 and $5,000, respectively, this week, while smaller tokens have shot higher, bringing the total value of the crypto market to $3 trillion for the first time.

Sol touched a record $260 over the weekend, thanks to its links to decentralized finance applications that are growing in popularity.

Crypto coins and products have become more widely accepted across the world. The fact more key exchanges in the US, Europe and even Australia accept crypto products has fueled the rise in investment activity over the year, according to James Butterfill, CoinShares investment strategist.

Another key factor in drawing in capital flows has been the approval of bitcoin futures-backed exchange traded funds (ETF), Butterfill added. ProShares and Valkyrie got the green light from the Securities and Exchange Commission in late October to list those products.

“It all points to regulatory acceptance,” Butterfill explained.

A lack of clarity around the regulation that governs the market has been one of the obstacles standing in the way of wider adoption of cryptocurrencies, particularly from institutional investors. But recent steps towards creating a tax framework, for example, may help pave the way.

CoinShares’ flows data doesn’t cover so-called meme coins like dogecoin and spin-offs such as shiba inu, both of which have made headlines this year, thanks to their huge popularity among retail traders that have pumped the tokens to record levels. But these tokens have benefitted from the push into bigger rivals such as bitcoin.

Shiba inu has a market capitalization of $30.6 billion despite only launching in August last year – making it the 11th biggest crypto by value, while dogecoin is two rungs above, having gained an eye-watering 9,000% over the past 12 months, based on Binance US data.

“That meme investing theme seemed to have played into the crypto investing world,” Butterfill said.

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Meme tokens are front and center after shiba inu coin’s rally. An expert says they’re part of the evolution of finance and cannot be ignored.

Shiba Inu in in Taipei, Taiwan
Shiba inu dogs.

It’s been an incredible week for shiba inu, the meme coin that rallied 150% and overtook and another, earlier cryptocurrency with a cute puppy mascot.

But while both shiba inu and dogecoin started as jokes, they are now among the top 10 largest digital assets by market valuation, according to CoinMarketCap. And that may be a sign of what’s to come as cryptocurrencies continue to grow.

“They’re part of the evolution of digital finance in their own unique way,” Chris Kline, co-founder of Bitcoin IRA, told Insider.

He acknowledged that some coins may not withstand the test of time and wonders how many meme coins the industry can sustain.

But regardless of which specific ones survive, Kline is confident meme tokens, in general, are here to stay.

“That’s my big thing is that they obviously are part of the crypto revolution. They’re here. They’re a piece of this concept,” he said.

The examples of shiba inu and dogecoin illustrate key features of meme coins.

Shiba inu was founded in August 2020 with the goal of moving away from “rigid social structures and traditional mindsets.” Dogecoin was founded in December 2013 in the hopes of becoming the “fun and friendly internet currency.”

What these meme coins have in common, among other things, is the community behind them, Kline said. And many crypto investors can be put into two categories.

First, there are those who want to take down traditional financial establishments. The coronavirus pandemic exacerbated the widening disparity of the country’s rich and poor. A decade earlier, the Occupy Wall Street movement emerged to protest against economic inequality.

Kline draws a throughline between the two events. “Crypto actually came to being right around that,” he said, referring to bitcoin’s creation in October 2008.

The second crypto-investor category is those who want to see money evolve. These investors bemoan the intricate labyrinth of instructions and restrictions banks put them through in contrast to the quick, anonymous, and cheap transactions available 24/7 that cryptos are known for, Kline said.

He isn’t surprised at the resistance from regulators and traditionalists. Every disruption has been met with opposition, but at the end of the day “crypto is consensus-driven,” he added.

For now, however, Kline said investors should expect more volatility.

“The market is still in a very speculative stage at this point,” he told Insider. “It’s going to come down to adoption and utility.”

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Elon Musk says dogecoin fees have to fall for it to become a viable form of payment, after AMC suggests it might accept the token for movie tickets

Elon Musk, Tesla CEO, stands in the foundry of the Tesla Gigafactory during a press event
Elon Musk.

  • Elon Musk says dogecoin fees would have to fall for it to become a viable payment option.
  • His tweet came after AMC’s CEO said the movie-chain operator may accept dogecoin for movie ticket payments.
  • Musk’s latest tweet suggests he isn’t sure about adopting dogecoin for Tesla yet.
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Tesla boss Elon Musk said Wednesday dogecoin fees would have to drop for it to become a feasible payment option, after movie-chan operator AMC’s CEO hinted he might add it as a method to pay for tickets.

“Super important for Doge fees to drop to make things like buying movie tix viable,” Musk said in a tweet.

The billionaire CEO was responding to dogecoin creator Billy Markus, who is no longer developing the digital asset.

“Robinhood announcing wallets, AMC CEO not only talking about accepting dogecoin but saying it was the single most interacted with tweet he has ever made, the crypto market finally seeing some green,” Markus had tweeted.

Cryptocurrencies had a weak start to the week with the total value of the market falling below $2 trillion, as the fallout from Evergrande’s debt crisis delivered a huge blow to risk appetite, sending roughly every asset class lower. Bitcoin tumbled 8% to around $43,000 on Monday, while dogecoin fell 13% to 22 cents.

Most digital coins made some gains Wednesday, after Robinhood announced it would launch a crypto wallet by next year and AMC CEO Adam Aron responded to the Twitter poll he put out that sought input on accepting dogecoin in theaters.

“It’s clear that you think AMC should accept dogecoin,” Aron said. “Now we need to figure out how to do that.”

Aron also appeared thrilled that Musk had liked his poll, and called him the “epitome of innovation.”

Musk has been relatively quiet about cryptocurrencies ever since announcing Tesla would suspend vehicle purchases using bitcoin due to its impact on the environment. He previously hinted at adopting dogecoin for the EV-maker instead, but his latest suggestion about lower fees seems like he still isn’t sure.

Dogecoin fees are made for the effort used in processing transactions on the blockchain. These fees can fluctuate, depending on how busy the network is. The dogecoin development team last month announced an update to the network, which claimed to enable upcoming fee reductions. Musk had reacted positively, calling it “good progress.”

Dogecoin was last trading at 22 cents on Thursday. It’s up more than 4,500% so far this year, according to data from CoinDesk.

Read More: Ahead of bitcoin’s $3 billion options expiry this Friday, 5 experts told us how much the crypto and other leading altcoins can surge or fall from here: ‘if markets bleed, they will bleed as a group.’

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Dogecoin trading volumes shot up 1,250% in the 2nd quarter to almost $1 billion a day as big exchanges cashed in

GettyImages 1299388500
Dogecoin is a cryptocurrency based on the Doge meme.

  • Dogecoin trading volumes shot up 1,250% to close to $1 billion in the second quarter, data shows.
  • Overall global trading volumes rose 32% to $18.82 billion a day on average amid volatile markets.
  • High volatility benefits exchanges but there are signs that the crypto crash is weighing on volumes.
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Dogecoin trading volumes soared 1,250% in the second quarter of the year on the world’s major cryptocurrency exchanges, according to figures compiled by Coinbase and seen by Insider.

The average trading volume for dogecoin shot up to $995 million per day in the April to June period, from just $74 million a day in the first quarter, as exchanges such as Coinbase, eToro and Gemini added the token amid booming interest.

Coinbase’s Q2 market barometer showed that ether trading volumes rose 53% quarter-on-quarter to an average of $3.25 billion a day on global exchanges. Meanwhile, bitcoin’s daily volumes fell 14% to $4.01 billion.

Cryptocurrency prices hit record highs in the second quarter before falling sharply as China cracked down on bitcoin “mining” and Elon Musk turned against the biggest cryptocurrency over its energy use.

Dogecoin started the year at around $0.004 but soared more than 15,000% to above $0.70 in May. It has since slid to around $0.18 on Friday. Bitcoin fell from a record high of $65,000 in April to Friday’s price of around $32,000.

Read more: 3 catalysts that could send doge to $1, according to a ‘dogecoin millionaire’ who’s holding on to the crypto despite its recent plunge

However, the period may still have been a profitable time for crypto exchanges, despite the plunge in prices.

Overall global trading volumes rose 32% to an average of $18.82 billion a day in the second quarter, boosted by a 44% rise in volumes in Asia to $8.98 billion a day. Coinbase’s figures cover crypto-fiat trades, but not crypto-crypto trades.

Last week, Goldman Sachs analysts said in a note that “significantly elevated crypto asset volatility” could be good for Coinbase’s second-quarter earnings by boosting trading volumes and fees, Coindesk first reported. Just under 90% of Coinbase’s revenue came from transactions in the first quarter.

Yet, a report from CryptoCompare said trading volumes at the biggest crypto exchanges fell 43% in June as prices consolidated at a lower level and volatility dropped.

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