Trump levies reciprocal tariffs Coinbase earns $6.6 billion in 2024
Reprinted from jinse
02/14/2025·3MHeadlines
▌ Coinbase 's revenue in 2024 reached US$6.6 billion, more than doubled compared with 2023
U.S. cryptocurrency exchange Coinbase reported fourth-quarter and full-year earnings Thursday afternoon, with several indicators exceeding analyst expectations.
The company announced full-year revenue of US$6.6 billion in 2024, more than double the total US$3.1 billion in 2023. Net income was US$2.6 billion, and adjusted EBITDA was US$3.3 billion.
Revenue in the fourth quarter of 2024 was US$2.27 billion, compared with expected revenues of US$1.84 billion and US$1.26 billion three months ago. Transaction revenue in the fourth quarter increased by 172% month-on-month to US$1.6 billion, a significant increase from US$529 million in the same period last year.
Coinbase's dollar assets at the end of the fourth quarter were worth $9.3 billion, up from $8.2 billion in the previous quarter. Coinbase reported its stablecoin revenue of $226 million, a slight decrease from $247 million in the previous quarter.
▌Trump : Decision to impose reciprocal tariffs
U.S. President Trump said he decided to impose reciprocal tariffs and would consider taking action against countries that adopt the VAT system. The practice of transporting goods through other countries to avoid tariffs will not be accepted. Trump said U.S. Commerce Secretary Lutnik will formulate a reciprocal tariff plan. Trump expects some countries to reduce or terminate tariffs.
Quotes
As of press time, according to Coingecko data:
BTC's recent transaction price is US$96,579.89, up and down -1.1% intraday;
ETH's latest transaction price is US$2,666.96, with an intraday increase and decrease of -2.3% ;
BNB's recent transaction price is US$662.09, with an intraday increase and decrease of -5.1% ;
SOL's latest transaction price is US$194.30, with an intraday increase and decrease of -1.0% ;
DOGE's recent transaction price is US$0.2615, with an intraday increase and decline of -0.6% ;
XPR's recent transaction price is US$2.56, with an intraday increase and decrease of +4.2 % .
policy
▌U.S . judge approves Binance and SEC litigation suspension for 60 days, requiring the filing of joint status report by April 14
According to a public legal filing, U.S. federal judge Amy Berman Jackson has approved a joint motion for Binance and the U.S. Securities and Exchange Commission to suspend the lawsuit by 60 days. At the same time, the judge also asked the two sides to submit a joint status report by April 14. This means that the lawsuit against Binance will be temporarily suspended and the parties have time to negotiate or seek other solutions.
▌ SEC accepts Grayscale XRP Trust Conversion ETF Application
According to Fox Business reporter Eleanor Terrett, the U.S. Securities and Exchange Commission (SEC) has officially accepted the 19b-4 application submitted by Grayscale and NYSE, and plans to convert the Grayscale XRP Trust (XRP Trust) into an exchange-traded fund (ETF). While this does not mean automatic approval and does not guarantee that the SEC will eventually agree to the application, this progress shows that the SEC is more open to crypto ETFs rather than directly refusing to consider such products.
Previously, the exchange withdrew its Solana ETF application due to the tough SEC stance. However, the SEC's application for XRP ETF shows that encrypted ETFs such as LTC, DOGE, SOL, XRP are still likely to be approved. The SEC is expected to publish the application to the Federal Gazette within a few days, and the 240-day approval window will be officially opened. In addition, XRP ETF applications from institutions such as Bitwise, 21Shares, Canary Funds and WisdomTree are still awaiting processing by SEC.
▌US SEC has confirmed to accept DOGE ETF application
The Securities and Exchange Commission (SEC) has confirmed acceptance of Grayscale and the New York Stock Exchange filing 19b-4 applications to establish a DOGE ETF.
Blockchain application
▌ Jupiter Mobile iOS version update, optimized wallet management and USDC deposit support
According to the official announcement of Jupiter Mobile, its iOS version application has been updated, with multiple new and optimized functions:
• dApp browser supports drop-down to refresh the portfolio
• Optimize Swap transaction warning tips
• USDC now supports deposits (onramp)
• Menu item adjustment: Added "Manage Wallet" portal and remove Explorer
• Magic Scan now supports token symbols starting with $
Cryptocurrency
▌GameStop is considering investing in Bitcoin and other cryptocurrencies
GameStop (GME.N) is considering investing in Bitcoin and other cryptocurrencies.
GameStop is exploring investments in alternative asset classes, including cryptocurrencies, and Bitcoin in particular, three sources said. After the news broke, GameStop's stock price soared nearly 20% in after-hours trading.
The retailer may decide not to continue investing. According to a source, the company is still considering whether this makes sense for GameStop’s business.
In 2022, GameStop launched a crypto wallet, allowing users to manage their own crypto and non-fungible tokens. However, the company closed the service in 2023, citing “regulatory uncertainty.”
▌Ethereum network ETF staking rate has continued to decline since mid-November 2024
According to The Block data, the current ETH staking ratio has dropped to 27%, falling back to the level in July 2024, which is the first trend decline since the peak of 29% at the end of 2024 and also since the staking began in May 2023 The first decline since the pandemic.
Liquid staking derivatives (LSD) continue to maintain their dominance in the Ethereum staking ecosystem. Lido remains the dominant liquidity staking agreement, controlling about 69% of the LSD market. Binance ranks second in staking ETH with a market share of about 15%, indicating high concentration among major providers.
While Ethereum continues to act as a critical infrastructure for DeFi and NFT, market attention has recently turned to other protocols and ecosystems. This trend may reflect investors seeking to achieve higher returns in other ecosystems and protocols, or reduce pledged positions to participate in other market opportunities.
▌Bloomberg ETF analyst: Litecoin ETF may become the first new crypto ETF to be approved
Bloomberg ETF analyst Eric Balchunas responded on social media to the question of "the current approval progress of major altcoin ETFs": "In baseball terms, most of them are still at first base, except for Litecoin being heading to third base." .”
▌Trump ' s World Liberty Finance bought over $6 million in MOVE and WBTC in the past three hours
According to Onchain Lens monitoring, Trump-backed World Liberty Finance completed multiple on-chain transactions in the past 3 hours:
• Spend USD 1.41 million to purchase 2,527,257 MOVEs
• Spend USD 5 million to purchase 52 WBTC
•Convert 2,221 ETH (US$5.93 million) into stETH and deposit it into Lido for pledge
•Send USDC 5 million to Aave V3 for lending
▌Ethereum TVL reached 21.8 million ETH, the highest level since October 2022
According to DefiLlama data, Ethereum TVL reached 21.8 million ETH, an increase of 11% from last month, the highest level since October 2022. Although Ethereum still dominates in total lock value, ETH holders may not gain much direct benefit from Ethereum’s total lock value growth unless network expenses pick up significantly. For Ethereum holders, the main catalyst that drove Ethereum to break $3,000 remains potential approval for pledge consolidation in spot Ethereum Exchange Trading Funds (ETFs), which are currently receiving SEC’s Review. Some analysts believe that limited demand for these ETFs is likely to hinder institutional funding inflows due to the lack of pledge proceeds.
▌ Prosecutor suddenly resigned due to New York mayor corruption case
Acting Attorney Danielle Sassoon, acting prosecutor of the Southern District of New York, may be related to the Justice Department's request for her to suspend a corruption investigation into New York Mayor Eric Adams. It is not clear who will replace Sassoon in an acting position.
Sassoon was the chief prosecutor in the case of Sam Bankman-Fried (SBF), the founder of FTX, and has also been responsible for several lawsuits involving the crypto industry. According to reports, acting U.S. Deputy Attorney General Emil Bove (formerly Trump’s criminal defense attorney) ordered Sassoon to suspend allegations against Adams until the Senate confirms the new Southern District Attorney of New York (SDNY). Currently, members of Congress will consider Trump's new SDNY prosecutor candidate - former SEC chairman and Wall Street veteran Jay Clayton.
When Adams took office in 2022, he announced that he would use Bitcoin to receive his first three months of salary and promised to build New York into a 'bitcoin center'. But in September 2024, he was accused of accepting illegal political donations from the Turkish government and suspected of promoting the opening of a Turkish consulate building that has not been certified for fire safety.
Important economic trends
▌Bridgewater reduces its holdings in the six technology giants in the fourth quarter and builds a position in Tesla
Bridgewater Fund's updated fourth-quarter 13F holding documents show that its total holdings at the end of the fourth quarter were US$21.8 billion, an increase of US$4.1 billion from the third quarter. In terms of share reduction, it sold 1.25 million shares of NVDA (NVDA.O) and 750,000 shares of Google A in the fourth quarter, and also reduced its holdings in Meta, Microsoft, Apple and Amazon, among which the largest reduction in Apple was 40% or 410,000. In terms of stocks; in terms of increase in holdings, Bridgewater bought nearly 7.4 million shares of S&P 500 ETF-SPDR, an increase of 883%, and also increased its holdings in AMD, PayPal, eBay, Robinhoodl and Qualcomm. It is worth mentioning that Bridgewater also built a position in Tesla (TSLA.O) with 150,000 shares.
▌The probability of the Federal Reserve keeping interest rates unchanged in March is 97.5%
According to CME's "Federal Observation", the probability of the Fed keeping interest rates unchanged in March is 97.5%, and the probability of cutting interest rates by 25 basis points is 2.5%. The probability of maintaining the current interest rate unchanged by May is 86.8%, the probability of a cumulative interest rate cut of 25 basis points is 12.9%, and the probability of a cumulative interest rate cut of 50 basis points is 0.3%.
Golden Encyclopedia
▌What is DeFAI?
DeFAI combines DeFi's decentralized financial ecosystem with artificial intelligence-driven analysis and automation. By the end of 2025, the market size of these solutions will soar from about $1 billion to $10 billion. DeFAI is still in its early stages, focusing mainly on momentum trading similar to memecoins, so there is still a lot of room for rapid development. DeFAI represents a turning point in the Crypto asset industry, combining the decentralized spirit of DeFi with the computing intelligence of artificial intelligence.
Disclaimer: As a blockchain information platform, the content of the articles published by Golden Finance is for information reference only and is not used as actual investment advice. Please establish the correct investment philosophy and be sure to improve your risk awareness.
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