Coinbase Earnings Beat Estimates, $200M From USDC – May 5

📈 30 Second Cryptocurrency Price Summary

Current Bitcoin Price$29,616

Bitcoin price is once again making a move toward the $30,000 mark, sitting above $29,600 to begin Friday.

Top-20 altcoins are in the green today, as Ether gains 6%, BNB rises 1% and XRP gains 2%.

Top Stories for May 5, 2022 🔥

👉 Coinbase Earnings Beat Estimates, $200M From USDC

Cryptocurrency exchange Coinbase has reported a 22% increase in Q1 revenue to $736m, beating estimates of $658m.

Interest income rose 32% to $240m, of which $199m was from stablecoin USDC. Subscription and services revenue, including staking and interest income, rose to $362m, above estimates of $316m. Coinbase’s EBITDA was $284m, better than the negative $36m estimated.

The exchange said it was fully prepared to defend itself against the Securities and Exchange Commission (SEC), which recently issued a Wells Notice, with a potential enforcement action, over Coinbase’s Lend product.

👉 Voyager Could Distribute Assets To Creditors Within Weeks

Voyager Digital is preparing to distribute cash and cryptocurrency to creditors within the next few weeks as it finalizes its liquidation procedures, following the collapse of its deal to sell assets to Binance.US.

The US Securities and Exchange Commission had scrutinized the failed deal, and Binance.US cited the “hostile and uncertain regulatory climate in the United States” as the reason for backing out.

Voyager must file the liquidation procedures in the U.S. Bankruptcy Court for the Southern District of New York, and parties will then have 10 days to object to the plan.

👉 PEPE Surpasses $1 Billion Market Cap, Gets Binance Listing

Pepe, a new memecoin named after the popular frog meme, has surpassed a market capitalization of over $1 billion, just three weeks after its launch.

The currency’s official website features a disclaimer that it is “completely useless and for entertainment purposes only.” Similar to other memecoins like Dogecoin and Shiba Inu, investment in Pepe is high-risk due to the lack of underlying fundamentals and its notorious volatility.

On-chain activity from Pepe insiders reveals concerning trades, with five addresses allegedly linked to the Pepe team making a $1.23 million profit by purchasing and selling large amounts of PEPE in a thin liquid market.