Coinbase downgraded, 3AC deemed insolvent and Michael Saylor buys the dip

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Coinbase has long been considered an important pioneer in the cryptocurrency market. Cryptographic prices hit record highs last year when the company expanded its workforce, added institutional investors and issued shares. Now, in the midst of a cryptocurrency winter, Coinbase is working to cut one-fifth of its employees, lose retail volume, and downgrade credit and stocks.

This week’s CryptoBiz will analyze Goldman Sachs’ latest downgrade of Coinbase and also consider the latest developments surrounding ThreeArrows Capital.

Goldman Sachs downgrades Coinbase stock to “sell”

Coinbase shares fell after making a promising debut on the Nasdaq Stock Exchange in April 2021.A company whose market capitalization was once completely diluted About $ 100 billion was caught in a downward spiral in the midst of a cryptocurrency winter. Goldman Sachs analysts downgraded the company to “sell” this week, recognizing that Coinbase shares were down 80%. This basically encourages investors to liquidate their positions and use up their shares for now. Goldman isn’t the only one who’s been bearish on Coinbase. Earlier this month, credit rating agency Moody’s downgraded the company to a Ba3 rating, which is considered non-investment grade.

21Shares Addresses Bear Market with Cryptocurrency Winter ETP

Swiss asset manager 21Shares is preparing for the winter of cryptocurrencies by launching a new product that will allow investors to use Bitcoin (BTC) at a lower cost. Earlier this week, the company announced a 21Shares Bitcoin Core listed trading product (also known as CBTC). What makes CBTC so unique is the small cost ratio of only 21 basis points. This is 44 basis points below the next cheapest product on the market. Basically, 21Shares wants to keep stacking sats or buy stock at ETP during the market downturn. Unless you think Bitcoin is dead, the best time to accumulate is during the bear market.

A court in the British Virgin Islands reportedly ordered the liquidation of 3AC.

The Brain Trust behind Three Arrows Capital, also known as 3AC, has been silent on the radio for the past few weeks in reports of a hedge fund going bankrupt. On June 27, a court in the British Virgin Islands ordered the liquidation of 3AC, preparing for further fluctuations in the cryptocurrency market. Details were sparse, but the cryptocurrency exchange Voyager Digital failed to repay a large loan containing 15,250 BTC and 350 million USDCoin (USDC) to 3AC, so it was liquidated shortly after passing the default notice. A decision has been made. Conclude, women and men, the next few months will be ugly.

MicroStrategy scoops up 480 Bitcoins in a slump in the market

Concerns over Michael Saylor’s belief in Bitcoin have been resolved this week after MicroStrategy CEO announced that his company has acquired another 480 BTC for $ 10 million. MicroStrategy currently sits in a huge 129,699 BTC worth a total of $ 3.98 billion. Given that the average purchase price per BTC is $ 30,644, the company’s unrealized net loss associated with Bitcoin is about $ 1.4 billion. The winter of cryptocurrencies has just begun and it can take years for MicroStrategy to break its holdings. But Sailor is still upset.

Don’t miss where Bitcoin is heading next?

With Bitcoin rising slightly towards $ 22,000 earlier this week, some investors were excited about the impending short-term breakout. Well, that didn’t happen. Investors are now wondering if they will initially see BTC under $ 30,000 or $ 17,000. In this week’s market report, we analyzed the latest market trends with analysts Jordan Finesse, Benton Yuan and Marcel Peckman. You can see the full replay below.

Crypto Biz is a weekly pulse of business behind blockchain and crypto that is delivered directly to your inbox every Thursday.