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The post <a href="https://coinpedia.org/news/coinbase-coin-shares-on-the-verge-of-further-correction-after-reporting-mixed-earning-results-on-thursday/">Coinbase Faces Challenges as Bitcoin Slips: Is a Reversal Near?</a> appeared first on <a href="https://coinpedia.org">Coinpedia Fintech News</a> 
Amid the ongoing crypto correction, led by Bitcoin (<a href="https://markets.coinpedia.org/bitcoin/" target="_blank" rel="noreferrer noopener">BTC</a>), Coinbase Global Inc. (NASDAQ: COIN), the largest cryptocurrency exchange in the United States by registered users and daily average traded volume, has been forming a possible reversal pattern. Having risen to a local top around $272 last month, COIN shares have been trapped in a falling trend in the past two weeks. 
Recent data shows that COIN shares have dropped more than 20 percent over the last two weeks, trading around $218 in Friday’s pre-market session. This sharp decline highlights the current struggles of the stock. 
From a technical perspective, COIN shares are showing a potential double top pattern on the weekly chart, along with a bearish divergence on the Relative Strength Index (RSI). This suggests that if Bitcoin’s price continues to fall, COIN shares might experience even more significant losses soon. 
<h2 class="wp-block-heading" id="h-quarterly-earnings-report-a-mixed-bag">Quarterly Earnings Report: A Mixed Bag</h2> 
On Thursday <a href="https://app.coinpedia.org/company/coinbase" target="_blank" class="profile-details">coinbase</a> <img decoding="async" src="https://image.coinpedia.org/wp-content/uploads/2022/11/10122626/info_icon.svg" alt="information" class="info-icons"> <a href="https://app.coinpedia.org/company/coinbase" target="_blank"><img decoding="async" src="https://image.coinpedia.org/wp-content/uploads/2022/11/09190601/link.svg" alt="link"></a> <a href="https://www.coinbase.com" target="_blank" rel="nofollow noopener"> <img decoding="async" src="https://image.coinpedia.org/app_uploads/profile/1664613028077kbghzimen0.png" class="company_logo_img" alt="profile company logo" title="profile company logo"></a> coinbase support@coinbase.com Centralised Exchange <a href="https://www.coinbase.com" target="_blank" rel="nofollow noopener"><img decoding="async" src="https://image.coinpedia.org/wp-content/uploads/2022/11/10161442/globe.svg" alt="globe icon" title="globe icon"></a> Global reported its second-quarter earnings results. According to the report, the crypto exchange registered a total revenue of about $1.45 billion versus an estimate of $1.4 billion expected by analysts surveyed by FactSet.&nbsp; 
However, the crypto exchange reported an adjusted EBITDA of about $596 million compared to $607.7 million estimates by Wall Street analysts.&nbsp; 
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 Our Q2 2024 earnings report is now live onchain. Mint the latest <a href="https://twitter.com/search?q=%24COIN&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$COIN</a> Earnings NFT to celebrate our progress toward economic freedom. → <a href="https://t.co/ekknIoTPxC">https://t.co/ekknIoTPxC</a> <a href="https://t.co/0Ecld0eLXn">pic.twitter.com/0Ecld0eLXn</a>— Coinbase 
 <img src="https://s.w.org/images/core/emoji/15.0.3/72x72/1f6e1.png" alt="🛡" class="wp-smiley" style="height: 1em; max-height: 1em;"> (@coinbase) <a href="https://twitter.com/coinbase/status/1819107073201971486?ref_src=twsrc%5Etfw">August 1, 2024</a>
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<h2 class="wp-block-heading" id="h-investors-worried">Investors Worried?</h2> 
Before Coinbase reported its quarterly results on Thursday, Cathie Wood’s Ark Investment offloaded 69,069 COIN shares, worth about $14.8 million.&nbsp; 
Notably, the company sold COIN shares despite the ongoing adoption of digital assets by institutional investors. Furthermore, Coinbase has played a crucial role in the approval and listing of spot Ether and Bitcoin ETFs in the United States, especially through providing liquidity and custody. 
Read Also: <a href="https://coinpedia.org/news/aave-coin-price-skyrockets-19-whats-behind-its-surge-amidst-crypto-market-fall/" target="_blank" rel="noreferrer noopener">AAVE Coin Price Skyrockets 19%—What’s Behind Its Surge Amidst Crypto Market Fall?</a> 
 The crypto market remains volatile. Only time will tell if these trends will persist.

Coinbase Faces Challenges as Bitcoin Slips: Is a Reversal Near?

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