Crypto Prices Drop Ahead of Central Bank Meetings

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Overall, given how sensitive crypto assets are to yield and sentiment, any hawkish surprises from either or both central banks would open up a short-term price decline.

Coinbase takes on the SEC and prepares its quarterly results

Regulatory risk remains a factor in the crypto markets. Coinbase finds itself at the center of the latest battle, as it clashes with the US Security Exchange Commission. Amid a broader crackdown on crypto exchanges following several high-profile collapses in 2022, the SEC launched an offensive against the industry, accusing several industry players, including Coinbase, of breaking laws. on securities.

Having worked closely with regulators since its inception in 2021, Coinbase requested further information on when a digital asset is classified as a security and called for clear and stricter industry regulations. The SEC has yet to provide clarity on these matters as it comes under increased political pressure to clamp down on crypto exchanges.

Amid regulatory risk and uncertainty, Coinbase launched its Bermuda-based international operations this week. The office will not serve US customers, but will offer a range of its products to customers in other jurisdictions.

Coinbase is preparing its quarterly results this week, with analysts expecting a recovery in exchange performance but still a significant financial loss. EPS is expected to rise 32.13% to -$1.34, with revenue and profit expected to bottom out in the middle of last year.

Three cryptos to watch

The rise in Bitcoin prices appears to be capped at $30,000 as price momentum diminishes. A head and shoulders pattern also appears to be appearing in the charts, with short-term support around $27,200 right now.

Bitcoin daily chart

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