Market Update
Block Earner Bulletin: Coinbase layoffs, budget day, BTC pump... What’s next?
CRYPTO MARKET OVERVIEW
So Coinbase is the latest Fortune 500 company to cite AI as the reason for laying off hundreds of employees. In the same announcement, they mentioned revenues were down 30+% resulting in a loss of ~US$400m. Call me silly but I can’t see the link between AI taking jobs and crypto exchange revenues falling, looks like Coinbase is avoiding the reality that crypto may have been in a bear market for Q1.
CGT changes are hotly anticipated in the federal budget being handed down tonight. Scrapping CGT concessions from shares, property and no doubt crypto means some big things for Aussie investors:
- Simply holding an asset for 12 months doesn’t give you a tax break any more
- What does it mean for existing assets before the rules change?
- What sort of tax harvesting strategies will be created by these changes?
In the face of all of this plus the Middle Eastern conflict, BTC has been trading higher. Positioning data from Coinglass shows roughly $3 of every $5 of open interest is currently short BTC. Crowded positioning in either direction can unwind quickly when price moves against it producing even further volatility.
As the community loves to say: Take profits, not screenshots.
LETTERS FROM THE TRENCHES
Your interest rate isn't changing
A sentence not many lenders are sending right now. Whether you locked in at 9.5% or 11.5%, that’s exactly where it stays. And it has for over 2 years.
Want access to these rates? Open the app to apply →
Card payments are now on mobile
Funding your Block Earner account just got a whole lot easier. You can now use your debit or credit card on mobile app - whether you're buying crypto, funding a loan, or topping up on the go.
Open the app, head to deposit, and see for yourself →
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Team Block Earner
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