The crypto market remained under pressure earlier today in Asia and other markets following Coinbase’s reported $667 million loss and Standard Chartered’s gloomy prediction. Bitcoin fell to near $65k earlier…
The crypto market remained under pressure earlier today in Asia and other markets following Coinbase’s reported $667 million loss and Standard Chartered’s gloomy prediction. Bitcoin fell to near $65k earlier yesterday but recovered to $67k at the day’s close. Despite the brief recovery, the digital currency remains under pressure from the bears due to a poor run of form.
Bloomberg tweeted:
Bloomberg has highlighted these two factors because they may affect the macro outlook of the digital asset economy. While recent whale accumulations have shown that there is major buying activity from the big players, it will take a while for the dust to settle after the earlier morale-shattering losses.
Coinbase has announced that it incurred a loss of $667 million in the last quarter of 2025, largely because of dwindling trading volumes amid a major sell-off. This is the first such instance since Q3 2023 that the cryptocurrency exchange has posted a loss.
Another concern is that the platform’s revenue fell by almost 20% during this period, highlighting a cooling crypto market. The latter experienced its largest liquidation in history during the second week of the quarter, when $19 billion in longs were wiped out in a matter of hours.
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Coinbase is currently engaged in intense deliberations with the US government and the banking community regarding the provisions of the CLARITY Act, a framework for regulating stablecoins and other digital assets. Banks want to rein in the staking capabilities of stablecoins, which are hurting their business, while exchanges like Coinbase are firmly opposed to such measures.
Major financial institution Standard Chartered has predicted that Bitcoin is likely to fall to as low as $50k in the short term before recovering later this year.
“I think we are going to see more pain and a final capitulation period for digital asset prices in the next few months. The macro backdrop is unlikely to provide support until we near [Kevin] Warsh taking over at the Fed,” The Head of Digital Asset Research, Geoffrey Kendrick, said in an email to The Block.
However, SC predicts that the premier digital currency will recover to $100k by the end of this year. While still a downgrade from the bank’s earlier $150k and $300k prediction from last year, it does show that the digital asset still has the apparent capability to bounce back strongly from deep bearish territory.
