Bitcoin mining expenses surge 168% amid capacity growth

BitFuFu expands its mining capacity by over 60% despite a dramatic rise in Bitcoin mining costs post-halving.

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Marathon Digital (MARA) Sees Revenue Surge Despite Increased Losses in Q2 2024

Marathon Digital's Q2 2024 revenue increased by 78% to $145.1M, but the company reported a net loss of $199.7M due to fair market value adjustments. (Read More)

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Canaan Inc. (CAN) Reports Strong Q2 2024 Financial Results

Canaan Inc. (NASDAQ: CAN) reports robust Q2 2024 financial results with significant revenue growth and improved profitability. (Read More)

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Exodus wallet posts 80% rise in Q2 revenue with $9.6M in losses

Exodus operating revenue in Q2 2024 was primarily driven by the wallets exchange aggregation service, which netted $19.9 million.

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Stellar (XLM) Development Foundation Reports Major Growth in Q2 2024

Stellar (XLM) Development Foundation's Q2 2024 report highlights significant growth in network addresses, asset tokenization, and Soroban smart contracts. (Read More)

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NVIDIA Announces Q2 2025 Financial Results Conference Call

NVIDIA schedules a conference call for August 28 to discuss its Q2 2025 financial results, with CFO commentary available ahead of the call. (Read More)

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Robinhood (HOOD) to Release Q2 2024 Earnings on August 7

Robinhood Markets, Inc. (NASDAQ: HOOD) will announce its Q2 2024 financial results on August 7, 2024, with an earnings call scheduled for the same day. (Read More)

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Bitget Ranks Third among Crypto Exchanges for Capital Inflows in Q2

AlthoughBitget is not the largest cryptocurrency exchange in terms of total volumes, itclosed a favorable quarter. From April to June, the platform ranked third innet capital inflow and showed the strongest market share growth compared to itscompetitors.

Investorstransferred $700 million to Bitget in the second quarter, and activity on theplatform increased by nearly 50%.

Bitget Reports $700MCapital Inflow and 50% Traffic Surge in Q2 2024

Theexchange experienced a surge in user funds, with Bitcoin (BTC), Tether (USDT),and Ethereum (ETH) holdings increasing by 73%, 80%, and 153%, respectively,over the first six months of the year. This growth coincided with theaddition of 2.9 million new users to the platform.

This placedBitget among the top exchanges with the highest net positive inflows in thepast quarter. Only Binance, which remains the market leader, and Bitfinexachieved better results in this category.

Glad to share our achievements with you! Bitget is ranked top 3 in terms of capital inflow in Q2! pic.twitter.com/UzxthwC4D8

Accordingto CCData's latest H2 Outlook Report, the exchange also reported the largestmarket share growth among centralized exchanges, increasing by 38.4% from H22023 to H1 2024.

Bitget'sspot trading volume saw a visible uptick too, rising from $28 billion in Q1 to$32 billion in Q2, marking an increase of over 10%. The platform'smonthly visitors reached 10 million. Although its volumes are increasing, Bitget still does not rank amongthe top 10 cryptocurrency exchanges in terms of spot trading.

The changes occurring in the centralized cryptocurrency exchange market show that competition is becoming increasingly intense. An example of this is the recent surge in popularity of Bybit, which has become the second-largest exchange in terms of spot trading volumes.

Sport Sponsorships and NewProducts

Gracy Chen,CEO of Bitget, commented on the quarter's performance, stating, "Q2 2024has been a pivotal period for Bitget. Our collaboration with Turkish athletesalong with significant growth in users and website traffic is a part of ourglobal expansion."

In a moveto expand its global presence, Bitgetpartnered with three Turkish national athletes as part of its #MakeItCountcampaign, featuring Lionel Messi. The agreement with famous footballer wassigned back in February, to build a brand presence in Latin America.

Theexchange also launched a $20 million TON Ecosystem Fund in collaboration withForesight Ventures to support early-stage projects on The Open Network.

Theexchange introduced two new initial token listing products, PoolX andPre-market, which collectively launched over 100 projects. What is more, Bitget'snative token, BGB, was recognized as the best-performing centralized exchangetoken in June and was ranked in the top 10 cryptocurrencies by Forbes.

In itslatest move, the cryptocurrency exchange aimed to become a regulated player in India.This announcement comes as the most populous democracy grapples with thecomplexities of integrating cryptocurrencies into its financial ecosystem.

Also recently,Bitget Wallet announced a joint investment with the crypto investment firmForesight X in Tomarket, a decentralized trading platform. This venture targetsemerging asset classes and aims to expand the wallet's services beyondtraditional decentralized exchanges (DEXs).

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Bitget reports $700M capital inflow in Q2, adds 2.9M users

The exchange reported that its BTC, USDT and ETH holdings grew by at least 70%, highlighting a $700 million capital inflow for the quarter.

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Q2 2024 Crypto Market Review: Bitcoin Halving and Ethereum Activity Surge

The Q2 2024 crypto market saw Bitcoin halving and record activity on Ethereum, despite declines in major indices, according to Bitwise Investments. (Read More)

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Crypto Theft Resurges: Losses to Hackers and Fraudsters Soar 112% in Q2

Cryptocurrency theft escalated dramatically in the secondquarter, with losses from hacks and scams soaring by 112% to a staggering $572million, the latest data revealed. This sharp increase followed a period ofdecline, highlighting a troubling resurgence in malicious activities targetingthe crypto community, especially centralized exchanges.

Escalating Crypto Losses

Immunefi, an on-chain crowdsourced security platform,reported that the total losses amounted to $572,688,861, marking a significantrise from the $265,481,519 lost in the second quarter of last year. Centralizedexchanges were the main victims, reversing the previous trend of declininglosses.

The majority of the losses resulted from two majorincidents. DMM Bitcoin, a Japanese crypto exchange, suffered a colossal $305million loss, while Turkeys largest cryptocurrency exchange, BtcTurk, reporteda $55 million loss. These two events alone accounted for 62.8% of the totallosses in Q2.

Hacks continued to dominate as the primary cause ofcrypto losses. Out of the total $572,688,861 lost, $564,238,811 resulted fromhacks across 53 incidents, representing a 155% increase compared to the sameperiod last year. Fraud, including scams and rug pulls, accounted for a smallerportion, with $8,450,050 lost across 19 incidents. This represents an 81%decrease from the same period of last year.

Centralized Finance (CeFi) platforms were the maintargets, suffering 70% of the total losses, while Decentralized Finance (DeFi)platforms accounted for the remaining 30%. CeFi platforms experienced astaggering 984% increase in losses, with $401,400,000 lost across fiveincidents. In contrast, DeFi platforms saw a 25% decrease, with losses totaling$171,288,861 across 62 incidents.

Most Targeted Blockchains

Among the most targeted blockchains, Ethereum and BNBChain were the most targeted blockchain networks in Q2 2024. Ethereum faced 34incidents, representing 46.6% of the total losses, while BNB Chain witnessed 18incidents, accounting for 24.7% of the losses. Other chains, such as Arbitrum,Polygon, Solana, and Fantom, experienced fewer attacks but still contributed tothe overall losses.

Despite the high volume of losses, there were somesuccesses in recovering stolen funds. Approximately $26,736,000, or 5% of thetotal losses, was recovered in Q2 2024, a slight improvement from the 3.9%recovery rate in Q2 2023. This indicates progress in tracking and reclaimingstolen assets, although challenges remain.

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Crypto losses from hacks and scams soared by 113% in Q2 2024 to reach $572M

Losses from scams and exploits increased in the second quarter as centralized exchanges lost millions, reversing a previous downtrend.

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BitMEX Launches XBTQ24 Bitcoin Futures Contract with 100x Leverage

BitMEX has introduced its new monthly Bitcoin futures contract, XBTQ24, offering up to 100x leverage, now available for trading. (Read More)

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BitMEX to List New XBTQ24 Bitcoin-Margined Futures Contract

BitMEX announces the listing of a new XBTQ24 futures contract, margined in Bitcoin, set to go live on June 25, 2024. (Read More)

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AI takes center stage as Microsoft and Google earnings signal booming market

Microsoft and Googles Q2 earnings reports highlight significant revenue and profit increases driven by their investments and advancements in AI technologies.

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Over $204M was lost in Q2 DeFi hacks and scams: Report

Over $204 million was lost in decentralized finance (DeFi) hacks and scams in the second quarter of 2023, according to a June 27 report from Web3 portfolio app De.Fi. The report, titled “Q2 De.Fi Rekt Report,” was partially based on data from De.Fi’s “Rekt Database.” Over $208.5 million was initially lost during the quarter, but [...]

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Meta Q2 earnings: Reality Labs losses top $7.7B year to date

Meta’s metaverse-related losses topped $3.74 billion over the second quarter with the Big Tech player spending $7.7 billion on its virtual reality business so far in 2023. Its second-quarter results released on July 26 saw Meta report an 11% revenue gain compared to the previous year, totaling $31.9 billion. Its metaverse-focused Reality Labs revenue topped $276 million. [...]

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Tether’s total assets fell by over $15B in Q2: report

Tether’s total assets as of the end of the last quarter stood around $66.4 billion, the USDT issuer said in its latest quarterly assurance report.

The stablecoin issuer, whose USDT token is the largest and most widely used in the world, said accounting firm BDO Italia had completed this assurance opinion.

As Invezz reported on Thursday, Tether revealed an alignment with the Italy-based BDO firm, (a member of the larger and top 5 accounting group BDO global), to provide attestations and assurance update of the stablecoin issuer’s global reserves.

The 2022 bear market bit harder in Q2, with the demise of algorithmic stablecoin TerraUSD and cryptocurrency LUNA helping sink prices across the crypto market.

Tether, which had reported total global assets of over $82 billion in the first quarter, got hit – least with the USDT stablecoin also briefly depegging to send people scampering for redemptions. As this happened, the firm’s assets fell to reach the $66.4 billion mark by the end of June.

But despite the reduction in total global assets, the quarterly assurance report suggests that Tether’s consolidated liabilities amounted to $66,218,725,778 at the end of Q2. This, according to the report, compares to $ 66,204,234,509 of issued digital tokens, indicating the firm’s assets exceed consolidated liabilities.

Tether also increased its cash and bank deposits holdings by 32% in the last three months, according to the report.

Tether has reportedly continued to cut the amount of commercial paper holdings on its portfolio, with details as of 30 June showing a 58% decrease over Q2.  CP is one of the key areas spotlighted by regulators and critics, with demand for not only more transparency, but also removal from the portfolio to assure customers of easy redemptions.

Tether has sought to go that route, with its commercial paper holdings falling from $20 billion to $8.5 billion over the second quarter. According to Tether CTO Paolo Ardoino, the company is on track to cutting CP holdings to $200 million by the end of this month (August) and then pushing it to zero by the end of October 2022.

As of June 30th, more than 58% decrease in Tether’s commercial paper holdings over the prior quarter from $20B to $8.5B.
CP portfolio will be $200m by end of August and 0 by end of October. https://t.co/g5lJgs1r3n

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Cake DeFi: growth continued in Q2 despite crypto winter

Cake DeFi, a regulated Singapore-based crypto fintech firm that offers services such as liquidity mining, crypto lending, borrowing, and staking, has released its Q2 Transparency Report that suggests the company is cash flow positive and will remain so for at least four years – even if the bear market translates to more pain for the crypto industry.

While bankruptcies and other aspects of turmoil hit the market, the Monetary Authority of Singapore (MAS) registered startup summarises in its report that Q2 2022 was indeed “its strongest quarter yet.”

This, Cake DeFi notes, is deduced from the platform’s numbers relating to customer growth, total payouts and funded accounts.

Looking at the numbers, user growth averaged +3.25% weekly, while Q2 payouts hit $58 million to bring total payouts to customers to $375 million. The figure since inception stood at around $317 million at the end of Q1.

Several crypto companies have significantly cut their headcounts over the past few months, with many freezing hiring amid the bear market crunch. Cake DeFi says it is still hiring, and remains cash flow positive, boasting of a 4-year runway should things go south across crypto.

Some crypto companies operate in a “black box”, with shady investment deals that have ended up hurting customers. Cake DeFi says it does not work like that.

According to the firm, transparency is essential to its operations, with customer assets segregated from company operating accounts. As such, Cake DeFi only acts as a ‘one-stop-platform for DeFi users, with customers retaining full control of their funds. Unlike some CeFi platforms, the platform does not commingle customer and operational funds.

Cake DeFi, which also offers decentralised assets (dTokens for assets like Apple and Tesla stocks or the S&P 500) was co-founded in 2019 by Dr. Julian Hosp (current CEO) and U-Zyn Chua (CTO of DeFiChain Foundation).

The startup has more than $1 billion in customer assets under management. Earlier this year, it debuted Cake DeFi Ventures, a $100 million venture fund aimed at advancing growth within the Web3, eSports, and gaming sectors.

The post Cake DeFi: growth continued in Q2 despite crypto winter appeared first on Invezz.

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Worst quarter in 11 years as Bitcoin price and activity plunges

Quarterly returns on Bitcoin haven’t been this bad since it was trading under $20 in the early days of Mt. Gox, but the stock market isn’t faring so hot either.

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