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Bitcoin and Ether Stable in Asian Trading, Coinbase Bullish on Q2 Earnings Amid SEC Legal Battle

Bitcoin and Ether held steady while other top 10 non-stablecoin cryptocurrencies experienced losses due to unfavorable macroeconomic conditions. Litecoin saw the biggest losses despite its halving event. Coinbase Global reported bullish Q2 earnings and expressed confidence in winning its legal battle with the SEC. The Forkast 500 NFT Index decreased while U.S. equity futures gained, with traders awaiting the release of U.S. jobs data later on Friday.

The SEC has taken legal action against several US-based cryptocurrency firms, alleging that most tokens, except for Bitcoin, are unregistered financial securities. Coinbase Global, the largest cryptocurrency exchange in the US, is among the firms facing litigation. Despite a decline in trading volume and total crypto market capitalization, Coinbase exceeded Q2 revenue expectations thanks to a surge in interest income. Following the company's earnings call, Coinbase's chief legal officer expressed confidence that they can win the case.

Bitcoin Bitcoin $89,417.81
-1.77%
Bitcoin SEC
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