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Coinbase earnings expected to be strong, but risks remain

Analysts predict that Coinbase's earnings report for Q2 will exceed expectations due to strong retail trading activity on the exchange. However, there are concerns that revenue from the USDC stablecoin could decline and the SEC's lawsuit against Coinbase could negatively impact trading volumes. FactSet consensus estimates suggest a decrease in revenue to $629 million and a slowdown in trading volume to $114 billion. Despite the potential risks, Barclays analysts expect adjusted EBITDA to surpass consensus. The recent rally in Coinbase's shares is attributed to a court ruling on Ripple's XRP tokens and the potential for financial institutions to apply for spot bitcoin ETFs. However, Berenberg analyst Mark Palmer warns that the rally may be short-lived and highlights the risks associated with the USDC stablecoin and Coinbase's trading volume.

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