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Search results for May 8

Crypto

Block Q2 bitcoin gross profit falls 31 percent, hit by Cash App fee cuts

Block said its second-quarter gross profit from its bitcoin business fell 31 percent from a year earlier, citing the impact of lowering some bitcoin transaction fees on Cash App. Bitcoin revenue dropped 13 percent to $1.89 billion, though it rose 5 percent from the first quarter. The segment’s gross profit fell to $72 million. Block also recorded a $88.5 million valuation loss on its bitcoin holdings during the quarter.

Games & Commerce

Court suspends KFTC designation of Coupang chairman Kim Bum-seok as controlling shareholder

A South Korean court has suspended the Fair Trade Commission’s decision to designate Coupang Inc chairman Kim Bum-seok (김범석) as the conglomerate’s controlling shareholder, pending the outcome of a lawsuit. The Seoul High Court granted part of Coupang’s request for a stay, halting the designation’s effect until 30 days after the main verdict is delivered. It also suspended the KFTC’s order seeking documents related to Kim for the same period.

Crypto

Bollinger sees \'W\' pattern on bitcoin chart signalling possible rebound

Analysis suggests a double-bottom \'W\' pattern is forming on bitcoin charts, indicating a possible end to the downtrend. John Bollinger, creator of Bollinger Bands, said the pattern could be a meaningful signal unlike prior rebound attempts. He pointed to a fractal structure and urged looking at weekly charts for a higher time-frame \'W\'. He said a break above about $65,000 could signal the downtrend ending, though ETF outflows and rate-hike worries persist.