The people, companies and trends shaping the global economy.

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Coinbase Global Inc. showed how quickly a cooling crypto market can pressure even one of the industry’s most diversified exchanges.

Revenue in the fourth quarter tumbled a more-than-estimated 20% to $1.8 billion. The company swung to a net loss of $667 million compared with a $1.3 billion profit from the same period last year, as falling token prices drained trading activity across digital assets and forced Coinbase to mark down the value of its crypto holdings.

The results arrive as Bitcoin has fallen nearly 50% from October’s high, a retreat that has left many retail traders sitting on the sidelines and revived comparisons to earlier crypto downturns. Those cycles have often forced exchanges to retrench quickly, and early signs suggest this one may follow a similar pattern.

Rival exchange Gemini Space Station said last week that it plans to cut up to 25% of its workforce and scale back international operations, underscoring how rapidly weaker markets can translate into operational pressure. Kraken’s chief financial officer departed the exchange, which reported sequentially lower fourth-quarter revenue. Robinhood Markets Inc. said this week its revenue from crypto trading declined 38%.

Today's show features:
Bloomberg New Equities Reporter Monique Mulima breaks down quarterly earnings from Coinbase
Bloomberg News Senior Editor, Equities Americas Eric Weiner and Senior Editor Ed Harrison on continued Wall Street jitters due to concern over technology profits and the impact of AI on various sectors
Bloomberg Economics US and Canada Economist Stuart Paul on a new report from his team breaking down the potential economic costs of various geopolitical ruptures
Steve Moore, Co-Founder of Unleash Prosperity and a former Trump Economic Advisor, on the US economic and monetary policy outlook

The people, companies and trends shaping the global economy.
Watch Carol and Tim LIVE every day on YouTube:&nbsp;<a href="http://bit.ly/3vTiACF" data-destination="rte:bind">http://bit.ly/3vTiACF</a>.
Coinbase Global Inc. showed how quickly a cooling crypto market can pressure even one of the industry&rsquo;s most diversified exchanges.
Revenue in the fourth quarter tumbled a more-than-estimated 20% to $1.8 billion. The company swung to a net loss of $667 million compared with a $1.3 billion profit from the same period last year, as falling token prices drained trading activity across digital assets and forced Coinbase to mark down the value of its crypto holdings.
The results arrive as Bitcoin has fallen nearly 50% from October&rsquo;s high, a retreat that has left many retail traders sitting on the sidelines and revived comparisons to earlier crypto downturns. Those cycles have often forced exchanges to retrench quickly, and early signs suggest this one may follow a similar pattern.
Rival exchange Gemini Space Station said last week that it plans to cut up to 25% of its workforce and scale back international operations, underscoring how rapidly weaker markets can translate into operational pressure. Kraken&rsquo;s chief financial officer departed the exchange, which reported sequentially lower fourth-quarter revenue. Robinhood Markets Inc. said this week its revenue from crypto trading declined 38%. Today's show features:
<ul>
<li>Bloomberg New Equities Reporter Monique Mulima breaks down quarterly earnings from Coinbase</li>
<li>Bloomberg News Senior Editor, Equities Americas Eric Weiner and Senior Editor Ed Harrison on continued Wall Street jitters due to concern over technology profits and the impact of AI on various sectors</li>
<li>Bloomberg Economics US and Canada Economist Stuart Paul on a new report from his team breaking down the potential economic costs of various geopolitical ruptures</li>
<li>Steve Moore, Co-Founder of Unleash Prosperity and a former Trump Economic Advisor, on the US economic and monetary policy outlook</li>
</ul>

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Hosts Carol Massar and Tim Stenovec bring you insight on the people, companies and trends shaping today's complex economy.  You can watch and listen to Businessweek LIVE on YouTube, weekdays from 2PM to 5PM ET: http://bit.ly/3vTiACF. 

Listen for reporting from the magazine that helps global leaders stay ahead. Hosts Carol Massar and Tim Stenovec bring you insight on the people, companies and trends shaping today's complex economy.&nbsp; You can watch and listen to Businessweek LIVE on YouTube, weekdays from 2PM to 5PM ET: <a href="http://bit.ly/3vTiACF">http://bit.ly/3vTiACF</a>.&nbsp;

Carol Massar and Tim Stenovec bring together the latest news from the world of business and finance and the interesting stories of global technology, politics, economics and more by harnessing the power of Bloomberg Businessweek reporters and editors.

Bloomberg Businessweek

Coinbase Posts $667 Million Loss, Revenue Declines 20%

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