Trump imposes reciprocal tariffs Coinbase revenue reaches $6.6 billion in 2024

Headline

▌Coinbase's full-year revenue in 2024 reached $6.6 billion, more than double that in 2023

U.S. cryptocurrency exchange Coinbase announced its fourth-quarter and full-year earnings on Thursday afternoon, with multiple indicators exceeding analyst expectations. The company reported full-year revenue of $6.6 billion in 2024, more than double the total of $3.1 billion in 2023. Net income was $2.6 billion and adjusted EBITDA was $3.3 billion. Revenue in the fourth quarter of 2024 was $2.27 billion, compared with the expected revenue of $1.84 billion and $1.26 billion three months ago. Trading revenue in the fourth quarter increased 172% month-on-month to $1.6 billion, a significant increase from $529 million in the same period last year.  

Coinbase's U.S. dollar assets were worth $9.3 billion at the end of the fourth quarter, up from $8.2 billion in the previous quarter. Coinbase reported stablecoin revenue of $226 million, down slightly from $247 million in the previous quarter.

▌Trump: Decided to impose reciprocal tariffs

U.S. President Trump said he decided to impose reciprocal tariffs and would consider taking action against countries that adopt a value-added tax system. The practice of shipping goods through other countries to circumvent tariffs will not be accepted. Trump said that U.S. Commerce Secretary Lutnick will develop a reciprocal tariff plan. Trump expects some countries to reduce or end tariffs.

Market

As of press time, according to Coingecko data:

BTC's latest transaction price is $96,579.89, with a daily increase or decrease of -1.1%;

ETH's latest transaction price is $2,666.96, with a daily increase or decrease of -2.3%;

BNB's latest transaction price is $662.09, with a daily increase or decrease of -5.1%；

SOL's latest transaction price is $194.30, with a daily increase or decrease of -1.0%；

DOGE's latest transaction price is $0.2615, with a daily increase or decrease of -0.6%；

XPR's latest transaction price is $2.56, with a daily increase or decrease of +4.2%。

Policy

▌US judge approves 60-day suspension of Binance and SEC lawsuit, requires joint status report by April 14

According to a public legal document, Amy Berman Jackson, a federal judge in Washington, DC, has approved a 60-day motion by Binance and the US Securities and Exchange Commission (SEC) to suspend the lawsuit. At the same time, the judge also required both parties to submit a joint status report by April 14. This means that the lawsuit against Binance will be temporarily suspended, and the two parties have time to negotiate or seek other solutions.

▌SEC accepts Grayscale XRP Trust conversion ETF application

According to Fox Business reporter Eleanor Terrett, the US Securities and Exchange Commission (SEC) has officially accepted the 19b-4 application submitted by Grayscale and NYSE, intending to convert the Grayscale XRP Trust (XRP Trust) into an exchange-traded fund (ETF). While this does not mean automatic approval, and there is no guarantee that the SEC will eventually agree to the application, this development shows that the SEC is more open to crypto ETFs rather than directly refusing to consider such products.  

Previously, the exchange withdrew the Solana ETF application due to the SEC's tough stance. However, the SEC's acceptance of the XRP ETF application shows that crypto ETFs such as LTC, DOGE, SOL, and XRP are still likely to be approved. The SEC is expected to publish the application to the Federal Register within a few days, when the 240-day approval window will officially open. In addition, XRP ETF applications from institutions such as Bitwise, 21Shares, Canary Funds, and WisdomTree are still awaiting SEC processing.

▌The U.S. SEC has confirmed acceptance of the DOGE ETF application

The U.S. Securities and Exchange Commission (SEC) has confirmed acceptance of the 19b-4 application submitted by Grayscale and the New York Stock Exchange to establish a DOGE ETF.

Blockchain Applications

▌Jupiter Mobile iOS version updated, optimized wallet management and USDC deposit support

According to the official announcement of Jupiter Mobile, its iOS version of the application has been updated, adding and optimizing a number of features: 

• dApp browser supports pull-down refresh portfolio 

• Optimize Swap transaction warning prompts 

• USDC now supports deposits (onramp) 

• Menu item adjustment: Added "Manage Wallet" entry, removed Explorer 

• Magic Scan now supports token symbols starting with $

Cryptocurrency

▌GameStop is considering investing in Bitcoin and other cryptocurrencies

GameStop (GME.N) is considering investing in Bitcoin and other cryptocurrencies. 

Three sources said GameStop is exploring investments in alternative asset classes, including cryptocurrencies, especially Bitcoin. GameStop shares surged nearly 20% in after-hours trading after the news broke. 

The retailer may decide not to proceed with the investment. According to one source, the company is still considering whether this makes sense for GameStop's business. 

In 2022, GameStop launched a crypto wallet that allowed users to manage their own crypto and non-fungible tokens. However, the company shut down the service in 2023, citing "regulatory uncertainty."

▌Ethereum network ETF staking rate has continued to decline since mid-November 2024

According to The Block data, the current ETH staking ratio has dropped to 27%, falling back to the level of July 2024. This is the first trend decline since the peak of 29% at the end of 2024, and the first decline since staking became popular in May 2023.  

Liquid staking derivatives (LSD) continue to dominate the Ethereum staking ecosystem. Lido remains the dominant liquidity staking protocol, controlling about 69% of the LSD market. Binance ranks second in staking ETH, with a market share of about 15%, indicating a high concentration among major providers.  

While Ethereum continues to serve as a key infrastructure for DeFi and NFTs, market attention has recently turned to other protocols and ecosystems. This trend may reflect investors seeking to achieve higher returns in other ecosystems and protocols, or reducing their staking positions to participate in other market opportunities. Bloomberg ETF Analyst: Litecoin ETF may become the first new crypto ETF approved. Bloomberg ETF analyst Eric Balchunas responded to the question of "the current progress of approval of major altcoin ETFs" on social media: "In baseball terms, most are still on first base, except Litecoin is heading for third base." Trump's World Liberty Finance purchased more than $6 million of MOVE and WBTC in the past 3 hours. According to Onchain Lens monitoring, Trump-supported World Liberty Finance has purchased more than $6 million of MOVE and WBTC in the past 3 hours. Finance completed multiple on-chain transactions in the past 3 hours: 

• Spended 1.41 million USDC to purchase 2,527,257 MOVE 

• Spended 5 million USDC to purchase 52 WBTC 

• Exchanged 2,221 ETH (US$5.93 million) for stETH and deposited it in Lido for staking 

• Sent 5 million USDC to Aave V3 for lending

▌Ethereum TVL reached 21.8 million ETH, the highest level since October 2022

According to DefiLlama data, Ethereum TVL reached 21.8 million ETH, an increase of 11% from last month, the highest level since October 2022. Although Ethereum still dominates in terms of total locked value, however, ETH holders may not see much direct benefit from Ethereum's total locked value growth unless network fees recover significantly. For Ether holders, the main catalyst that could push Ether above $3,000 remains the potential approval of staking integration in spot Ethereum exchange-traded funds (ETFs), which are currently under review by the U.S. Securities and Exchange Commission (SEC). Some analysts believe that the limited demand for these ETFs due to the lack of staking returns may hinder the inflow of institutional funds.

▌SBF case prosecutor suddenly resigns due to New York mayor corruption case

The sudden resignation of Danielle Sassoon, acting U.S. attorney for the Southern District of New York, may be related to the Department of Justice's request that she suspend the corruption investigation into New York Mayor Eric Adams. It is not clear who will replace Sassoon in the acting position.  

Sassoon was the lead prosecutor in the case of FTX founder Sam Bankman-Fried (SBF) and has also been responsible for several lawsuits involving the crypto industry. It is reported that Acting U.S. Deputy Attorney General Emil Bove (formerly Trump's criminal defense attorney) ordered Sassoon to suspend the charges against Adams until the Senate confirms the new prosecutor for the Southern District of New York (SDNY). Currently, members of Congress will review Trump's nominee for the new SDNY prosecutor-former SEC Chairman and Wall Street veteran Jay Clayton.  

When Adams took office in 2022, he announced that he would receive his first three months' salary in Bitcoin and promised to make New York a 'Bitcoin Center'. But in September 2024, he was accused of accepting illegal political donations from the Turkish government and was suspected of promoting the opening of a Turkish consulate building that was not certified for fire safety.

Important Economic Dynamics

▌Bridgewater reduced its holdings in 6 technology giants in the fourth quarter and built a position in Tesla

Bridgewater Fund's updated fourth quarter 13F position file shows that its total position at the end of the fourth quarter was US$21.8 billion, an increase of US$4.1 billion from the third quarter. In terms of reduction, it sold 1.25 million shares of Nvidia (NVDA.O) and 750,000 shares of Google A in the fourth quarter, and also reduced its holdings in Meta, Microsoft, Apple and Amazon. Among them, Apple's position reduction was the largest, reaching 40% or 410,000 shares; in terms of increase, Bridgewater bought nearly 7.4 million shares of S&P 500ETF-SPDR, an increase of 883%, and also increased its holdings in AMD, PayPal, eBay, Robinhoodl and Qualcomm. It is worth mentioning that Bridgewater also built a position in Tesla (TSLA.O) with 150,000 shares.

▌The probability of the Fed keeping interest rates unchanged in March is 97.5%

According to CME's "Fed Watch", the probability of the Fed keeping interest rates unchanged in March is 97.5%, and the probability of a 25 basis point rate cut is 2.5%. The probability of maintaining the current interest rate unchanged by May is 86.8%, the probability of a cumulative 25 basis point rate cut is 12.9%, and the probability of a cumulative 50 basis point rate cut is 0.3%.

Golden Encyclopedia

▌What is DeFAI?

DeFAI is all about combining the decentralized financial ecosystem of DeFi with AI-driven analysis and automation. The market size of these solutions will soar from about $1 billion to $10 billion by the end of 2025. DeFAI is still in its early stages, focusing primarily on momentum trading similar to memecoins, so there is still a lot of room for rapid development. DeFAI represents a turning point in the Crypto asset industry, combining the decentralized spirit of DeFi with the computational intelligence of AI.

Disclaimer: As a blockchain information platform, Golden Finance publishes articles for information reference only and is not intended as actual investment advice. Please establish a correct investment philosophy and be sure to raise your risk awareness.