Bitcoin price slips 7% to $58,400

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Bitcoin was trading 7% lower on Wednesday morning.

The price was around $58,400 per coin, while rivals Ethereum and Dogecoin were trading around $3,900 and 22 cents per coin, respectively, according to Coindesk.

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Shares of Robinhood fell about 10% in premarket trading after the trading platform missed revenue expectations as its cryptocurrency revenue fell from the second quarter’s record high.

TickerSecurityLastChangeChange %
HOODROBINHOOD MARKETS, INC.39.57+0.56+1.44%

Shares were around $36.10 following the release of the results, below the $38 they were priced at in the company's July IPO. 

Robinhood said its crypto revenues fell to just $51 million in the third quarter, down from a record $233 million in the second quarter, according to Coindesk.

Lower crypto trading activity led to significantly fewer new funded accounts and lower revenue, according to the company.

Total revenue for the quarter was $365 million, missing the street estimates of $437.1 million, according to FactSet. The company reported an adjusted net loss of $2.06 per share, versus analyst expectations of a loss of $0.67.

In other cryptocurrency-related news, profits at payments giant Visa Inc. jumped in its most-recent quarter, driven by consumers and businesses getting back to spending on their credit and debit cards after the pandemic, reported the Associated Press.

TickerSecurityLastChangeChange %
VVISA, INC.231.82-2.06-0.88%

In a call with investors, Al Kelly, Visa's CEO and chairman, said the growth of cryptocurrencies will also be good for Visa's profits because cryptocurrency investors will need to move money from a traditional bank account to a third-party service to buy Bitcoin and other coins. While Visa's bread and butter will always be credit and debit cards, Kelly said, he sees its network as being a "single connection point" between cryptocurrencies and traditional sources of money.

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The San Francisco-based company said Tuesday that it earned $3.58 billion in its fiscal fourth quarter that ended Sept. 30, or $1.65 a share. That’s was up from a profit of $2.14 billion, or 97 cents per share, in the same period a year earlier.

Excluding one-time adjustments, Visa earned $1.62 a share, up 42% from a year earlier. Analysts had been expected $1.55 a share, according to FactSet.

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