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Anthony Pompliano is a well-known Bitcoin bull — so why is he all of a sudden saying crypto is dead?

Coinbase lost almost $400 million in Q1, but Bernstein analysts remain undeterred: here’s why they keep projecting 70% upside for COIN.

Plus, airlines up double digits. Oil down 11%. Cruise stocks surging. In a session like today, the traders who win are the ones who see the rotation forming. Check out Benzinga Pro which provides details about volume, price spikes, and momentum. Try Free for 14 days.

TOP STORY

'Most Of The Crypto Industry Is Dead And It's Never Coming Back': What Made Anthony Pompliano Change His Tune?

Anthony Pompliano walked into Consensus Miami and came out declaring "most of the crypto industry is dead and it's never coming back."

His case: blockchains never shut down and coins never go to zero, creating an ecosystem of "ghost chains" kept alive by one or two operators and "zombie coins" that lose all liquidity but never officially die — masking the industry's true failure rate.

The missionaries who built Bitcoin for ideological reasons have been replaced by mercenaries chasing meme coins, yield farming, and vaporware launches.

Meanwhile, Morgan Stanley is undercutting Coinbase on fees before E*Trade's 8.6 million clients even get full access, and Robinhood and Coinbase are both racing to add equities and commodities

SPECIAL OFFER

The Market Is Moving This Fast. Your Scanners Should Too.

Airlines up double digits. Oil down 11%. Cruise stocks surging. In a session like today, the traders who win are the ones who see the rotation forming — not the ones chasing it after CNBC covers it. Benzinga Pro's real-time scanner surfaces unusual volume, price spikes, and momentum the moment they develop. Free for 14 days.

QUICK N DIRTY

Bitcoin, Ethereum, XRP are holding at their weekly levels as good news from the Middle East remain scarce: here’s what else is driving markets today.

Dogecoin is up 14% in one month and everybody’s wondering: why is DOGE suddenly going up?

Cathie Wood is bullish — but not on a crypto company. She says SpaceX could surprise 20X to the upside thanks to its ‘secret’ weapon.

FINTECH FOCUS

Coinbase Lost $394 Million In Q1 — So Why Is Bernstein Calling For 71% Upside?

Coinbase posted a $394 million net loss in Q1 — revenue of $1.41 billion missed by 5%, EBITDA missed by 26%, retail trading volume dropped 36%, and monthly users fell 10% to 8.2 million as crypto markets shed more than 20% across the board.

Bernstein isn't flinching: the firm kept its Outperform rating and $330 price target, implying 71% upside from Thursday's close at $192.96,.

The firm points to businesses Wall Street is underpricing — retail derivatives annualizing above $200 million, institutional derivatives above $250 million, and prediction markets crossing a $100 million annualized run rate in March alone.

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