Cipher Mining shares soar after Q3 earnings beat, firm moves deeper into AI: CNBC Crypto World

Market Overview - Major cryptocurrencies are experiencing declines, with Bitcoin down 3% to around $16,000 and Ether falling over 6% due to a significant exploit in the Ethereum-based DeFi protocol Balancer, resulting in losses exceeding $70 million [2][3] - The Solana Soul token has also dropped more than 8.5% [2] Company Developments - Anamoka Brands, a Web 3 focused firm, is preparing to go public through a reverse merger, which would result in its shareholders owning approximately 95% of the new entity [4][5] - The company specializes in digital asset services, tokenization, and decentralized gaming, with the merger still pending due diligence and regulatory approvals [6] Earnings Reports - Cipher Mining reported a narrower than expected loss of $0.01 per share, leading to a nearly 16% increase in its stock price [2][3] - Core Scientific's shares rose over 4.5% following its earnings announcement, while Core Weave's shares fell more than 3.5% after a failed acquisition attempt [3][4] Industry Insights - Standard Chartered's CEO, Bill Winters, predicts that nearly all global transactions will eventually be conducted on a digital blockchain ledger, indicating a significant shift in the financial system towards digital currencies [7] - The crypto earnings season is in full swing, with Coinbase and other firms reporting stronger than expected results, while Robinhood is expected to show continued growth in crypto revenues [11][18] Competitive Landscape - Mizuo has raised its price target for Coinbase to $320 following its Q3 earnings, highlighting concerns about Coinbase's heavy reliance on the crypto market without sufficient diversification [12][13] - Circle, a stablecoin issuer, is facing skepticism regarding its future as competition in the stablecoin space intensifies, with predictions of numerous stablecoins emerging from various institutions [15][16] Future Outlook - The upcoming earnings report from Robinhood is anticipated to reflect user growth and increased trading activity, particularly in the crypto sector [19] - Figure Technologies, which recently went public, is being viewed positively, although its current focus is on the HELOC marketplace rather than crypto fundamentals [20][21]