Will Coinbase beat Q2 consensus under challenging crypto market conditions?

Coinbase (NASDAQ:COIN) shares are trading ~10% higher ahead of its Q2 earnings as crypto prices gained, but with challenging market conditions, will the crypto exchange beat consensus?COIN is scheduled to announce Q2 earnings results on Tuesday, August 9th, after market close.Bitcoin (BTC-USD) and ethereum (ETH-USD) are making solid gains Monday morning as investors continue to return to risk-on assets. Bitcoin, up 4.8% over the last 24 hours, has reclaimed $24K and ether has gained 5.8%, reaching $1.7iK.The move up comes as markets shook off concerns raised by Friday's unexpectedly strong July jobs report.However, the crypto market conditions remain challenging, with Bitcoin having lost ~45% of its value in the last six months.Coinbase has partnered with asset management behemoth BlackRock to enable its institutional clients to trade bitcoin.Citi Analyst Peter Christiansen opened a 90-day upside catalyst watch on the cryptocurrency exchange's stock, but not due to any optimism over the company's upcoming Q2 earnings release. Rather, Christiansen sees "good developments brewing" on the potential for legislation on stablecoins and ethereum's transition to proof-to-stake.The company's Q1 earnings had missed, Q2 trading volume was said to be declining and the company had disclosed a new risk factor in an SEC filing.In addition, Goldman Sachs downgraded the stock to Neutral from Buy, saying the company is unlikely to reach recent ...