How Has Coinbase Fared Amid The Decline In Crypto Interest?

2023-10-14 23:00

 

Amid the decline in crypto interest, reports have shown that American-based crypto exchange Coinbase, one of the world’s largest cryptocurrency exchanges experienced, a sharp drop in spot trading volume during the third quarter of 2023.

Coinbase Spot Trading Volume Dropped by Half

According to the report, the cryptocurrency platform’s spot trading volume fell by more than half during the recently completed third quarter of 2023.

Data from researcher CCData showed that the platform recorded about $76 billion in spot trading volume in the Q3 of 2023, which represents a 52% drop in its spot trading volume of $158 billion from the Q3 of the previous year.

The figure is likely the least the platform has seen in its spot trading volume since 2020, before it was listed on the Nasdaq Stock Market in April 2021, coinciding with the cryptocurrency valuations reaching their peak.

The harsh decline in spot trading volume comes as a smack to the crypto exchange. The exchange primarily derives the biggest slice of its revenue from its trading fees, with its transaction revenue amounting up to 54% of its total earnings in the second quarter. However, the exchange’s total revenue in the previous year and quarters was as high as 88%.

Despite the platform’s decline in spot trading volume, the platform seemed to have gained market traction in the quarter ever since the crypto giant Binance has been facing regulatory scrutiny. 

Binance’s declining spot market share, which fell for the seventh straight month seemed to have contributed to Coinbase’s market traction. The exchange’s percentage of overall spot trading volume increased by 5.7%, compared with 4.2% a year earlier.

In addition to this decline, the exchange is expected to post a seventh consecutive quarterly loss when it releases its quarterly report on November 2, 2023. The trading volume is also expected to be under a consensus estimate of $86 billion, with its revenue to be 10% below forecasts.

So far, it has been a challenging year in the crypto sector due to the unfortunate events that have contributed to the decline in crypto interest. These include scandals, bankruptcies, and regulatory efforts. 

Coinbase Experienced An Index Decline

On October 9, 2023, data from CryptoQuant Quicktake revealed that the Bitcoin Coinbase premium Index has declined toward neutral values. 

The Coinbase Premium Index is the percentage difference between the Bitcoin prices listed on the cryptocurrency exchanges Coinbase (USD pair) and Binance (USDT pair).

According to CryptoQuant, the metric’s value fell towards the neutral zero level, which represents a balance between global and US-based investors’ buying and selling pressure. 

Similar to Notcoin - Blum - Airdrops In 2024

origin »

Emerald Crypto (EMD) на Currencies.ru

$ 0 (+0.00%)
Объем 24H $0
Изменеия 24h: 0.00 %, 7d: 4.67 %
Cегодня L: $0 - H: $0
Капитализация $0 Rank 99999
Цена в час новости $ 0.0095806 (-100%)

crypto interest decline amid coinbase sharp drop

crypto interest → Результатов: 126


Highest Yielding Deposit Account in Finance Comes From Crypto: BlockFi’s 6% Interest

It’s no secret that crypto investors have been on a rollercoaster for years, but unfortunately this ride has been on its descending arch for the past year. Despite this, there are still plenty of ways to profit in the markets, including depositing your cryptocurrency in a high-interest account in exchange for unprecedented interest rates.

2019-3-6 03:00


This week in Crypto: Facebook set to Launch its Cryptocurrency, Warren Buffett Calls Bitcoin A Delusion With No Unique Value, Tron stands above Ethereum in Chinese ranking, XRP listed on Coinbase and more

The week was a typical crypto week with many ups and downs in the market and off the market. It is probably the bumpiest market week in which the short gains experienced was shed significantly bringing prices down to where they used to be.

2019-3-3 08:35


Binance: JPMorgan Token a ‘Stepping Stone’ to Mass Crypto Adoption

JPMorgan’s controversial blockchain token might not be a real cryptocurrency, but researchers say it could help spark concrete crypto adoption. Binance Argues JPMorgan’s Dubious Crypto Project Will Spur Real Adoption In a new article from Binance Research, one of the world’s largest cryptocurrency exchanges deems JPM Coin a “stepping stone” toward mass adoption.

2019-3-2 01:32


Founders of Apple, Tesla, and Twitter All United by Interest in Bitcoin, But Will This Help Adoption?

Although Bitcoin has been caught in a persisting bear market for well over a year, multiple major tech gurus and visionaries from some of the largest companies in the world – including Apple, Tesla, and Twitter – have lauded the cryptocurrency in recent times, signaling that Bitcoin and crypto in general may soon become the focus.

2019-2-28 01:00


A Crypto Derivatives Primer

Learn about crypto derivatives, risk management and the solutions they offer. From the CMC editorial desk: With increasing interest in crypto derivatives and the function they serve in managing risk, what must you know about them? We asked LXDX, and […] The post A Crypto Derivatives Primer appeared first on CoinMarketCap.

2019-2-15 17:00


Tom Lee’s Fundstrat Bitcoin Price Prediction Machine Revs Up Again: Improvements Will Increase Value

Fundstrat Global Advisors is a research company in New York, and they publish a report yearly regarding the financial state of the economy, with a particular interest in cryptocurrency. Based on the new report that is presently available, there are multiple improvements that the company believes that can be made in the crypto industry to […]

2019-2-11 04:31


Crypto Researcher: Bitcoin Interest On Twitter Drops, Very Bearish

Although many compare crypto and blockchain to the early stages of the Dotcom Bubble, some believe that it is much more than that. This simple belief that cryptocurrencies, like Bitcoin, are paradigm-shifting has led industry insiders to enlist the use of exotic, yet often eerily accurate indicators to forecast what’s to come for this budding space.

2019-2-4 18:30