Hello dear readers back with you all to continue sharing contextualized content about the cryptocurrency market, this time I will address a very sensitive topic about the sharp drops in revenues and trading volumes in the cryptocurrency market.
Falling crypto volumes and cryptocurrency prices have been the breeding ground, warned Coinbase Glb Rg-A, for disappointing quarterly results according to Scott Chipolina in Financial Times.
Coinbase suffered sharp declines in revenue and trading volumes in the third quarter as the washout of bitcoin and other digital assets reversed the fortunes of the once fast-growing cryptocurrency exchange.
The U.S.-listed company acknowledged "another tough quarter" as it reported net income of $576 million, down from more than $1.2 billion a year earlier and $803 million in the year-ago quarter. Coinbase lost $545 million in the dollar quarter, compared to a net profit of $406 million a year earlier.
The downturn in cryptomarkets earlier this year continues to take its toll on trading venues like Coinbase. Tokens such as Bitcoin and Ethereum have lost around 70% of their value since their all-time high last year. Trading volumes and monthly transaction users on Coinbase fell 27% and 6%, respectively, from Q2 to Q3..
The price drop was followed by range trading of popular crypto tokens. Recent figures shared by data provider CryptoCompare showed that bitcoin's average annualized volatility reached its lowest point since October 2020.
SOURCES CONSULTED
FT. Coinbase blames sagging crypto volumes as revenue plummets. Link
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