Amount Of Active Coinbase Users In US Decreases By 80%
The number of active traders on the Coinbase crypto exchange, living in the USA, declined by 80% from December 2017 to September 2018, Bloomberg reports citing a study by the Tribe Capital investment company.
The BTC price for this period has fallen by about 60%, the cost of other cryptocurrencies has also undergone correction to varying degrees. According to CoinMarketCap, the total crypto market capitalization has declined by more than 75% within this period. Bloomberg representatives contacted Coinbase for comment but did not get any.
The results of the Tribe Capital research are supported by data from the Diar analytical company. Its numbers indicate that the volume of the US dollars inflow to Coinbase decreased by 80% since the end of 2017.
The Tribe specialists analyzed loans and other available banking transactions. The result obtained cannot be considered comprehensive as it only includes operations within the United States, yet they represent general market trends.
Having faced a sharp decline, many crypto exchanges are seeking to find other ways to get out of this situation to avoid the sole dependence on the crypto market. Coinbase tries to expand the range of its services through leasing, margin trading, or entering the markets of other countries. Mike Lempres, the platform’s policy director, reported on the talks with the Japanese regulator and plans to enter the Japanese market in 2019.
As previously reported, the Coinbase investment attractiveness may reach $8 billion after the next round of financing of $500 million.