Coinbase has left the top 10 crypto exchanges in terms of trading volumes

Since 2021, the platform has ranked 4th in the rankings, it now has a market share of only 2,9%

15.07.2022 - 14:30

911

1 min

What’s new? Cryptocurrency exchange Coinbase has dropped out of the top 10 digital asset exchanges in terms of trading volume, moving up to 14th place. Since 2021, Coinbase was ranked 4th, Bloomberg reports, citing a report from Mizuho Securities USA.

Information on the Bloomberg website

Report details. According to Mizuho, Coinbase’s share among the world’s top 30 exchanges is only 2,9% in July. It averaged 5,3% of the market in the first quarter of 2022 and 3,6% in the second. According to experts, this demonstrates the company’s problematic growth trajectory. They added:

“We worry that the competitive nature of the industry is likely to require further increases in sales and marketing spend over time, and can also weigh on COIN’s take rates. All this, coupled with subdued volume trends, is likely to weigh on profitability moving forward.”

After cryptocurrency prices began to fall, Coinbase’s shares plummeted by 84% from their all-time high (ATH) of $357 on November 9, 2021. As of July 15, 15:00 UTC, COIN (the exchange’s tokenized shares) is trading at $52,57, having gained 3,05% overnight, according to CoinMarketCap.

Coinbase reduced its staff by 18% in mid-June. This decision was made as part of the platform’s cost-cutting efforts amid the coming crypto winter on the market.

Author: