Coinbase's trading volume is sinking when the crypto winter begins

The Coinbase trading volume decreased by more than 40 percent in the first quarter, since the poorer than expected profits and the dark prospects underlined the consequences of the crypto bear market.

The shares of the largest US cryptocurrency exchange fell by more than 15 percent in post-market trade, after the company had reported net loss of $ 430 million, much more than the $ 47 million expected from Wall Street Analysts.

The income decreased by 35 percent per year to $ 1.2 billion and thus failed to expect the analysts of $ 1.5 billion.

The company, which went to the stock exchange in April 2021, made a "continued.

The trading volume fell by 44 percent compared to the previous quarter, which was "in harmony with the wider crypto spot market".

Bitcoin, the most popular cryptocurrency, has more than halved its value since its climax in mid -November during the so -called “cryptov interior”.

The results are in blatant contrast to earlier winnings from Coinbase during the bull market last summer, when profits exceeded that of the largest, more established stock market operator in the second quarter, including the CME Group of Chicago and Intercontinental Exchange.

In response to this, Coinbase tried to diversify his business and launched a non-fungable token marketplace last week to challenge the lucrative marketplace, which was set up by the start-up OpenSea. It also examined other offers such as crypto derivatives.

In its outlook, the company said that the volatility of crypto-assets and the prices of crypto-assets decreased in April, and it expects the users and the trade volume to decrease in the current quarter compared to the first quarter.

It signed its shareholder letter with #wagmi-an abbreviation for "We are all gonna make it".