Coinbase transaction revenues plummet 44% as users activity declines in Q3
While poor market conditions have resulted in revenues falling for the crypto exchange in Q3, its effort to reduce expenses has led to some streamlining. Crypto exchange Coinbase saw a huge fall in its transaction revenues in the third quarter after activity fell amid a broader market downturn, but managed to cut its losses in half compared to the prior quarter.In its shareholder letter released Nov. 3, the company shared that transaction reven had fallen from $655.2 million in the second quarter to $365.9 million, representing a decline of 44%.The company cited poor macro conditions with....
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Bitcoin on-chain activity had been lit up like a Christmas tree over the weeks leading up to the Ethereum Merge. Even though the upgrade was not taking place on the bitcoin network, it was still significant for the crypto space, which led to increased activity across various networks. However, now that the Merge has been done and dusted, the network activity has begun to retrace to ‘normal’ levels, leading to a decline in on-chain activity. Bitcoin Mining Hashrate Drops For the first time in two months, the bitcoin mining difficulty had adjusted downward. Due to this downward difficulty....
Bitcoin has seen a tremendous slow down in network activity following the market crash in mi-June. This drawdown was expected as a reduction in network activity usually follows a rush to get out of the digital asset during the decline. This lull has brought various metrics back towards normal territories and daily miner revenues remain drowsy during this time. Network Activity Slows After the price of bitcoin had crashed to $17,600, there was a rush to get out of the digital asset. This had led to a tremendous surge in network activity. Average transaction volume had shot up from around....