Wednesday, May 29, 2024

After a 75% decline in net profits in Q3, Coinbase’s stock is expected to open lower

The competition in the market of cryptocurrency has been increasing keeping in mind the creativity and revolution in the same industry. The recent year has seen an increased number of active investors in the market of blockchain technology. However, this competition brings many exchanges giving the traders and investors the opportunity to choose from the best. Similarly, Coinbase is the topmost exchange among the cryptocurrency network. Coinbase offers its customers with a variety of services to choose from and maintains the quality of the same. It is a platform for many small investors (retail), provides wallet services, and many other products.

Reduction in the prices of shares of the cryptocurrency exchange

Coinbase saw decline in the prices of the shares after they reported a reduced income in the third quarter of the year. The engagement by the investors were less as compared to the other quarters. The officials reported that had it been a better quarter of the year, the engagement by the customers would have increased parallelly. However, it would be inappropriate to look for quarterly based results as the exchange is focused on the long term commitments.

The volume of trade reduced with a higher percentage for the third quarter

The traders also showed their disappointment in the exchange by reducing the volume of trade. However, the officials of the exchange are calling it a productive month. The exchange have been facing threats from the existing authorities to get sued if the exchange continues to introduce the lending programs in the future.

Cryptured Team
Cryptured Team
The writers team at Cryptured.com is composed of passionate and experienced journalists who cover the latest developments in the crypto and blockchain space. They aim to provide accurate, unbiased and easy-to-understand news and information for their readers, as well as insights and analysis from industry experts. The writers team is always on the lookout for new and exciting stories that can help the general public learn more about the potential and challenges of these technologies.
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