Diar Bitcoin Market Research Shows Coinbase’s Crypto Trading Volume At Lowest In Over A Year
Lowest Trading Volumes in Over A Year for Coinbase, Reflecting Current Bear Market
Cryptocurrency exchanges across the globe have fallen victim to the downward trend of the bear market lately. This year hasn’t been good to almost any exchange, according to the latest research installment from Diar. Coinbase couldn’t seem to get away either, as they saw the lowest trading volumes that they’ve experienced in over a year.
In Q3, their total trading volume to Bitcoin totaled $5.4 billion, though they were up to $24 billion in the last quarter of 2017. Ether trading volumes reflected similar issues, going from $8.7 billion to $2.8 billion over the same amount of time. Based on Diar’s research, similar amounts were shown for the losses experienced by Gemini and Bitstamp.
Even with the bear market that no exchange has been freed from yet, Coinbase was closing their fundraising round only a week ago, where they were hoping to raise $500 million. Recode was the first publication to report this campaign, which might bring up the value of the company to $8 billion. Along with fundraising efforts, Coinbase has seemed to be on a hiring spree lately, reporting over 500 staff this year. They’ve even brought in many Wall Street players, like former Instinet CEO Jonathan Kellner.
Not every crypto firm has been as lucky. Kraken had to cut 10% of their employees in one of its units, while Coinfloor has also fired many people, based on reports from Financial News. The reports from Bloomberg in March were much different, saying that the top 10 exchanges were bringing in as much as $3 million in trading fees alone on a daily basis.