Find Latest Articles on Crypto, Blockchain and Regulations Worldwide.

[vc_row full_width=”stretch_row_content_no_spaces” css=”.vc_custom_1532150107599{border-bottom-width: 1px !important;padding-bottom: 13px !important;background-color: #fcfeff !important;border-bottom-color: #ebebeb !important;border-bottom-style: solid !important;}”][vc_column css=”.vc_custom_1532150098193{margin-top: -6px !important;}”][vc_column_text]

bitcoinBTC/USD
$ 64,505.28
ethereumETH/USD
$ 3,044.38
tetherUSDT/USD
$ 1.00
bnbBNB/USD
$ 555.19
solanaSOL/USD
$ 140.96
usd-coinUSDC/USD
$ 0.999011
staked-etherSTETH/USD
$ 3,036.44
xrpXRP/USD
$ 0.488918
the-open-networkTON/USD
$ 6.47
dogecoinDOGE/USD
$ 0.154345
cardanoADA/USD
$ 0.462618
avalanche-2AVAX/USD
$ 36.02
shiba-inuSHIB/USD
$ 0.000022
wrapped-bitcoinWBTC/USD
$ 64,572.30
tronTRX/USD
$ 0.110882
bitcoin-cashBCH/USD
$ 485.63
polkadotDOT/USD
$ 6.66
chainlinkLINK/USD
$ 13.63
matic-networkMATIC/USD
$ 0.684998
litecoinLTC/USD
$ 78.67
internet-computerICP/USD
$ 12.59
nearNEAR/USD
$ 5.40
leo-tokenLEO/USD
$ 5.93
uniswapUNI/USD
$ 7.11
daiDAI/USD
$ 1.00
aptosAPT/USD
$ 9.27
first-digital-usdFDUSD/USD
$ 1.00
blockstackSTX/USD
$ 2.60
ethereum-classicETC/USD
$ 25.87
mantleMNT/USD
$ 1.11
bittensorTAO/USD
$ 546.26
crypto-com-chainCRO/USD
$ 0.129458
cosmosATOM/USD
$ 8.24
filecoinFIL/USD
$ 5.94
okbOKB/USD
$ 52.56
stellarXLM/USD
$ 0.108626
vechainVET/USD
$ 0.041842
immutable-xIMX/USD
$ 2.10
render-tokenRNDR/USD
$ 7.74
arbitrumARB/USD
$ 1.10
hedera-hashgraphHBAR/USD
$ 0.079962
kaspaKAS/USD
$ 0.120897
dogwifcoinWIF/USD
$ 2.75
makerMKR/USD
$ 2,890.65
ethena-usdeUSDE/USD
$ 0.997260
the-graphGRT/USD
$ 0.243250
injective-protocolINJ/USD
$ 24.66
optimismOP/USD
$ 2.21
pepePEPE/USD
$ 0.000005
fetch-aiFET/USD
$ 2.08
[/vc_column_text][/vc_column][/vc_row]

For the First Time in 2 Years, Coinbase Has Gone Profitable Again: Report

0

In spite of the fact that Coinbase has always been one of the most well-known trading platforms, business within the past few years hasn’t been much easier for them than lesser-known exchanges.

Between crypto winter, an ongoing lawsuit, the need for personnel reductions, and the other expenses of running a business, Coinbase has suffered business contraction for about two years now.

However, the exchange’s fortunes have changed.

First Profitable Quarter in Two Years

Coinbase’s quarterly report has arrived, and the exchange has cause to celebrate. According to the fiscal report for Q4 FY2023, the company has brought in $273 million in net income over the past couple of months. Total revenues added up to $953.8 million, beating analyst predictions by upwards of $100 million.

After absorbing the negative impact of the preceding quarters, this figure brings Coinbase’s final tally to $95 million in net profit for 2023.

A good chunk of the exchange’s rebound can be attributed to the current bullish sentiment that brought crypto prices surging back up in recent weeks.

Coinbase CFO Alesia Haas directly attributed part of their financial statements to price swings in recent memory.

“The increase in volatility had a meaningful impact on our transaction revenue. We saw strong growth and reengagement from both simple and advanced traders. Notable average trading volumes materially increased among our advanced traders.”

The current price of BTC and other cryptocurrencies has also brought FTX to a point where they believe investors can finally be paid back, for example.

However, it is not the only factor at play here.

Demonstrating Stability

For instance, JPMorgan downgraded Coinbase’s rating from neutral to underweight late last month, citing Bitcoin price fluctuations and the launch of multiple ETFs that gave financial institutions and high-income investors alternative ways to get well-regulated exposure to crypto.

That downgrade has since been reversed.

Another factor, according to CEO Brian Armstrong, is that due to their commitment to remaining on the safe side when it comes to compliance, Coinbase grows and reacts to the market slower than some competitors. However, this also helps prevent large-scale repercussions for risky behavior.

“Coinbase has always taken a long-term approach focussing on building in a compliant manner, even when it wasn’t the popular choice. Many of our competitors cut corners and broke laws to get big fast, and we’ve seen how that strategy played out.”

The stock market reacted positively to the news of Coinbase’s quarterly success, with shares gaining 3.3% by the end of the day and about 13% in after-hours trading.

SPECIAL OFFER (Sponsored)
Binance Free $100 (Exclusive): Use this link to register and receive $100 free and 10% off fees on Binance Futures first month (terms).

Source link

Leave A Reply

Your email address will not be published.

Shares