Since the end of November 2021 the crypto market is greatly down. As an example, Bitcoin (BTC) has fallen from around $67,500 to currently $24,500.
Also the second cryptocurrency in the market, the Ethereum blockchain saw a colossal drop in 2022, falling from almost $4000 to currently $1980, while we just acquired a rise from $1000 to $1900 recently.
This decline has not only directly impacted the various cryptocurrencies. Indeed, some platforms also have posted declining profits. This is the case of the American platform Coinbase. But then how much did this platform lose ? Let’s see directly together, the astronomical sum through this blog post.
Here is the astronomical sum lost by the American platform, Coinbase
On August 9, the American company Coinbase published its various results for its second quarter of 2022. Its various results were extremely disappointing according to expected estimates. Indeed, the results of the American company did not meet the different expectations in terms of profits that Coinbase could expect.
As we explained before, the sudden drop of the different cryptocurrencies at the end of 2021, beginning of 2022 have made drop by more than 60% the revenues of the American company Coinbase compared to the year 2021 over the same period.
Indeed, Coinbase posted a loss of around $1.1 billion, compared to a profit of over $1.6 billion over the same period in 2021. Here is what the management of this company claims:
“The second quarter was challenging, with trading volume and revenue of transactions down 30% and 35% respectively. Both of these metrics were influenced by a shift in client and market activity, driven by macro factors and crypto credit-related factors.”