Coinbase Global Inc reported a fourth-quarter loss on Tuesday, as trading volume at the cryptocurrency exchange came under pressure from an industry-wide downturn triggered by a string of high-profile bankruptcies.
A representation of the cryptocurrency is seen in front of Coinbase logo in this illustration taken, March 4, 2022. REUTERS/Dado Ruvic/Illustration/File Photoreported a fourth-quarter loss on Tuesday, as trading volume at the cryptocurrency exchange came under pressure from an industry-wide downturn triggered by a string of high-profile bankruptcies.
The digital assets market suffered from dour sentiment over the last year, but the biggest blow to the sector came from the bankruptcy of Sam Bankman-Fried's major crypto exchange FTX in November."In the wake of FTX and other crypto company failures, we have seen increased regulatory scrutiny," Chief Executive Brian Armstrong said on a call with analysts but added the development will ultimately benefit Coinbase.
Amid the market downturn, trading volume at the crypto exchange plunged to $145 billion in the fourth quarter, compared with $547 billion a year earlier. Retail traders also pulled back significantly, with their trading volume in the quarter plummeting nearly 89% to $20 billion.
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