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Coinbase Is the Canary in the ‘Crypto Market Coal Mine’ — And It’s Indicating VERY Good Things

February 19, 2024
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TL;DR

Full Story

Extra excellent news in crypto: 

This week Coinbase hit its highest share worth in practically two years.

Which can not really feel like huge information, nevertheless it’s a constructive indication for the crypto business as an entire.

Right here’s what occurred:

Coinbase posted their earnings report for This autumn 2023, and for the primary time in 7 quarters, they…they’d internet revenue…$273M of internet revenue. 

Okay, so why is that this a crypto-wide indicator?

Coinbase’s foremost supply of revenue comes from transaction charges. 

I.e. Persons are shopping for and promoting extra crypto on the platform than they’d been — and this was all over the last three months of 2023…

Which implies we’re simply getting began: 

Coinbase’s This autumn earnings report does not even account for the custodian charges for the 8 spot bitcoin ETFs they host, or the 20% rise in crypto market cap for the reason that begin of 2024!

That is wanting prefer it may very well be a stellar Q1 for crypto, and for Coinbase. 

Yeehaw!!



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Tags: CanaryCoalCoinbasecryptogoodIndicatingMarket
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