Cryptocurrency Giant Coinbase, Affected By The Staggering Cryptocurrency Market

July 12, 2018
89 Views


Cryptocurrency Giant Coinbase, Affected By The Staggering Cryptocurrency Market

Cryptocurrency firm, Coinbase experienced a dip in their performance in the cryptocurrency market as report witnessed a sharp decline in the download of its application.

The American blockchain firm was the darling of Apple users as it was the most downloaded on Apple play store and even reached the top of the American finance app, which incidentally coincided with the rise of the Bitcoin.

Nevertheless, the recent decline in the price of Bitcoin affected virtually everybody in the industry; investors and operators alike as the app is currently languishing in the 40th position in app ranking. Though, the company is not losing sleep as it says that the rising and falling is part of the business and that the market will get better.

TROUBLED WATERS

The recent decline in the cryptocurrency market is not looking so good for all and sundry as they virtually all major stakeholders are feeling the effect of the staggering performances.

Cryptocurrency exchange Coinbase’s application download rate fell to its lowest level, from the number 1 spot in December 2017 to the 40th position in June 2018, signaling the company’s lowest downloading ranking since April 2017. The Application which was once the most downloaded in the United States backed by the price of Bitcoin which surged to over $19,000.

The massive growth of the company was attributed mainly to through failure in handling customer queries. Coinbase spokesperson revealed this stating,

“Consumer demand for our services increased by 40x (in 2017), and we experienced transaction volumes in November/December of that year that grew by 295%.”

The fall of the Bitcoin from $20,000 to $6,417 within eight months also resulted in a sharp decline in through traffic on its website, from 126.5 million visitors in January to 28.4 million in June.

Coinbase is a San-Francisco-based company; it was founded in 2012. The broker exchanges Bitcoin, Litecoin, Bitcoin Cash, and Ethereum with fiat currencies in around 32 countries and Bitcoin transaction and cryptocurrency wallet in 190 countries; it has over 12 million active users as at November 2017.

The company is valued at around 8 billion dollars and a major player in the blockchain industry.

What’s Your Thought On This ?, Let Us Know In the Comment section Below.


♥Get Daily Crypto News On Facebook | Twitter | Telegram | Instagram






Source link

You may be interested

Binance Opens an Over The Counter (OTC) Trading Desk – Ethereum World News
Ethereum News
24 views
Ethereum News
24 views

Binance Opens an Over The Counter (OTC) Trading Desk – Ethereum World News

Editor - January 23, 2019

[ad_1] Binance Opens an Over The Counter (OTC) Trading Desk  Ethereum World NewsEarlier yesterday, the team at Binance announced that they…

SEC says rules on virtual currency exchanges, ICOs out within 1st half
ICO News
21 views
ICO News
21 views

SEC says rules on virtual currency exchanges, ICOs out within 1st half

Editor - January 23, 2019

[ad_1] THE Securities and Exchange Commission (SEC) is confident it can come out with rules on virtual currency exchanges (VCE)…

The Daily: Huobi Downsizes, New OTC Desk to Launch in US
Coinbase News
21 views
Coinbase News
21 views

The Daily: Huobi Downsizes, New OTC Desk to Launch in US

Editor - January 23, 2019

[ad_1] The Daily In Wednesday’s edition of The Daily we cover a number of developments that show how cryptocurrency exchanges…

Leave a Comment

Your email address will not be published.