Coinbase Is the Canary in the ‘Crypto Market Coal Mine’ — And It’s Indicating VERY Good Things
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Extra excellent news in crypto:
This week Coinbase hit its highest share worth in almost two years.
Which can not really feel like large information, but it surely’s a constructive indication for the crypto trade as an entire.
Right here’s what occurred:
Coinbase posted their earnings report for This fall 2023, and for the primary time in 7 quarters, they…that they had internet revenue…$273M of internet revenue.
Okay, so why is that this a crypto-wide indicator?
Coinbase’s major supply of revenue comes from transaction charges.
I.e. Individuals are shopping for and promoting extra crypto on the platform than that they had been — and this was all over the past three months of 2023…
Which implies we’re simply getting began:
Coinbase’s This fall 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 because the begin of 2024!
That is wanting prefer it may very well be a stellar Q1 for crypto, and for Coinbase.
Yeehaw!!
