Bitcoin the locomotive. This will not have escaped you, the Bitcoin price, and the crypto market in general, have been on the rise in recent weeks. A trend bullish who arranges well the affairs of Coinbasewhich sees the price of its shares CORNER accompany this increase. At the same time, Brian Armstrong’s platform reported $953.8 million in revenue during the third quarter of 2023, compared to $629.1 million for the same period in 2022.
COIN stock hits $170, Coinbase is on the rise
The actions CORNER of the cryptocurrency exchange platform Coinbase will have experienced ups and downs since their listing on the Nasdaq stock exchangeApril 14, 2021. Nearly 3 years later, the trend is in any case clearly on the rise.
Over a rolling week, the action of the crypto-stock market thus passed from 130 to 170 dollarsa nice increase of more than 30 % in just 7 days. An upward trend worthy of a cryptocurrency!
COIN stock has clearly performed well recovery from the harsh crypto winter of 2022, during which its course has sometimes passed under 35 dollars. But Coinbase shares still have a little way to go to return to their 2021 high. Indeed, during the previous bull run of Bitcoin and cryptos, COIN had managed to rise to the 350 dollars.
The lights are green for Coinbase
Beyond this success, the crypto platform also declared record figures for the last period of the year 2023. Coinbase generated $953.8 million in revenue during the third quarter of 2023, compared to $629.1 million for the same period in 2022. A turnover which also represents an increase of approximately 50%. Furthermore, transaction revenues increased to $529.3 millionthe highest level in more than a year.
Coinbase also reported a net profit of $273 million for the quarter, compared to a loss of $557 million for the same period last year.
“In 2023, we saw our operational rigor bear fruit. We achieved our financial goal, launched innovative new products, strengthened our competitive position, and redoubled our efforts to build momentum for a viable regulatory framework for crypto in the United States. (…) Trading revenue jumped 83% quarter-on-quarter to $529 million, mainly due to higher levels of volatility and crypto asset prices. We have seen a sharp increase in the volatility of crypto assets…the increases have been driven by a variety of factors, primarily excitement over the approval of Bitcoin spot ETFs and high expectations for improving macroeconomic conditions in 2024. »
Statement from Coinbase – Source
Brian Armstrong’s crypto-stock market continues in parallel strengthen its partnerships. So, very recently, we learned an association between Coinbase and Ledger. So, from now on, the service Coinbase Pay is directly integrated into the software Ledger Live from the French manufacturer of hardware wallets.