Ethereum

Ascend

Better

Bitcoin

<p>Coinbase on Thursday reported better-than-expected quarterly and full-year results, bolstering hopes in the entire crypto market. The crypto exchange posted its first-ever profit while flagging a higher outlook. A day after the results, shares of the company ascended nearly 15% showing that investor sentiment around the company was also strengthening.</p>
<h2 id="coinbase-swings-to-first-ever-profit">Coinbase swings to first-ever profit</h2>
<p>In comparison to a loss of $557 million, a year earlier, Coinbase posted a profit of $273.4 million, in the three months ended December 31. <a rel="noopener noreferrer nofollow" href="https://www.reuters.com/technology/coinbase-swings-profit-interest-income-strength-2024-02-15/" target="_blank">LSEG</a> data shows that analysts had predicted a loss of one penny per share. A renewed interest in cryptocurrencies led Coinbase Global to open a new tab on Thursday, posting its first quarterly profit since 2021 on strong trading volumes.&nbsp; The firm also posted a 64% increase in Coinbase’s transaction revenue to $529.3 million during the same time.</p>
<p>The higher-than-expected result pushed the shares of the company up a day after the results. The stock jumped nearly 15% during early trade on Friday, cementing views that investor traction towards the company has started building again.</p>
<h2 id="coinbase-anticipates-a-better-outlook">Coinbase anticipates a better outlook</h2>
<p>The cryptocurrency exchange also said that its subscription and services division, which contains operations other than trading, would have a successful first quarter. It predicted that the business would generate between $410 million and $480 million in sales, which is more than the $356.22 million LSEG estimate.</p>
<p>However, one thing to notice in the results was that in 2023, Coinbase’s transaction revenue was $1.5 billion, down 36% year on year. Total trading volume also stood at $468 billion, slumping nearly 44% as compared to the same time last year. Since trading volumes are the most reliable metric while judging a crypto exchange’s results, the upcoming year will see market participants focusing heavily on the metric. In the upcoming year, Coinbase’s transaction volume and revenue will be heavily monitored by investors who want to gauge the firm’s cash flow situation in the future.</p>
<h2 id="coinbase-results-indicate-better-conditions-for-bitcoin-and-ethereum">Coinbase results indicate better conditions for Bitcoin and Ethereum</h2>
<p>Being the largest crypto firm listed on Wall Street, Coinbase usually portrays a general outlook for the crypto markets. After posting continuous quarters of losses, the firm has finally posted gains, showing that market conditions for digital assets are slowly flourishing. The positive results and outlook also pave the way for better trading conditions for <a href="https://coingape.com/price/bitcoin/#:~:text=Live%20Price%20of%20Bitcoin%20(BTC,market%20cap%20stands%20at%20%241%2C013%2C764%2C204%2C617." target="_blank" rel="noopener noreferrer nofollow">Bitcoin</a> and <a href="https://coingape.com/price/ethereum/" target="_blank" rel="noopener noreferrer nofollow">Ethereum</a>. Since the expectation of a better trading volume gives the firm an upper hand, it also indicates higher transactions for the two largest cryptocurrencies.</p>
<p>The post <a href="https://coingape.com/coinbases-better-than-expected-results-stir-markets-shares-ascend-15/" rel="noopener noreferrer nofollow">Coinbase’s Better than Expected Results Stir Markets; Shares Ascend 15%</a> appeared first on <a href="https://coingape.com" rel="noopener noreferrer nofollow">CoinGape</a>.</p>

Coinbase’s Better than Expected Results Stir Markets; Shares Ascend 15%

목차

Coingape News Media

2024년 2월 16일에 게재된 다른 기사

Showmax overtakes Netflix as Africa’s biggest streaming platform with 39% share

Blur (BLUR) and Polygon (MATIC) Projected To Soar According to Crypto Analysts; Uniswap Lists Eve...

Uniswap v4 rollout confirmed for Q3 2024

Bitcoin and Ethereum Price Analysis

Terra Classic and Terra Luna Price Prediction: Is This A Comeback Year For Terra?

Bybit opens office in Amsterdam via Dutch-regulated crypto provider SATOS

무료 뉴스레터에 가입하여 매일 최신 암호화폐 소식을 받아보세요!