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Home»ADOPTION NEWS»Coinbase shares hit multi-month highs as trading volume surged.
ADOPTION NEWS

Coinbase shares hit multi-month highs as trading volume surged.

By Crypto FlexsFebruary 29, 20244 Mins Read
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Coinbase shares hit multi-month highs as trading volume surged.
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Shares of Coinbase hit multi-month highs yesterday despite heavy web traffic that caused glitches on the cryptocurrency exchange as trading volumes surged.

Coinbase shares rose just 1% on Wednesday, but that was enough to push it above $200 for the first time since January 2022, according to TradingView. COIN was trading at $200.80 by market close on Wednesday, up 58% over the past month. However, the stock remains down more than 40% from its all-time high of $342.98, set at the peak of the cryptocurrency bull market in November 2021.

COIN/USD price chart. Image: TradingView.

Coinbase is currently valued at $37.4 billion, according to The Block’s data dashboard.

Coinbase’s daily trading volume surges.

Trading volume on the exchange soared to more than $8.6 billion in the past 24 hours. This is nearly double the volume seen in the previous 24 hours and significantly higher than last year’s daily volume range of $200 million to $3 billion. CoinGecko data.

Coinbase daily trading volume. Image: CoinGecko.

Yesterday’s trades represent 5% of total volume in the fourth quarter of 2023 and 10% of total volume in the third quarter of 2023, according to The Block’s data dashboard.

As retail shows signs of recovery, glitches occur due to high traffic.

Heavy traffic pushed the price of Bitcoin past $60,000, reaching a high of $64,000 on Wednesday, causing the Coinbase app to glitch and show customer balances as $0 yesterday amid a surge in trading.

“We modeled and load-tested traffic spikes of up to 10x, and we exceeded that number. Over-provisioning services is expensive, but we need to continue to develop autoscaling solutions and eliminate any remaining bottlenecks. Thank you for joining us.” Coinbase CEO Brian Armstrong explained At X.

Many institutional issuers of spot Bitcoin ETFs, such as BlackRock, Ark Invest, and Grayscale Investments, have chosen Coinbase as their cryptocurrency custodian. However, Nate Geraci, president of investment advisor The ETF Store, told The Block that spot Bitcoin ETF issuers were not affected.

According to Coinbase’s status page, poor performance on the platform has been resolved.

“$60k woke people up,” Bitwise CIO Matt Hougan posted on X amid speculation that retail users are returning to the cryptocurrency market. He said, “For the first time in this bull market, non-Bitcoin people started texting me about the market today.”

As Steven Zheng, director of research at The Block, points out, Coinbase’s App Store ranking jumped from #300 yesterday to a yearly high of #174, which appears to support this claim.

Coinbase App Ranking. source: Coinbase App Ranking Bot.

Coinbase ranked 15th in the U.S. App Store Finance category, its highest annual ranking, according to The Block’s data dashboard. Cash App currently ranks first.

Google searches for cryptocurrency terms, including Coinbase, have recently increased.

Cathie Wood’s Ark Invest sold more than $17 million in Coinbase stock.

Meanwhile, Ark Invest sold 86,298 shares of Coinbase stock worth about $17.3 million from its innovative exchange-traded fund ARKK on Wednesday as the investment manager continues to rebalance the fund’s weights amid a surge in COIN prices this month. .

Yesterday’s offload follows 46,531 shares ($9.3 million) of Coinbase stock sold by Ark Invest from the same fund on Tuesday and $7.1 million worth of COIN offloaded on Monday. Ark sold $16 million worth of Coinbase stock last week.

Ark’s latest revenue comes after Coinbase beat analysts’ forecasts for the fourth quarter of 2023, with the cryptocurrency exchange reporting revenue of $953.8 million, up from $629.1 million in the corresponding quarter of 2022.


Disclaimer: The Block is an independent media outlet delivering news, research and data. As of November 2023, Foresight Ventures is a majority investor in The Block. Foresight Ventures invests in other companies in the cryptocurrency space. Cryptocurrency exchange Bitget is an anchor LP of Foresight Ventures. The Block continues to operate independently to provide objective, impactful and timely information about the cryptocurrency industry. Below are our current financial disclosures.

© 2023 The Block. All rights reserved. This article is provided for informational purposes only. It is not provided or intended to be used as legal, tax, investment, financial or other advice.

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