After a surge in the rankings of financial apps on the Apple App Store in December, Coinbase’s app is back near where it started before the mania for spot Bitcoin ETFs peaked over the past two months.
Coinbase’s app ranked 49th in the App Store for Financial iPhone Apps on December 1, 2023, and rose to 16th on December 25. Now the app has fallen back to 43rd place as of January 30th. According to data compiled by The Block.
Bitcoin ETF Spot
“With falling cryptocurrency asset prices and a new venue for retail traders to gain exposure to cryptocurrencies without leaving a major brokerage, it’s not surprising that Coinbase’s app has started to decline in popularity,” he said. Rebecca Stevens, senior research analyst at The Block.
Expectations for the approval of the first-ever spot Bitcoin ETF in the U.S. took a marked upward turn in December and early January 2023, coinciding with rising cryptocurrency prices.
The market cooled somewhat after the Securities and Exchange Commission approved 11 spot Bitcoin ETFs on January 10.
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About the author
MK Manoylov has been a reporter for The Block since 2020, joining just before Bitcoin surpassed $20,000 for the first time. Since then, MK has written nearly 1,000 articles for publications covering all cryptocurrency-related news, preferring NFTs, metaverse, web3 games, fundraising, crime, hacking, and cryptocurrency ecosystem stories. MK holds a graduate degree from New York University’s Science, Health, and Environmental Reporting Program (SHERP) and has also covered health topics for WebMD and Insider. X You can follow MK at @MManoylov and on LinkedIn.