Crypto Continues Unraveling - Coinbase Takes a Big Hit

 For Q1 2021, Coinbase, the largest US crypto exchange, had earned $387.7 million. 

That was then.

As The Wall Street Journal reports, for Q1 2022, it had a $429.7 million loss. Its revenue primarily comes from transactions and both users and volume of trading activity are both down. The reason is that for now investors have backed off from dealing in speculative assets. The entire crypto industry has been hit. 

For Q2 2022 Coinbase doesn't expect things to get better. Its longer term plan is diversification such as into NFTs. 

Yesterday Coinbase closed at 72.99, down 10.52%. Its 52-week high had been 368.90.

Connect with Editor-in-Chief Jane Genova at janegenova374@gmail.com

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