Research: Coinbase U.S. Dollar Volume Hits One-Year Low in Third Quarter of 2018
In the third quarter of 2018, San Francisco-based cryptocurrency exchange Coinbase’s U.S. dollar volumes hit a 1-year low, according to a recent analysis of Diar published October 8.
According to the diagram below, in the third quarter of 2018 the U.S. dollar volumes on Coinbase dropped to the lowest level during the past year. Compared to the same period last year, the trading volume of Bitcoin (BTC) is currently slightly higher, around $5.4 billion versus compared to $4.6 billion in 2017. The trading volume of Ethereum (ETH) and Litecoin (LTC) represents the greatest slump.
Performance of another major crypto exchange, Bitstamp, is somewhat better. The trading volume of BTC is around $4.4 billion, while in the same period last year it was at around $4.6 billion. ETH trading volume has risen twice and is currently $669.1 million compared to $322.8 million in September last year. The most significant drop of the year is represented by LTC, with a current volume of $113.4 million against $266.2 million last year.
While trading volumes may be low on the exchange, Coinbase has been actively diversifying and expanding its services. Last month, the exchange rolled out a new update called “Coinbase Bundles,” which is designed to simplify cryptocurrency trading. The Bundle consists of five cryptocurrencies supported on Coinbase; BTC, ETH, LTC, BCH, and LTC.
Coinbase also announced a new process that will allow it to list more digital assets faster. However, the process refers only to digital assets that are compliant with local law, which means that certain assets listed on the platform may only be available to customers in particular jurisdictions.
Last week, Cointelegraph reported that Coinbase is reportedly finishing negotiations that would value the company at $8 billion. Coinbase is purportedly in talks with Tiger Global and its shareholders regarding a possible $500 billion investment. The sources reportedly said that Coinbase would add $250 billion to its treasury, while another $250 million could be slated for buying out existing investors.