Coinbase Resolves Technical Glitch Affecting Wallet Balances
Coinbase has fixed a technical glitch that caused empty balances and prevented users from creating or importing wallets. The issue, which affected Coinbase Wallet users, was identified and resolved by the company. Some users reported their balances not showing up in the wallet, but Coinbase confirmed that the problem has been resolved. Coinbase Wallet is a self-custody crypto wallet that allows users to have control over their crypto, keys, and data. The wallet supports hundreds of cryptocurrencies, popular networks, and non-fungible tokens (NFTs). It has also introduced features such as Web3 usernames and instant messaging using blockchain addresses.
Drop in Trading Volume Amid Regulatory Pressure
Coinbase reported a significant decline in trading volume for consumers and institutions in its second-quarter earnings report. Transaction volume decreased by 70% for consumers and 54% for institutions compared to the same period last year. The drop in volume was attributed to various factors, including the overall market capitalization of cryptocurrencies. Coinbase, along with other major exchanges, has faced increasing regulatory pressure, with the SEC suing the company for illegally offering unregistered securities. Despite the regulatory scrutiny, Coinbase’s stock has seen a strong rally this year, gaining 156%.
Surge in Trading Activity on Offshore Derivatives Exchange
While Coinbase’s trading volume on its main platform has declined, its offshore derivatives exchange has experienced a surge in trading activity. Coinbase International, which facilitates trading in perpetual futures contracts, has consistently surpassed $100 million in daily volumes since August 14. The exchange’s volumes are approaching $300 million per day, indicating strong demand for derivatives trading. This increase in trading activity suggests that despite regulatory challenges, Coinbase continues to attract traders and investors.
Hot Take
Coinbase’s quick resolution of the technical glitch affecting wallet balances demonstrates their commitment to providing a smooth user experience. However, the decline in trading volume on their main platform raises concerns about the impact of regulatory pressure on the cryptocurrency industry. While Coinbase’s stock has performed well this year, it remains to be seen how the ongoing legal battles will affect the exchange’s future. The surge in trading activity on their offshore derivatives exchange highlights the demand for alternative trading options in the face of regulatory challenges.
By
By
By
By
