The share of Coinbase in the spot market fell to 6.3%

by in Cryptocurrency News

Coinbase

Since the beginning of 2022, the Coinbase cryptocurrency exchange has suffered heavy losses on many fronts. It fell to 14th place in the ranking of platforms in terms of trading volume in the spot market.

The researchers emphasized that if in January Coinbase accounted for up to 10.7% of the total turnover of digital currencies, now this share has fallen to 6.3%.

CryptoCompare analyzes the performance of 15 leading bitcoin exchanges. Coinbase suffered the biggest losses compared to its main competitors.

Not only the activity of traders collapse, but the operating income of the exchange also decreased. The collapse of the Terra ecosystem had an extremely negative impact on trade turnover and financial performance.

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Coinbase shares are down over 60% in 2022. The growth in the value of the crypto company's securities has been outlined only this week. It was 2.7% last Thursday, and shares rose in price to $96.84, according to Bloomberg.

Spot trading volume on Coinbase fell 57.2%. For comparison, the number of transactions on the Binance exchange decreased by only 12.9%.

Binance remains the largest cryptocurrency exchange in the world, with its market share rising to 54% in July.