Coinbase has been making a lot of headlines lately. Check out the latest reports involving the crypto exchange.
Coinbase issues crypto warning
Coinbase is predicting that the downward trend recorded in the crypto market in the second quarter (Q2) is likely to continue into the third quarter (Q3).
According to Coinbase, two metrics are sending warnings on the likely fortunes of the crypto exchange during the third quarter – trading volumes and the number of monthly transacting users (MTUs).
“Soft crypto market conditions from Q2 are continuing into Q3 and are reflected in our Q3 outlook…”
The same notes reveal this:
“July MTUs declined to 8.0 million. Accordingly, we expect MTUs to be lower in Q3 compared to Q2 and for a higher portion of MTUs to be non-investing users compared to investing users compared to Q2…”
According to the very same reports:
“July trading volume of $51 billion reflected a continuation of the trends discussed above. If these trends continue, we believe Q3 will be lower compared to Q2.”
The exchange’s users are following a trend that’s established itself worldwide.
“A recent blockchain industry analysis highlighted in our revealed that worldwide long-term BTC holders (those holding BTC for more than six months) are holding approximately 77% of total BTC supply, indicating they are not selling into market volatility. We view this as a positive signal of conviction.”
BTC new $100k prediction is out
A popular analyst is impressed by how well altcoins are performing against Bitcoin (BTC). On the other hand, he still believes the king crypto can reach new all-time highs.
The anonymous host of InvestAnswers said that while 94% of altcoins are currently outperforming Bitcoin on the BTC Dominance chart, he believes they’re peaking, and BTC is primed to rise again.
At the moment of writing this article, BTC is trading in the green and the king coin is priced at $23,885.