Coinbase Tidal Deposit Wave: Over $1 Billion Bitcoin, Crypto And Cash Inflows In 48 Hours
Amidst the coronavirus pandemic, more individuals turn their eyes towards the crypto industry. Bitcoin has been seen as a safe haven these days, despite the massive fall in price from the past month.
When BTC crashed by more than 50%, the crypto industry was terrified, and some analysts even believed that this would be the end of Bitcoin and crypto.
But the projects behind the coins continue, and the crypto market is making considerable efforts to recover.
At the moment of writing this article, Bitcoin is trading in the green, just like the most important coins in the market.
BTC is priced at $6,928.25, and the coin seems to be racing towards $7,000.
Coinbase witnessed a tidal wave of deposits
According to the latest data revealed by the online publication the Daily Hodl, the leading US crypto exchange Coinbase said that it witnessed a tidal wave of deposits in the 48 hours after Bitcoin’s crash on March 12th.
The exchange said that $1.3 billion in cash and crypto deposits flowed into the exchange in that time period – it’s important to mention the fact that this is five times the average.
More than that, it’s been also revealed that Coinbase recorded a 2x increase in new-user signups, a 3x increase in trading users, and a 6x increase in total trading volume.
“But beyond just a rush, two things are clear: customers of our retail brokerage were buyers during the drop, and Bitcoin was the clear favorite,” according to the official data coming from Coinbase’s blog.
The same blog post continued and explained that “Our customers typically buy 60% more than they sell, but during the crash this jumped to 67%, taking advantage of market troughs and representing strong demand for crypto assets even during extreme volatility.”
Coinbase made headlines earlier after it’s been revealed that CEO Brian Armstrong addressed his Google/Amazon attitude that made the exchange what it is today.
Brian Armstrong is the co-founder and CEO of Coinbase, one of the largest crypto exchanges in the world (its reported Coinbase holds 966,230 Bitcoin ($7B) in Cold Wallet). Prior to his involvement with the blockchain and Coinbase, Armstrong worked at Deloitte and Touche as an Enterprise Risk Management Consultant.
CoinMarketCap is a website that provides cryptocurrency market cap rankings, charts, and more. It was purchased by Binance for $400M in 2020.
Coinbase is a digital currency exchange headquartered in San Francisco, California.
Andreas Townsend Author
I am a technical writer, author and blogger since 2005. An industry watcher that stays on top of the latest features, extremely passionate about finance news and everything related to crypto.