When the cryptocurrency plummeted, the trading platform Coinbase still maintained a strong growth momentum

Despite the recent collective slump in cryptocurrencies, Coinbase, a cryptocurrency trading platform that was just listed in mid-April, has no loss of confidence in the future, and said that the growth momentum of the platform in the first quarter has not weakened.

So far, the price of Bitcoin has fallen by about 40% from its all-time high above $64,000 in mid-April to around $37,000. Shares of ethereum have also fallen sharply, down about 34% from their all-time highs this month.

Coinbase’s stock also sold off as a result. The stock is currently trading at $241.5, which is lower than the reference price of $250 when it was listed directly in April, and far below the peak of $429.54 reached on the first day of listing.

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On Wednesday, Eastern Time, Coinbase Chief Financial Officer Alesia Haas (Alesia Haas) said: "I think those who are new to this field may underestimate the volatility of this market. But cryptocurrencies are unstable, and we must Remember, this is a very young industry and a very nascent asset class. There has been a lot of volatility recently, but we've been dealing with it from the very beginning."

The total market value of global cryptocurrencies exceeds 1.1 trillion U.S. dollars: Coingecko quotes show that the current global market value of cryptocurrencies has exceeded 1.1 trillion U.S. dollars, which is currently about 1,111.926 billion U.S. dollars. [2021/1/8 15:40:31]

Earlier in May, Coinbase said that data as of early May indicated that the platform's second-quarter performance would match or exceed first-quarter performance, and that it expected trading volumes to match or slightly exceed first-quarter performance in the second quarter. quarterly level.

Haas continued that optimism on Wednesday, saying: "We're seeing momentum continue and we're seeing a lot of interest in cryptocurrencies. We shared that on our most recent earnings call, and we The growth momentum in the first quarter has continued into the second quarter, and we are optimistic that our platform data in the second quarter will reach a surprising level similar to that in the first quarter."

News | The new chairman of the Swiss Confederation takes office and is friendly to cryptocurrencies: According to Bitcoin.com, former Swiss Minister of Finance Ueli Maurer has begun to serve as the chairman of the Swiss Confederation. It is reported that in the December 2018 parliamentary elections, 201 out of 209 members of Ueli Maurer supported him as the new Swiss Confederation President. During his tenure as finance minister, Switzerland emerged as one of the most judicially crypto-friendly regions in Europe and globally. [2019/1/6]

Haas’s comments could go a long way toward boosting confidence in Coinbase stock amid a sharp pullback in cryptocurrency prices.

Recently, Wall Street investment banks, including Goldman Sachs and JPMorgan Chase, have expressed their views on Coinbase. Goldman Sachs analysts gave Coinbase a buy rating and a target price of $306.

JPMorgan Chase analyst Kenneth Worthington (Kenneth Worthington) said: "We believe that the encryption market is durable and growing, and expect Coinbase to have the opportunity to influence and benefit from this market growth in the innovation process." He It believes that Coinbase will be able to leverage its brand as a "trusted, secure, and easy-to-use exchange" to expand its user base by converting "interested" users into "active-zce" users.

"We believe Coinbase is the most popular consumer-facing cryptocurrency exchange in the U.S., as Bitcoin and other digital assets scale in the U.S. and internationally," BTIG analyst Mark Palmer wrote in the report. As it expands, it will be a major beneficiary. There are several avenues for the company to leverage its first-mover advantage as a springboard for mainstream cryptocurrency investors and diversify its revenue stream away from transaction fees.”

Author: Liu Rui

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