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Crypto exchange Coinbase profits drops 35% as retail interest slows


May 10, 2022

Might 10 (Reuters) – Coinbase Global Inc ( COIN.O) reported a 35% drop in profits for the very first quarter on Tuesday as severe market volatility drove financiers to downsize their direct exposure to dangerous properties, crimping trading volumes.

The cryptocurrency exchange operator’s trading volumes was up to $309 billion for the quarter ended March 31, compared to $335 billion a year earlier.

Retail trading volumes fell 38% to $74 billion, while institutional grew 9% to $235 billion.

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Amongst crypto properties, bitcoin made up 24% of trading volume, up from 16% in the last quarter and below 39% a year earlier. https://bit.ly/3Fww0Fs

The cryptocurrency market has actually been roiled by severe volatility due to financial and geopolitical unpredictabilities, causing a huge drop in costs of the properties just recently.

Bitcoin has actually almost cut in half from the record high hit in November in 2015 as the world’s biggest digital property ends up being a significant target of federal governments and regulators seeking to punish independently run currencies.

Overall profits of Coinbase was up to $1.17 billion in the 3 months ended March 31 from $1.80 billion a year previously.

Bottom line attributable to typical investors was $429.7 million, or $1.98 a share, for the 3 months ended March, compared to earnings of $387.7 million, or $3.05 a share, a year previously.

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Reporting by Mehnaz Yasmin in Bengaluru; Modifying by Anil D’Silva

Our Standards: The Thomson Reuters Trust Concepts.

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