Coinbase Is Off To Solid Start In 2023 With More Trading Activity

Key Points:

• Coinbase is off to a “great start” in 2023 thanks to an increase in trading volume.
• Coinbase of selling unregistered securities was rejected, the company’s shares increased by 24% yesterday to their highest level in almost three months.

According to Cowen analysts, Coinbase is off to a “great start” in 2023 thanks to an increase in trading volume.

According to experts Stephen Glagola and George Kuhle, January’s total trading volume of $55 billion is a 58% increase over the previous month, and the average daily volume of $1.8 billion is the biggest since August, when it averaged $1.9 billion.

After a lawsuit accusing Coinbase of selling unregistered securities was rejected, the company’s shares increased by 24% yesterday to their highest level in almost three months.

In January, the daily average market valuation for cryptocurrencies increased by 14% to $949 billion from December.

Revenue for the first quarter should total roughly $652 million, versus Cowen’s current forecast of $518 million and the average consensus of $604 million, assuming the trade cadence continue.

DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your research before investing.

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