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.

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Annie

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Annie

Championing positive change through finance, I've dedicated over eight years to sustainability and environmental journalism. My passion lies in uncovering companies that make a real difference in the world and guiding investors towards them. My expertise lies in navigating the world of sustainable investing, analyzing ESG (Environmental, Social, and Governance) criteria, and exploring the exciting field of impact investing. "Invest in a better future," I often say. That's the driving force behind my work at Coincu – to empower readers with knowledge and insights to make investment decisions that create a positive impact.