Coinbase Records A 83% Loss In Trading But Isn’t Struggling To Maintain Consumer Activity

The cryptocurrency exchange giant Coinbase is right now in the blue, mostly because of the trading activities which plummeted by 83% since the beginning of this year.

As the data from CoinApi (which is a crypto-asset research firm) noted, the USD-denominated cryptocurrency trading has plunged in 2018 – despite the growth and expansion of large crypto-to-crypto exchanges all around the world.

Coinbase, which is the most popular cryptocurrency trading platform in the US, has seen its volumes drop by 83% from their all-time highs in January 2018. In July, the exchange reported that $3.9 billion worth of trades went through it – which is down from the peak of nearly $21 billion recorded at the beginning of the year.

Bitstamp and Kraken, which are other offshore exchanges offering USD trading pairs, have also seen their trading performance plummet – however, these were less-pronounced than the one seen on Coinbase.

Binance, which is the largest order-book cryptocurrency exchange, also saw a decline in volumes in the BTC, ETH, BCH and LTC markets – falling from $17.5 billion in February 2018 – to $11.3 billion in July this year.

OKEx, as the second-largest cryptocurrency exchange in the world, attracted a surge in its trading volumes, which seems a bit strange. Between June and July, the exchange went from $2.9 billion to $5.7 billion – signifying a month-over-month increase of 97% which set the record for OKEx among the most important exchanges.

However, some analysts point out that OKEx’s surge is mostly because of Coinbase and Bitstamp’s decreased volumes. Also, OKEx supports the USD-pegged stablecoin Tether (USDT) which has issued hundreds of millions of dollars of new tokens over the past few weeks.