Crypto market slackening affects demand for Coinbase app

Posted 11 July, 2018

The crypto company Coinbase reports lower demand for its exchange application amid the general market weakening.

The Coinbase app was in the top of the financial applications (by a number of downloads) last December when bitcoin hit its all-time record high. However, with the boom losing the pace, bitcoin lost practically two-thirds of its price, and thus the application fell to the 40th in the list in June.

"...consumer demand for our services increased by 40x [in 2017] and we experienced transaction volumes in November and December of that year that grew by 295 per cent," commented the company.

According to the news reports, these figures indicate inconstancy of retail traders that cover most of the market for cryptos.

The app downloads can be also affected by clients' complaints against Coinbase. Specifically, users reported to the US Securities and Exchange Commission that their funds suddenly disappeared from the accounts, while the management of the platform did not give any response.

At the same time, earlier the company CEO, Brian Armstrong stated:

"The exchange is not concerned about short-term prices and negative press, arguing that downward tendencies help rid the market of players who are there for the wrong reasons."

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11 July, 2018 16:48

← First-of-kind ICCO to take place in Malta

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First-of-kind ICCO to take place in Malta

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