Coinbase Volume Increases in January While Other Exchanges Drop: JPMorgan Reports

Trading volume on Coinbase rose in the early weeks of 2023 while other exchanges continued to decline. According to analysts at JPMorgan, this could be a sign that Coinbase’s reputation as a trusted exchange is returning. After the fall of FTX

The US crypto exchange has seen a slight increase in average daily volume (ADV) to $1.6 billion so far in January. which was an increase of 0.3% from the previous quarter. In comparison, other US exchanges such as Kraken and Gemini were down 13% and 46% respectively, according to JPM data.

Coinbase’s slight increase in trading volume also signals a change in direction. As exchanges continue to decline in trading volume in 2022

“We think Coinbase has been building a reputation as a reputable and trusted intermediary for some time,” said an analyst at JPMorgan, “and that reputation will drive more market share as activity begins to recover.”

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