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.”
The post Coinbase Volume Increases in January As Other Exchanges Drop: JPMorgan Report Appeared First on Bitcoin Addict.