Waning Popularity of Coinbase Indicates Falling Interest in Cryptocurrencies

Data collated from Google Trends and PlayStore indicates the loss recognition of several cryptocurrency services including wallets and exchanges. In this regard, San Francisco-based Coinbase has clearly taken the biggest strike according to reports on Jul 10, 2018.

Falling Bitcoin Prices = Falling App Downloads

As reported by Quartz, Coinbase, the self-proclaimed “Google of cryptocurrencies,” has seen the download rankings dump to the lowest turn since Apr 2017. This might prove that a infancy of the users were captivated towards sell trade and discerning gains, instead of the underlying blockchain technology.

At the time of writing, Coinbase ranks 40th in PlayStore’s Jun 2018 list. Meanwhile, Binance has marginally forsaken from 133th in 2017 to 164th in Jul 2018, suggesting a more substantial geographic seductiveness in the latter’s service.

After Bitcoin’s duration arise in Dec 2017, which saw the colonize cryptocurrency strech $20,000 on some exchanges, cryptocurrency app downloads on mobile marketplaces reached new highs. Coinbase ranked first for most downloaded apps at the time, with Binance and Bitfinex also enjoying large traffic.

However, cryptocurrency enthusiasts have witnessed a enlarged bear marketplace since Jan 2018. Bitcoin plunged to as low as $5,500 in Jun 2018, and Ethereum, which reached $1,500 in 2017, trades at $430 at the time of writing.

The impact of a reduction essential trade marketplace is reflected by the public’s view towards cryptocurrencies, evidenced by loss download rates for the once-popular cryptocurrency apps.

Coinbase's ranking among financial apps in the US

Coinbase's ranking among financial apps in the US
(Source: Atlas)

Coinbase Building Newer Businesses

Despite the loss popularity, Coinbase continues to build different avenues of the business. The sell joined the renouned GDAX sell with Coinbase Pro in Jun 2018, presumably for augmenting liquidity, and launched the much-awaited Coinbase Custody in Jul 2018, a vigilance use for digital resources with a smallest deposition value of $10 million in digital assets.

The association claims the use is gaining traction with institutional investors, with Custody handling the homogeneous of $20 billion since inception. With all the hype surrounding cryptocurrencies and blockchain, the most essential businesses have been exchanges rather any other crypto-startup.

As per reports, Coinbase had an $8 billion gratefulness in Apr 2018, up from $1.6 billion in 2017. Additionally, Binance approximated the increase to strech $1 billion in 2018, with the undisclosed income figure tentatively much larger. Both businesses make income only around charging a price per transfer, transaction, and rumoredly, silver listings.

The Great Crypto Debate

Cryptocurrencies have faced a broadside predicament in new times after the bear marketplace and strong comments opposite the item category from worldwide authorities.

The Bank of International Settlements (BIS) stated in Mar 2018 that cryptocurrencies have fundamental shortcomings and can't duty as money, while the Bank of Finland blasted the judgment of digital income in a Jul 2018 report. Countries like India and China have probably killed off the attention with sweeping bans, with officials from the latter pledging to “crush” ICOs.

While the universe debates on either cryptocurrencies have a more poignant purpose than a small suppositional vehicle, the adults of Venezuela might reason a unconditionally different argument. The nation has faced impassioned acceleration in 2018, and a few adults depend only on cryptocurrency donations to survive.

Category: Adoption, Business, Exchange, News

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Article source: https://btcmanager.com/waning-popularity-of-coinbase-indicates-falling-interest-in-cryptocurrencies/

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