The most recent Bitcoin price drop still leaves many people wondering what went down exactly. During this confusion and unexpected market momentum, Coinbase noted a major increase in traffic and volume.
Lower Bitcoin prices often attract a lot of attention.
Bitcoin Price Drop Helps Coinbase
With prices going as low as $3,800, it is evident that such a bargain would be too good to pass up on.
For Coinbase, this lower price has been very beneficial in different ways.
Not only did the company note an increase in website traffic, but there were also a lot more orders.
A record in transaction volume was recorded last week, which is pretty interesting.
It is perhaps that increase in volume which helped the Bitcoin price to recover fairly quickly.
With nearly $400 million in traders over a 24-hour period, the coronavirus crisis has been beneficial to Coinbase.
It is also interesting to note how other exchanges struggled to stay online during the same period.
Various platforms suffered from brief outages and a very slow overall experience.
Degraded services are absolutely unacceptable in the cryptocurrency industry.
It is one of the reasons why decentralized trading platforms are so direly needed.
Centralized trading platforms have served their purpose, but they will not take this industry to the next level by any means.
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