The past seven months have not been pleasant for the cryptocurrency industry by any stretch of the imagination. Now, a new report by Diar has shown that USD trading on Coinbase is on a steep decline. A worrisome trend which may not be turned around all that easily.
Coinbase USD Trading Dip
It was to be expected that the ongoing bearish pressure affecting the various cryptocurrency markets across the globe would eventually leave its mark on the top exchanges as well. For starters, the overall crypto trade volume has dropped from $40bn per day to just over $15bn.
Additionally, it has also become apparent that a lot of exchanges are now struggling with their daily USD trade volume.
Bitstamp is one such example. The firm’s USD volume has dropped by as much as 73% between January and July of 2018. This is also the period during which currencies such as Bitcoin have lost nearly 65% of their value.
Despite these big setbacks, Bitstamp is not the worst performing exchange over the aforementioned time frame. Coinbase, one of the worlds leading cryptocurrency exchange platforms has suffered even more, especially because of the ever reducing interest in Ethereum, Litecoin, and Bitcoin. Thankfully, a small uptrend between June and July 2018 has been observed, which may possibly hint at a more positive second half of the year when everything is said and done. However, it seems highly unlikely that Ethereum will recover from these setbacks in the foreseeable future.
Final Thoughts
Snapshots like these paint a worrisome picture for the cryptocurrency industry. At the same time, these figures are only a representation of past facts, and they do not necessarily reflect the current momentum of cryptocurrency trade worldwide.
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