Coinbase Massively Affected by Dwindling Crypto Market
The US-based blockchain agency was previously Apple’s highest downloaded app, even topping finance charts in the American market alongside Bitcoin.
Since Bitcoin’s recent slump, the entire crypto industry has been affected, investors as well as operators. The app is now ranked at 40 on the app store, although Coinbase doesn’t believe that the decline is indicative of a failing market.
The observable decline throughout the sector has caused everyone in the industry to suffer as all shareholders deal with the aftermath of the slowing down.
Coinbase’s app download numbers dropped to their lowest levels this month after hitting the top ranking at the end of last year. Its current ranking was at its lowest since April of last year.
Previously a number one downloaded app in the US Apple App Store, the app’ rise in popularity was paralleled with Bitcoin’s high price of more than $19,000.
One of the company’s issues was a result of their lack of efficiency when dealing with user queries. A spokesman from Coinbase said that their demand increased 40-fold last year, and their transactions by 295%.
Bitcoin’s decline by just under $15,000 over 8 months also meant a decrease in traffic on Coinbase’s website. The company, based in California, originated in 2012. It now deals with BTC, LTC, BCH, and EHT in over 30 countries worldwide.
The company has a valuation of over eight billion USD, and is one of the primary players within the crypto sector.