Coinbase Q1 results bullish implication of Bitcoin growth

Leading US exchange Coinbase has announced some impressive results from the first quarter of this year after Bitcoin’s explosive growth.

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Coinbase has posted its quarter one results and the exchange is looking at some impressive growth in the first four months of the year. The announcement of its revenue also comes a week before the direct listing on the Nasdaq and the estimation of the trading volume is also looking to be a strong indicator of the bull rally.

With estimations that the trading volume on the platform has increased by over 270%, Coinbase stands as one of the leading exchanges across the world. It is estimated that its net income is looking at around $750 million USD – a massive step up from this time last year when it posted $190 million USD in the first quarter. Bitcoin’s bull market over 2020 – which started seeing growth in April – has continued into the beginning of this year and March 2021 stood as one of Bitcoin’s strongest months. Seeing an all-time high in the third month of the year is a surprising one, given that Bitcoin typically has a bearish March.

Coinbase users so far in 2021

Not only has the bull market been good for Bitcoin price, but the rally has seen a fresh wave of investors too. This time last year, Coinbase was looking at an active user base of 1.3 million. This year, this has grown to a whopping over 6 million users.

Coinbase CEO Alesia Haas commented on this:

We have seen all time high crypto prices drive elevated levels of user activity and trading volume on our platform. Looking to full year 2021, in order to scale our operations and to continue to drive product innovation, we expect our technology and development expenses and our general and administrative expenses to be between $1.3 billion to $1.6 billion, excluding stock-based compensation, in 2021.”

While the figures and the postings so far are estimations and yet to be audited, the predicted data is bullish – a sign of the rally and the strength of the market’s growth in both attention and value. If 2021 continues its trajectory, the cryptocurrency market will likely be looking at adoption at brand new levels.

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