Crypto exchange Coinbase posts loss as trading volumes plunge

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Coinbase Global reported a loss for the second quarter on Tuesday (Aug 9), hurt by a plunge in trading volumes as this year's rout in risky assets curbed investor appetite for trading in cryptocurrencies. Shares of the company were down 6 per cent in extended trading. Investors have dumped specul

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Coinbase Global reported a loss for the second quarter on Tuesday , hurt by a plunge in trading volumes as this year's rout in risky assets curbed investor appetite for trading in cryptocurrencies.Investors have dumped speculative assets from stocks to crypto this year on fears that aggressive central bank policy tightening could tip the US economy into a recession.

That has sent bellwether token bitcoin lower and forced several companies in the sector including Coinbase - which earns the bulk of its revenue from trading fees - to cut jobs. Trading volumes slowed to US$217 billion in the second quarter ended Jun 30, from US$462 billion a year earlier when crypto's march to the mainstream attracted interest from traders.

Coinbase posted a net loss of US$1.09 billion, compared with a profit of US$1.61 billion a year earlier. One of the largest cryptocurrency exchanges in the world, Coinbase has seen its market valuation decline more than 60 per cent so far this year.

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