The dark clouds of bearish momentum have been hovering over the crypto market for quite some while. The bears are dominating the market at this point, and some experts are also predicting further fall of Bitcoin before taking up the northward journey.
With this bearish market momentum, the world’s largest cryptocurrency brokerage and wallet provider – Coinbase is witnessing a considerable decline in the number of its app downloads. Back, around Nov-Dec 2017, when the crypto markets were at their peak Coinbase was the most popular and preferred choice of crypto enthusiasts with a massive inrush of new customer registrations at the platform.
This most trending app back then beat the like of Wemo, Hooked, and others. However, things have changed as of now with the declining investor participation in the crypto market. As reported by Quartz, Coinbase’s download rankings have fallen to the lowest in comparison to other U.S finance apps, since April 2017 last year. These reports are based on the data provided by the app market research site App Annie.
However, the decline in app downloads in no way provides the clear metrics on reduction in the number of trading accounts. People always have the option to trade by directly logging in to their account on the Coinbase website. But as per the traffic stats provided by SimilarWeb, there is a considerable decline in the demand of Coinbase’s online web platform. There is an 80% drop in monthly visits to Coinbase’s website from January 2018 until now.
Coinbase Still Confident of Its Future
In spite of the declining presence of users on its platform, Coinbase still remains confident of its future. Although there has been a huge correction in the crypto markets so far this year, Coinbase has been seen taking some important and bold decisions. This includes making acquisitions in the crypto space, attracting new talent from the global financial sector, showing the desire to work with the regulators, and more importantly launching new products to pull the institutional players to the cryptocurrency space.
Brian Armstrong, CEO and founder of Coinbase is absolutely not deterred with the declining crypto market. Last month on his Twitter handle Armstrong said that he is not much-worried on the short-term fluctuations and negative pressure. He thinks that the downward tendencies will, in fact, help to filter the market from players who were there for wrong reasons. Armstrong said:
“After many years of this, I’ve come to enjoy the down cycles in crypto prices more. It gets rid of the people who are in it for the wrong reasons, and it gives us an opportunity to keep making progress while everyone else gets distracted,” Armstrong posted. “We use the down cycles to build a strong foundation so we can thrive in the next growth cycle.”
It has to be noted that Coinbase’s valuations have soared by five times from last year. Last year, the company was valued at $1.6 billion and these valuations have gone to over $8 billion, as on date.