It’s obvious that crypto trading is down. How much it’s down is harder to discern.
Coinbase Global Inc. averaged 3.1 million transactions a day over the past month, according to research firm CryptoCompare, down about 65% from the 8.8 million transactions it averaged at the market’s peak in November. That is largely why on Tuesday Coinbase reported a $1.1 billion second-quarter loss.
Coinbase isn’t alone of course. FTX’s average volume in the same period was down 72%, averaging only 305,000 transactions over the past month, according to CryptoCompare. Gemini Trust Co., another exchange, was down 50% to 164,000.
These transaction counts are a key barometer of momentum in the crypto markets, but they’re not easy to find. The data - called "off chain" because it's recorded internally rather than on a blockchain - is available but compiling it is difficult, even for research firms and data sites. CryptoCompare said it couldn’t, for example, pull together the numbers for the largest...
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INN caught up with cryptocurrency investment expert Dan Hoover to review the current landscape and where the market may be heading. The cryptocurrency investment marketplace has gone through severa...