The collapse of the top digital currency exchange is imminent
According to Iran Economist and quoted by Crypto, this digital currency exchange based in San Francisco has fallen to the 14th place due to the decrease in the volume of transactions, while it was in the 4th place last year.
Coinbase shares have fallen more than 80% from their record highs. In the first quarter of the year, the company lost $430 million to its shareholders and announced that it will lay off 18% of its employees in June after the success of the 2021 bull market with big earnings.
Jim Chanos, one of the most famous activist investment managers who predicted the collapse of Enron, one of the largest companies in the energy industry, in the early 2000s says that his opinion of Coinbase is bearish due to the decrease in fee income. .
Coinbase is facing increasing competition on its home turf as Binance US, the American subsidiary of the global cryptocurrency giant, recently introduced zero-fee transactions to attract more customers and chip away at the market leader’s market share.
High transaction fees were Coinbase’s revenue, but the exchange is losing its luster. Coinbase charges some traders as much as four percent, and its competitors can offer much lower fees by relying on other revenue streams.
The total value of the global digital currency market is currently estimated at 929.36 billion dollars, which has increased by 0.44% compared to the previous day. Currently, 42.51% of the total digital currency market is owned by Bitcoin, which has increased by 0.14% in one day.
The total volume of the digital currency market in the last 24 hours is 61.89 billion dollars, which has decreased by 14.74%. The total volume in decentralized finance is currently $6.14 billion, which is 9.92% of the total 24-hour cryptocurrency market volume. The volume of all stablecoins is now $56.30 billion, which is 90.98% of the total 24-hour cryptocurrency market volume.
Cryptocurrency price update (up to 07:35 AM ET)
This category contains the price changes of the 10 largest digital currencies in terms of market capitalization.
1- Bitcoin
Price: 20 thousand 705.95 dollars
Price changes in the last 24 hours: 0.02% decrease
Price changes in the last week: 1.06% increase
2- Ethereum
Price: $1,219.53
Price changes in the last 24 hours: 0.03% increase
Price changes in the last week: 2.01% increase
3- Binance Coin
Price: $237.02
Price changes in the last 24 hours: 0.25% decrease
Price changes in the last week: 0.38% increase
4- Tether
Price: $0.9997
Price changes in the last 24 hours: 0.00% increase
Price changes in the last week: 0.03% increase
5- Solana
Price: $37.08
Price changes in the last 24 hours: 0.18% increase
Price changes in the last week: 0.07% increase
6- Cardano
Price: $0.4379
Price changes in the last 24 hours: 0.18% decrease
Price changes in the last week: 0.56% decrease
7- Ripple
Price: $0.3361
Price changes in the last 24 hours: 0.64% increase
Price changes in the last week decreased by 1.83%
8- Polka dot
Price: $6.74
Price changes in the last 24 hours: 0.13% decrease
Price changes in the last week: 0.45% increase
9 – USD Coin
Price: $1.00
Price changes in the last 24 hours: 0.00% decrease
Price changes in the last week: 0.01 percent decrease
10- Dogecoin
Price: $0.06248
Price changes in the last 24 hours: 0.44% decrease
Price changes in the last week: 0.20% increase