Coinbase Is the Canary in the ‘Crypto Market Coal Mine’ — And It’s Indicating VERY Good Things

TL;DR

• This week Coinbase hit its highest share price in nearly two years, after it posted an earnings report for Q4 ‘23 with $273M of net income.

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More good news in crypto: 

This week Coinbase hit its highest share price in nearly two years.

Which may not feel like big news, but it’s a positive indication for the crypto industry as a whole.

Here’s what happened:

Coinbase posted their earnings report for Q4 2023, and for the first time in 7 quarters, they…they had net income…$273M of net income. 

Okay, so why is this a crypto-wide indicator?

Coinbase’s main source of income comes from transaction fees. 

I.e. People are buying and selling more crypto on the platform than they had been — and this was all during the last three months of 2023…

Which means we’re just getting started: 

Coinbase’s Q4 earnings report doesn't even account for the custodian fees for the 8 spot bitcoin ETFs they host, or the 20% rise in crypto market cap since the start of 2024!

This is looking like it could be a stellar Q1 for crypto, and for Coinbase. 

Yeehaw!!