Trading activity on Coinbase International hits new heights with $6.23B record

Trading activity on Coinbase International hits new heights with $6.23B record - African News - News

Record-Breaking Daily Trading Volumes and Rally in Coinbase International Exchange

March 2023 has been a remarkable month for Coinbase International Exchange, with daily trading volumes consistently surging above the $1 billion mark. This trend was only disrupted five times throughout the month, when the figures fell below this threshold. The significant uptick in trading volumes culminated in a record-breaking daily trading volume of $6.23 billion on last Wednesday, as indicated by data from The Block Data (Source).

Coinbase International Daily Volume Source: The Block Data

Coinbase International caters to non-U.S. customers in select jurisdictions, offering institutional clients access to over 30 perpetual futures and spot markets (Learn More). A spokesperson for Coinbase attributed this growth to the market’s response to having a trusted and compliant international trading platform. The exchange is capitalizing on this demand, aiming to fuel further expansion.

Surge in Coinbase Share Price

In addition to the surge in trading volumes, Coinbase has also experienced a sharp increase in its share price. Over the last 24 hours, the stock price rose by over 10%, reaching upwards of $280 per share as of March 26, according to data from TradingView. This rally is in line with the overall cryptocurrency market’s performance, which has seen its market capitalization grow by over 61% since the beginning of the year.

While the current share price marks a positive trend, it still falls short of Coinbase’s all-time high of $342.98, recorded in November 2021. The increase in share price and trading volume on Coinbase International Exchange underscores the growing activity and interest in the cryptocurrency market, as well as the exchange’s significant role in facilitating international trading for its clients.