Cryptocurrency Market Speaks That Mysterious Tweet! Tomorrow…

Leading cryptocurrency exchange Coinbase reported user numbers that fell short of analysts’ estimates, even though it beat fourth-quarter earnings and revenue forecasts. Coinbase, which recently announced its financial data, made a mysterious share today and triggered various speculations.

Mysterious tweet from the giant cryptocurrency exchange!

After the world’s largest crypto exchange Binance, Coinbase, the most mentioned crypto exchange in the market, seems to be looking to the future with hope, even though it made a loss in the last quarter of 2022. The cryptocurrency exchange shared a short video with only a blue circle from its official Twitter account today and pointed to the date 23.02.2023.

The market began to make sense of this mysterious tweet when there were no clues except the date in the sharing of the crypto exchange. Maybe that’s exactly what Coinbase wanted. Interesting comments began to come in the comments section of the tweet. For example, Polygon (MATIC), the altcoin that has been talked about a lot lately with its partnerships and price performance, responded by implying that we are watching.

In addition, Solana (SOL) commented saying ‘WAO’, while oracle network Chainlink (LINK) marked the ‘blue circle’ by quoting the relevant post.

As it turns out, the teams of altcoin projects, which are among the followers of the crypto money exchange, hope something positive will come out for them. Maybe listing, maybe a different collaboration. On the other hand, users also tried to solve the mystery in their own way, some claimed that Coinbase would release a coin, while others predicted that there might be an airdrop. On the other hand, all of this is nothing more than speculation. After all, you will soon have the opportunity to read the details of the news from Kriptokoin.com.

Coinbase lags in revenue and earnings, but usage continues to decline

Coinbase reported user numbers that fell short of analysts’ estimates, even though it beat fourth-quarter earnings and revenue estimates. As the so-called crypto winter continues to affect the price of cryptocurrencies, revenue is down nearly 75% from a year ago. The company also reported a (unadjusted) net loss of $557 million a year after Coinbase posted net revenue of $840 million during the peak of crypto adoption.

Meanwhile, Coinbase’s user base continues to shrink. The company announced that the number of monthly transacting users (MTU) fell to 8.3 million in the fourth quarter, down from 8.5 million in the previous period. Analysts were expecting 8.22 million, according to StreetAccount. Transaction volume decreased by 9% compared to the previous quarter to $145 billion. Transaction revenue fell 12% from the previous quarter to $322 million, below the consensus of $327 million among analysts surveyed by StreetAccount.

For the first quarter of 2023, the company estimated subscription and services revenue to be between $300 million and $325 million, and restructuring expenses of approximately $150 million. With subscription and services at the center, diversifying revenue streams away from just trading fees has been a major priority for the company. Interest in products like Staking, Earn, and Custody generated over $200 million in fourth-quarter revenue.

Coinbase has gone through two major rounds of layoffs since June 2022 in an effort to cut spending to protect money. The stock market laid off 20% of its staff last month, after an 18% reduction in its workforce in 2022. Prior to Tuesday’s after-hours moves, the stock rose more than 75% in 2023 following a pullback from the riskiest stocks following the fall in crypto prices in 2022. Bitcoin, the most popular cryptocurrency this year, has risen more than 48%.