MTUs jumped to 11.4 million in the prior quarter, up from 7.4 million in the third base draw ; Coinbase saw a worsen in MTUs between the moment and third quarters. It besides reported net income doubled to $ 840 million in the fourth quarter compared with the prior period, or several times the year-earlier quarter, when it reported $ 177 million. The report comes after major cryptocurrencies saw a weak calendar month in December, despite an overall explosion in value in 2021. Investors blamed the year-end slowdown on concerns about cryptocurrency ‘s energy consumption and on macroeconomic factors like the rise of the Covid-19 omicron form. On the company ‘s call with analysts, CEO Brian Armstrong shot down the estimate that the sector could be entering a new “ crypto winter, “ which is basically a have a bun in the oven marketplace. Armstrong said that ‘s because of the change in significant use cases of cryptocurrency, which will make for a different resultant role than earlier cycles of crypto winters and summers. “ I do n’t expect it to be anything quite that pronounced over time, ” Armstrong said, referring to previous crypto winters.
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Coinbase warned shareholders in the previous quarter that its stock should be considered a long-run investment because its business is “ volatile. ” That world has been demonstrated in recent weeks as major cryptocurrencies like bitcoin fell amid concerns that russian troops would invade Ukraine. The incursion has besides led some analysts to question the theme that bitcoin could act as a safe-haven currency in times of geopolitical imbalance. Coinbase did warn in its letter to shareholders that 2022 will continue to have a fair come of uncertainty for its business. “ We enter 2022 with even more unknowns, which make our business all the more unmanageable to forecast, ” the company wrote, pointing to “ ball-shaped macroeconomic headwinds ” on top of irregular crypto asset prices, rising interest rates and ostentation. But, it said, on the early hand, that it sees increase opportunities and borrowing of cryptocurrency.
CFO Alesia Haas said that while Coinbase ‘s stock moves have been largely tied to changes in cryptocurrency prices, the company hopes investors ultimately take into account the ways it is diversifying its platform and decouple the two factors. She noted that Coinbase is launching a non-fungible nominal ( NFT ) platform and that NFT prices and volume are “ less correlated with other crypto assets. ” Subscribe to CNBC on YouTube. watch : Bitcoin tumbles as Russia moves troops into Ukraine
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