Coinbase Suffers Third Consecutive Quarterly Loss Amid Crypto Downturn

Coinbase posted its third consecutive quarterly loss due to a prolonged downturn in cryptocurrency markets.

The weakness extended a retreat from record highs reached in October, with transaction revenue dropping 21% to $599 million during the quarter.

Crypto trading volumes were affected by uncertainty over US interest rates and geopolitical tensions, as well as outflows from crypto investment products.

Analyst Jacob Zuller noted that 'this deep and sluggish crypto winter has continued to put pressure on Coinbase' and that regulatory clarity is needed.