Coinbase Is Freefalling, Losing Popularity During The Bearish Cycle

The largest cryptocurrency broker and wallet, Coinbase, is reportedly in a bad period ever since Bitcoin became old news.

What was a while ago a favorite question – “Do you have a Coinbase account?”- is now far from reality and a downward trend. This one little detail separated the people who knew what was going on and the ones who didn’t.

If we see the statistics, it is easy to see that Coinbase became the top trending app in Apple’s App Store in November 2017 right before the peak period for Bitcoin. Back then, the app beat apps like Wemo, Hooked, Hallmark Movies Now and even the well-known seasonal Christmas Ringtones.

Ten days later, Coinbase got to the number one place in Apple’s App Store, beating the giants including YouTube, Facebook Messenger, Instagram, Snapchat, Amazon and many others. With 100,000 new users per day, the app was steadily growing.

And while everyone was going insane about cryptocurrencies at the end of 2017, it seems that there are no people interested for them now – at least no new traders. The things have changed and along with Bitcoin, Coinbase started freefalling as well.

Despite their moves to diversify the services over the past few months – with launching Coinbase Custody and rebranding GDAX to Coinbase Pro – now Coinbase is in the blue.

Coinbase Custody is officially open for business, providing secure storage of crypto assets for institutions in both the US and Europe. Before the end of the year, we hope to bring this offering to Asia as well. https://t.co/KDtMQ5TT3B

— Coinbase (@coinbase) July 2, 2018

Last month, Coinbase launched the Coinbase Index Fund, opening up for investments from $250,000 to $20 million. The company also increased the physical presence around the world and opened new offices in Japan and Portland, Oregon.

Even though the app is dropping popularity on Apple’s App Store, it is evident that Coinbase isn’t showing any signs of slowing down anytime soon.