Coinbase’s Bitcoin Market Share Climbs To 60%
Coinbase has seen a significant increase in its Bitcoin market share over the last three months, with its share rising from 47% to 60%.
This increase is attributed to Coinbase’s role as a custodian for 8 of the 11 newly approved Bitcoin ETFs. Coinbase currently serves as a custodian for Bitcoin ETFs by BlackRock, Grayscale, Ark 21Shares, and Franklin Templeton.
With the anticipated release of Spot Ethereum ETFs, Coinbase is expected to expand its crypto ETF custodian services.
However, the surge in Coinbase’s Bitcoin market share also impacted its services, leading to a massive outage.
Coinbase CEO Brian Armstrong blamed the outage on the unforeseen surge in cryptocurrency market activity and the rally in Bitcoin prices.
The Coinbase app crashed, and Bitcoin experienced a sharp decline from $64,000 to $59,000, indicating a 9% swing. This sudden pullback was believed to have been influenced by the outage on Coinbase, leaving users with a $0 balance in their accounts.
(With inputs from Shikha Singh)
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