Earnings per share is expected to come in at US$0.97. This will mark the second straight quarter of profitability and a continued turnaround from its losses a year ago.
Broad expectations for improving macroeconomic conditions in 2024 have also uplifted market risk appetite and improved sentiments in the cryptocurrency space, which is known to be highly volatile. While the Crypto Fear & Greed Index has eased off its recent peak lately, it continues to hover in ‘greed’ territory around levels seen in late-2023.
In 4Q 2023, its institutional business represented 8% of Coinbase's transaction revenue, and institutional trading volume were up 92% quarter-on-quarter. This may help to underpin the steady growth momentum for this segment, while eyes will be on several new products, such as Coinbase One, Prime Financing products and Coinbase Cloud, to see if they can gain traction.Coinbase’s share price has retraced as much as 27% from its March 2024 peak but is attempting to stabilise lately at the upper edge of its daily Ichimoku cloud support around the US$220.00 level.
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