As its web traffic falls by nearly half, has the crypto winter sent chills through Coinbase?

The fallout from the crypto crash and the ongoing ‘crypto winter’ appears to have heavily impacted on one of the industry’s biggest exchange platforms, a new report has found.

Research from digital intelligence provider Similarweb has revealed that traffic to coinbase.com, the largest cryptocurrency exchange in the U.S., fell 45.7% in June ahead of its upcoming Q2 earnings announcement.

Coinbase made headlines last year for its reported $14 million commercial at Superbowl LVI, which showed a QR code ricocheting against the sides of a TV frame. However, this investment doesn’t appear to have driven the growth the cryptocurrency exchange would have hoped for. The report found that visits to the new accounts signup page on coinbase.com have been trending lower since mid-2021 and declined 48% year over year in June, attracting less than 500,000 visitors that month.

Coinbase was not alone in suffering a fall in web traffic thanks to the crypto crisis, with major competitors Binance and eTorro also seeing site visits decrease during the same period. However, despite the downturn, some up and coming competitors made major gains, including bybit.com (+160%), ftx.com (+122.7%), and whitebit.com (+244.7%), breaking with the industry-wide downturn.

Further compounding Coinbase’s woes, Similarweb estimates, measured by daily active users, suggests that global usage of Coinbase’s Android app dropped 22.9% year over year, indicating that the exchange is losing traction across all major platforms. 

David F. Carr, Senior Insights Manager at Similarweb, said about the findings: “Coinbase is suffering through a down market and uncertainty about the crypto market as a whole, on top of the market’s usual volatility. If the revolutionary potential of cryptocurrency and blockchain finance is all its boosters say it is, and Coinbase can just HODL (hold on for dear life), its luck may change. But Coinbase should probably plan on making some of its own luck, too, and so far it doesn’t seem to be – or we can’t see it in the traffic and engagement numbers yet.”

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Lisa Baker is the Editor of International Business News. As the Owner of Need to See IT Publishing, Lisa is an experienced business and technology journalist and publisher.