The world of cryptocurrency saw a significant development last week, and CryptoWatch brings you the top stories that center on the improvements reported by America's top crypto exchange platform, Coinbase. Alongside the massive bounce back of Coinbase, Bitcoin also flexes its massive rally, with the top coin on the market going past the $50,000 mark.
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Alongside this, the US Federal Reserve also sees how DeFi and crypto could help boost more of the US Dollar's global strength in the years to come.
In almost the entirety of the year, Coinbase saw massive struggles, but all of that paid off in the last quarter of 2023, with the company's latest Q4 2023 report sharing a massive 11 percent stock increase in the quarter alone. In the company's report, Coinbase reported bullish returns and the significant performance of its stablecoin, USD Coin (USDC), with an 18 percent increase to $171.6 million.
Coinbase's shareholder letter regarded that its total revenue for 2023 amounted to as much as $3.1 billion, net income at $95 million, and the company also reduced its debut by 12 percent or as much as $413 million.
In Q4 2023, the company saw a $273 million generated net income, with a 41 percent jump from Q3. Coinbase said that in the third quarter of that year, it saw a $2 million loss, something which its Q4 greatly got back.
Bitcoin's Future: Rallying Past $50,000 After 3 Years
André François McKenzie on Unsplash
Another struggling coin saw a significant boost at the start of 2024, especially as how it bounced back from its initial valuation at around $20,000, now rallying past $50,000 and growing. The last time Bitcoin saw the $50,000 mark was in 2021, taking it as much as three years to get back on track and grow more of its valuation, but still faces massive speculations.
In February alone, Bitcoin saw a 20 percent jump in its valuation, with its price from January seeing triple its price compared to last year's.
AFP reported that it is expected that Bitcoin will still grow in the current crypto market, centering on evolving market dynamics in the present, alongside the boost from regulatory developments.
US Dollar's Global Strength: Crypto and DeFi's Help
The United States Dollar has massive threats like the Euro and Chinese Yuan, but it does not fear any problems in the long run as the Federal Reserve Board trusts in the USD. First off, the Federal Reserve's Governor Christopher J. Waller said that the dollar remains a safe and stable form of money in the world, known as a "reliable common denominator for global trade."
Despite the ramping presence of cryptocurrency and the blockchain, Gov. Waller believes that this is not part of those threats, further claiming that it has helped the dollar in several ways already.
Moreover, there is the belief that decentralized finance (DeFi) would also help the dollar in the future, especially with the reliance on stablecoins tied to USD's pricing, with 99 percent of the crypto tied to it.
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