Bitcoin's price stabilized around the $31,000 level.
Bitcoin accounted for 24% of trading volume, up 16% from the prior quarter, but down 39% from a year earlier.
Coinbase reported a 35% slump in total revenue to $1.17 billion. The estimate was for revenue of $1.48 billion. Coinbase CEO Brian Armstrong tweeted to calm investor concerns writing, in part, "We have no risk of bankruptcy… We believe our Prime and Custody customers have strong legal protections in their terms of service that protects their assets, even in a black swan event like this."
He added, "For our retail customers, we’re taking further steps to update our user terms such that we offer the same protections to those customers in a black swan event." Trading volumes fell to $309 billion for the quarter ended March 31 from $335 billion a year earlier. Retail trading took a big hit, with volumes tumbling 38% to $74 billion, although the institutional side grew 9% to $235 billion.
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