While during the last cryptocurrency bear market holders across different wallet sizes were panic-selling their assets, during this bear market, we are seeing a consistent accumulation in almost all accounts.

Nasdaq-listed cryptocurrency exchange Coinbase has reported user numbers that topped analysts’ estimates even as its third-quarter revenue missed estimates and the firm posted a wider-than-expected loss.

Cryptocurrency exchange Kraken has launched its non-fungible token (NFT) marketplace with whitelisted collections on the Ethereum and Solana networks. The marketplace is designed to be the “most secure and accessible” in the ecosystem.

Top stories in the Crypto Roundup today:

• Bitcoin Wallets of Varying Sizes Accumulating During Market Downturn
• Coinbase User Numbers Dwindle Less Than Expected as Q3 Revenue Plunges
• Crypto Exchange Kraken Launches NFT Marketplace
• Crypto Market Movers – DOGE, MASK, HT

Bitcoin Wallets of Varying Sizes Accumulating During Market Downturn

While during the last cryptocurrency bear market holders across different wallet sizes were panic-selling their assets, during this bear market, we are seeing a consistent accumulation in almost all accounts.

As detailed in CryptoCompare’s 2022 Outlook Report, Bitcoin accounts with over 10,000 BTC holdings have seen an increase which is likely a result of growing institutional adoption.

The accumulation trend is being seen even at a time in which bitcoin and cryptocurrencies have so far failed to act as an inflation hedge, bringing into question a long-proposed narrative by digital asset natives.

So far this year, both BTC and ETH have performed inversely to inflation and nominal interest rates. Bitcoin’s volatility has been steadily stabilizing in a bounded range compared to the last bear market. During the last bear market, in 2018, BTC’s average annualized volatility was 79%, while it’s now at 63%.

Read on about crypto market trading volumes, the ongoing accumulation trend, and more reading CryptoCompare’s 2022 Outlook Report: In The Midst Of Winter Q4.

Coinbase User Numbers Dwindle Less Than Expected as Q3 Revenue Plunges

Nasdaq-listed cryptocurrency exchange Coinbase has reported user numbers that topped analysts’ estimates even as its third-quarter revenue missed estimates and the firm posted a wider-than-expected loss.

In the third quarter of the year, Coinbase lost $2.43 per share, adjusted, compared to a $2.40 loss per share analysts expected. Its revenue was $590 million, below the $654 million analysts were foreseeing.

Coinbase’s revenue plummeted more than 50% year on year amid the bear market. The company wrote in its investor letter:

“Transaction revenue was significantly impacted by stronger macroeconomic and crypto market headwinds, as well as trading volume moving offshore.”

The Exchange’s user base has been declining throughout the bear market as well. Coinbase reported 8.5 million monthly transacting users (MTUs) during Q3, down from 0 million in Q2 and 9.2 million in Q1. Analysts were expecting 7.84 million users for the third quarter.

Crypto Exchange Kraken Launches NFT Marketplace

Cryptocurrency exchange Kraken has launched its non-fungible token (NFT) marketplace with whitelisted collections on the Ethereum and Solana networks. The marketplace is designed to be the “most secure and accessible” in the ecosystem.

The marketplace is, for now, only available for those who signed up to Kraken’s waitlist, although it’s set to roll out to the public “soon.”

According to the exchange, the marketplace features a “curated offering of over 70 collections that represent some of the highest trading volume in the market today.” The exchange is also offering NFT custody services, allowing users to move NFTs they already own to the marketplace.

Kraken’s marketplace features gasless transactions and aggregates NFTs listed on other platforms, while offering users a rarity score for supported collections.

Crypto Market Movers – DOGE, MASK, HT

Several tokens are leading the charge in the last 7-day period. Some of these are well-known cryptocurrencies with more liquid trading pairs, so we’ll be focusing on these over low-cap cryptos that may have higher percentage changes.

Dogecoin (DOGE) – Dogecoin is a meme-inspired cryptocurrency launched in 2013 and supported by various community members, including Tesla and Space X CEO Elon Musk. DOGE surged after Musk completed its Twitter takeover on speculation he will use DOGE in some of its features.

Mask Network (MASK) – Mask Network provides users with tools to encrypt their posts and chats on social networks, allowing only selected contacts to decrypt them. MASK surged after being included in Binance’s ‘Bluebird Index’ along with BNB and DOGE.

Huobi Token (HT) - The Huobi token allows users to receive a discount for any fees on the Huobi exchange. It’s described as a “blockchain-powered loyalty point system,” and is the only token Huobi officially launched.

State of the Crypto by Top Tier Exchange Volume

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