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Coinbase Q2 2023 Outlook Highlights Potential Market Trends for Crypto Investors and Traders

Coinbase has released its Q1 2023 Shareholder Letter, which includes its Q2 2023 outlook. The average crypto market cap in April 2023 was $1.3 trillion, up 17% from Q1's average, but crypto asset volatility was 25% lower. Coinbase generated approximately $110 million in total transaction revenue in April 2023. For Q2 2023, Coinbase expects a sequential decline in subscription and services revenue due to a decline in the USDC market cap, and a sequential increase in General and Administrative expenses due to higher legal expenses, rent expenses, and Sales and Marketing expenses associated with their NBA partnership.

(By Siamak Masnavi)

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