Topic: Coinbase Adds A Record 100,000 Bitcoin Traders In One Day (Read 294 times)

I believe this parabolic growth in coinbase users happened after they announced they are going to support 2x and their users will receive free 2x in 1:1 ratio. Coinbase didn't support the previous two forks and they were loosing a lot of customers due to that. Because who doesn't like free money anyway? I myself moved a good amount of bitcoin from my blockchain wallet to electrum just to receive free BCH and BTG. Then sold it as per the market price. No investment, no risk, it was just free money for me. I am sure coinbase was also facing the same heat and loosing customers rapidly.

So their stand to support segwit2X helped them to gain that much accounts because a lot of investors are investing heavily in bitcoin before the fork just to get the free money. That is the reason we are seeing this outstanding growth of bitcoin price. No other thing fueled that growth I believe. Even though coinbase doesn't allow users to access their private key, but online wallet provides convenience. COinbase is an old player so a lot of people trusted their email and opened accounts to receive bitcoin2x after 16th November fork.

Back in the summer of 2015, one tracked the euphoria of the Chinese stock market bubble by the number, usually in the hundreds of thousands, of new brokerage accounts that were opened on any one given day.

And while that bubble has long since burst, the tradition of measuring new account openings has remained, and nowhere more so than in the biggest momentum instruement of the day, bitcoin.

Following a 7x increase in the price of bitcoin this year alone, which earlier today topped $7,000 for the first time ever (before sliding as much as $600) the broader public is now truly on board, and as one of the world's biggest US cryptocurrency exchanges reports in its daily usage update, there were 11.9 million Coinbase users as of November 1, shortly after the CME announced it would introduce bitcoin futures by the end of 2017.



This number is notable because according to data collected by Alistair Milne, an investor in the Atlanta Digital Currency fund...



... the number of users was 11.8 million yesterady, meaning that in one day Coinbase added a record 100,000 users, i.e., bitcoin traders.



Such a parabolic shift into bitcoin will likely raise some eyebrows, not least because as Bloomberg reports, Coinbase’s GDAX platform drew scrutiny from the CFTC last month over the June 21 flash crash that erased most of the value of ether, the second-largest cryptocurrency, in a matter of milliseconds.

And another consideration: Fundstrat’s Tom Lee, who has previously called for bitcoin to hit $6,000 by the middle of 2018 and $25,000 by 2022, today turned cautious after the recent rally "on contemporaneous fundamentals."

The uberbitcoinbull says the 60% surge in the past month to over $7,000 is a result of multiple factors, including CME announcement to offer futures on bitcoin and Amazon acquiring crypto domains. As a result he recommends waiting for a pullback, and buying bitcoin in the $5,500 range. He is less concerned about the long-run, however, and sees the cryptocurrency hitting $25,000 by 2022.