The largest cryptocurrency exchange in the United States, Coinbase, added 100,000 new users in less than 24 hours. The main reason of this incredible situation was due to the price uprising that Bitcoin experienced during the last days.
Coinbase Is Also Celebrating Bitcoin Price Uprising
The highest the Bitcoin price is, the highest the interest on the virtual currency. Bloomberg reported that Coinbase Inc. registered a record increase on its user base: 100,000 new customers in 24 hours.
The situation was registered by Alistair Milne, a portfolio manager at Altana Digital Currency Fund. But for Coinbase, 100,000 new users are not enough. During the previous days, Milne reported an increase of 50,000 users in the exchange platform. At the moment, Coinbase has more than 11,9 million users. But this number is expected to grow in the next months owing to more interest in the virtual currency.
GDAX, the exchange platform that Coinbase owns, is the 11th trading platform in the world by volume with 204.57 million dollars traded in the last 24 hours. Bithumb, is the first trading platform by volume with 1,49 billion dollars’ volume in the last 24 hours.
Bitfinex, an important global trading exchange, decided to suspend its services for US individual customers just some weeks ago. This situation could produce a migration of the users from this platform to Coinbase. “A surprisingly small percentage of our revenues comes from U.S. verified individual accounts, while a dramatically outsized portion of our resources goes into servicing the needs of U.S. individuals, including support, legal and regulatory subjects,” the company said in an announcement.
What is Going on With Bitcoin?
Bitcoin price is growing since September because of different reasons. One hard fork happened some days ago in which Bitcoin Gold split from the original Bitcoin blockchain. Bitcoin owners had the possibility to claim the same amount of Bitcoin but in the new network separated from the older blockchain.
At the moment, individuals who own Bitcoin are waiting for the new hard fork. The next Bitcoin division will be named SegWit2x and will be in block number 494,784. This new fork will increase the size of the blocks from 1MB to 2MB. The
“GDAX will continue referring to the current bitcoin blockchain as Bitcoin with ticker BTC and the forked blockchain as Bitcoin2x with ticker B2X,” the company explains in a statement. “Any customer storing Bitcoin (BTC) on GDAX at the time of the fork will be credited with an equal amount of the Bitcoin2x (B2X) asset on the Bitcoin2x blockchain”, it finishes.
In addition to it, big investors are starting to get involved in this cryptocurrency world. Bill Miller, chairman of Miller Value Partners LLC, has invested in Bitcoin. Mike Novogratz, has also decided to invest in the famous virtual currency. More than 120 crypto-funds are operating at the moment with more than 90 of them opened just during the current year.