Crypto market correction

Woke up this morning to see that nearly every crypto coin is down around 30-45%. What are you doing to cope with this? I'm just sitting and watching out things unfold. I can't access my Gemini account to make any trades though; wonder if some of the downward pressure is a result of panic selling like a run on the banks. Coinbase Pro seems operational based on their status page.

Coinbase customer service is lacking

I opened an account with Coinbase in 2014 as part of a promotion to offer $5 in bitcoin to new users. I cashed it out as soon as the bitcoin hit my account. Had I held onto it, the bitcoin would be worth over $1,000 today. 

Because I used an old email address, which I don't have access to any longer, I can't log into my account. I emailed Coinbase and got a "We received your email but are currently busy with an influx of new support requests. We will get back to you in the next few days." That was a few months ago and I haven't received a response yet. 

For that reason, I decided to create an account with Gemini. With 2FA and lots of security, I feel safer using Gemini than Coinbase. How has your experience with Coinbase been?

Crypto market cap reaches $2 trillion

The entire crypto market has held steadily at $2 trillion in market cap.

Some people are saying that the biggest risk is that the U.S. bans crypto but I think that is highly unlikely. So many institutional investors are invested that the government will feel the pressure to not ban it.

In Coinbase's earnings announcement, they report $122 billion of institutional assets. Incredible.

First Quarter 2021 Estimated Results*

For the first quarter of 2021, the Company currently expects the following as of or for the three months ended March 31, 2021:

  • Verified Users of 56 million
  • Monthly Transacting Users (MTUs) of 6.1 million
  • Assets on Platform of $223 billion, representing 11.3% crypto asset market share
    • Includes $122 billion of Assets on Platform from Institutions
  • Trading Volume of $335 billion
  • Total Revenue of approximately $1.8 billion
  • Net Income of approximately $730 million to $800 million
  • Adjusted EBITDA of approximately $1.1 billion