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Bitcoin price slump triggers drop in cryptocurrency interest, data suggests

Coinbase app downloads have fallen dramatically as Bitcoin and other cryptocurrencies continue to lose value, newly released data has revealed.

Data from App Annie, which was first seen by Quartz, has shown that the Coinbase app has dropped down to 40th place for downloads of finance apps (iOS and Android ) in the US. In December, when Bitcoin hit an all-time high value of almost $20,000, the app was sitting pretty at the top of the table.

The drop in downloads of the app has been even more dramatic worldwide, as the graph below shows.

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What’s more, usage of the Coinbase app has also fallen.

coinbase app

Coinbase is one of the best-known cryptocurrency exchanges, which makes it easy for people interested in Bitcoin, Ethereum, Litecoin and Bitcoin Cash, to trade assets.

Of course, there’s also a Coinbase website, which can be used instead of the app, and other crypto exchange services, though the data does indicate that as Bitcoin and other digital currencies have dropped in value − Bitcoin is worth less than $6400 at the time of writing − interest from would-be investors has also faded.

Back in June, just after Bitcoin’s value slumped to a seven-month low, Coinbase CEO Brian Armstrong encouraged his employees to “ignore the price of crypto and the headlines which will inevitably start to come up”.

He tweeted: “When there is hype, people are irrationally exuberant. When there is despair, people are irrationally pessimistic. Neither is true. Reality is always somewhere in the middle, more correlated with real usage (transactions per day) than the price.

“After many years of this, I’ve come to enjoy the down cycles in crypto prices more. It gets rid of the people who are in it for the wrong reasons, and it gives us an opportunity to keep making progress while everyone else gets distracted.”

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