Coinbase (COIN) shares fell almost 3% into trading after the market after it reported a significant decrease in revenue in the first quarter of the year, lack of analyst estimates as markets are cooled in the midst of financial uncertainty in the US

Crypto Exchange said the recorded $ 2 billion in revenue, down from $ 2.27 billion in the fourth quarter and lower than $ 2.1 billion street stimates. The company also reported earnings per Share of $ 0.24 that was missing the average analyst estimate of $ 1.93, according to the factset data.

Trade volume dropped 10% to $ 393.1 billion quarter over quarter, and transaction revenue came at $ 1.3 billion, approx. 19% lower than in the fourth quarter.

“Q1 experienced increased average crypto-active volatility, where BTC reached a new high price at any time in January.

Analysts at JP Morgan, Barclays and Compass Point had all cut their forecasts before the earning report as the crypto trading volume slowly slowly since January in the midst of uncertainties around the future of the US economy.

Trading platform Robinhood (HOOD), whose retail -focused clientele is often compared to Coinbase’s Trader Base, reported in April a 13% decrease in transaction -based revenue.

Coinbas’s acquisition of $ 2.9 billion of derivatives exchanges derivative, but places it as the new leader in global crypto option trade, overtake binance and other rivals. The move sets the stage for a new chapter in derivative markets – one that investors will keep an eye on.

Read more: Coinbase’s $ 2.9 B. Deviating Agreement A ‘Legitimate Threat’ for peers, says Wall Street analysts

Update (May 8, 20:43 UTC): Adds additional paragraphs at the end and stock price waste.