Coinbase on 21 February reported fourth-quarter results that beat estimates, and said the crypto market had “improved” so far in the first quarter but that the rest of the year remains cloudy.

The crypto-trading platform reported a fourth-quarter net loss of $557m, or $2.46 a share, compared with a profit of $840m, or $3.32 a share, in the same quarter in 2021. Revenue came in at $629m, compared with $2.49bn in the prior-year quarter. Trading volume fell to $145bn during the fourth quarter.