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    Home » Coinbase loses 50% value in crypto crash
    Cryptocurrency

    Coinbase loses 50% value in crypto crash

    Kritika MehtaBy Kritika MehtaMay 12, 2022Updated:May 12, 2022No Comments2 Mins Read
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    Coinbase (NYSE: COIN), a crypto exchange platform, has plummeted 50% its value in the last week, with its worst one-day plunge on Wednesday, as the notoriously volatile cryptocurrency industry experiences yet another downturn.

    On dwindling sales and active users, Coinbase announced a net loss of $430 million or $1.98 per share in its first quarter earnings. Analysts predicted an EPS of $0.8 per share. Trading volumes were down, while active monthly users were down 19% from the previous quarter.

    Investors are improbable to be startled by the statistics, as Coinbase Global Inc.’s stock dropped by a massive 43% in the four days prior to the announcement on Tuesday. On Wednesday, the stock dropped 26% to a price of $53.72 per share. Prices reached $429 per share on the day of its IPO, which was barely 13 months ago.

    In a letter to clients, Raymond James analyst Patrick O’Shaughnessy noted that there was continuous disagreement about whether the cryptocurrency market remained in one of its regular funks or whether the post-pandemic mania was collapsing.

    “While management strongly believes the former will prove to be true, we suspect there is more than a bit of truth to the latter, particularly with crypto failing to serve as an inflation hedge thus far in 2022.”

    stated analyst O’Shaughnessy
    Crypto Crash

    Except for a few green sessions, the crypto market has been mostly in the red since December of last year. Cryptocurrencies continued to fall on Thursday and are far too low to recover anytime soon.

    This week, cryptocurrency has been hit by two forces. Concerns that inflation will necessitate aggressive central-bank tightening have sapped the desire to hold higher-risk assets.

    On the other hand, TerraUSD, also known as “UST,” fell below its 1:1 peg to the dollar this week, roiling cryptocurrency markets that were already under pressure due to falling stock markets.

    COIN stock

    The COIN stock was down by 1.87% and traded at $52.72 (down by 1.00 points) at 2:45 p.m. EDT in the market trading session today. The market capitalization of the stock stood at $13.76 billion. The share volume traded for the COIN stock 52,294,568, skyrocketing from the average share volume of 6,354,670.

    COIN stock coinbase
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    Kritika Mehta

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