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Coinbase Sells Off Alongside Crypto. Here's Why
Coinbase Global (COIN) stock is spiraling Monday, hit by a sharp selloff in cryptocurrencies, including drops of more than 14% for bitcoin and 18% for ethereum at last check. Coinbase's stock tends to sell off when cryptocurrencies like bitcoin and ethereum lose value, because, as a marketplace, its revenue is closely tied to the trading volumes of these digital assets. "Crypto asset price risk could adversely affect our operating results," stated Coinbase in its latest quarterly filing with the Securities and Exchange Commission (SEC). "In particular, our future profitability may depend upon the market price of ... (full story)
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- Posted: Aug 5, 2024 11:15am
- Submitted by:Category: Fundamental AnalysisComments: 0 / Views: 170
