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Coinbase shares have plummeted over 30%, marking the company's worst performance since the FTX collapse in late 2022. This decline is attributed to rising economic concerns in the US, including recession fears and trade tensions, prompting traders to shy away from riskier assets like cryptocurrencies. The S&P 500 Index is also on track for its worst quarter since mid-2022, reflecting broader market unease.
Bitcoin's volatility decreased in Q3, with the Bitcoin Volatility Index peaking at 2.44% in November, down from 3.25% in August. Coinbase's stock has nearly doubled this year, reaching $310.52, driven by increased trading volumes and a favorable regulatory outlook under the new administration. Analysts predict further growth, with price targets for Coinbase shares rising to $420, fueled by expectations of record trading volumes in December.
Coinbase shares plummeted 10.6% following weaker-than-expected earnings and a cautious revenue outlook, marking its largest drop since June 2023. The decline was compounded by a broader market downturn and a 2% dip in Bitcoin prices, while other crypto-related stocks also suffered losses. Analysts suggest this may present a buying opportunity for long-term investors, despite concerns over subdued trading volumes and potential impacts from lower U.S. interest rates on stablecoin revenue.
Owen Lau
People
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