Coinbase Stock Falls 50% From Its Highs, Time To Buy?
- Date: 01-Feb-2022
- Source: Forbes
- Sector:Financial Markets
- Country:Middle East
Coinbase Stock Falls 50% From Its Highs, Time To Buy?
POLAND - 2021/09/23: In this photo illustration a Coinbase logo seen displayed on a smartphone. ... [+] (Photo Illustration by Mateusz Slodkowski/SOPA Images/LightRocket via Getty Images)
Coinbase stock (NASDAQ: COIN) has declined by almost 30% year to date in 2022 and remains down by almost 50% from its all-time highs seen in November 2021, to levels of about $178 per share. The stock now trades well below the $250 reference price for its 2021 IPO. The sell-off comes as investors reduce their allocation to growth stocks and futuristic names as the U.S. Federal Reserves plans multiple interests rate hikes for this year. Moreover, cryptocurrency prices have also seen a reasonably sharp decline, with bellwether crypto bitcoin down almost 40% from its recent highs, likely translating into lower transaction volumes and revenues for Coinbase.
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