Shares of cryptocurrency exchange platform Coinbase are trading at their lowest-ever levels after missing analyst expectations.
Total trading volume dropped from $547 billion in Q4-2021 to $309 billion, while monthly transaction users fell from 11.4 million to 9.2 million on a quarterly basis.
The bigger picture
Coinbase is down more than 70% YTD, as part of a wider sell-off in tech stocks due to rising interest rates, & cryptocurrencies being down in value recently.
What Coinbase thinks of all of this
The company reassured its shareholders that its stock should be considered a long-term investment due to how volatile cryptocurrencies are. Coinbase believes these “market conditions are not permanent.”