Coinbase's Stock Slides Nearly 30% as Bitcoin Tanks
Coinbase's stock has plummeted by almost one-third over the past two weeks to a low of about $201, mirroring a nosedive in the price of Bitcoin. The world’s largest cryptocurrency dropped 17% to a low of about $79,000 over the same period, before rebounding to almost $84,000. The correlation between Coinbase's market performance and Bitcoin is so high that even analysts are surprised by any other outcome.
- As fintech firms continue to navigate the complexities of crypto trading, it's clear that the industry's fortunes are inextricably linked to the whims of cryptocurrency prices.
- Can Coinbase and its competitors regain their footing in a rapidly shifting market, or will the lingering uncertainty surrounding Bitcoin's future value forever hold them back?