- NASDAQ:COIN fell by 8.06% during Wednesday’s trading session.
- Benchmark cryptos Bitcoin and Ethereum continue to hit new all-time highs.
- Coinbase is still reeling from its recent quarterly earnings report.
NASDAQ:COIN extended its two day slide on Wednesday amidst a pullback for the broader markets. Shares of COIN fell by 8.06% and closed the volatile session at $328.60. The stock has seen its share of ups and downs this year, but was recently climbing back to new highs amidst a surge in the crypto markets. On Wednesday, all three major indices fell once again as higher than expected inflation data caused the 10-year treasury bond yield to jump. The NASDAQ was the index that was hit the hardest dropping 1.66% by the closing bell.
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The slide in Coinbase’s stock comes at a time where Bitcoin and Ethereum, amongst other cryptos, are pushing up against all-time high prices. BTC price hit $69,000 USD overnight for the first time ever, and ETH is fast approaching the $5,000 USD mark for the first time in its history. It has been a bullish outbreak for cryptos over the past month, as even alt coins like SHIB and Solana have been gaining mainstream popularity. The surging markets will most likely provide Coinbase with a more positive report for the fourth quarter. Shares of Coinbase rose alongside the crypto markets, so we could just be seeing a pull back as investors take profits from the recent bull run.
COIN stock news
Coinbase’s recent quarterly earnings report is another reason why the stock is still reeling. The company missed revenue expectations, reporting $1.31 billion compared to Wall Street estimates of $1.57 billion. Monthly active users also fell, which Coinbase attributed to declining popularity as crypto prices fell in the third quarter. Now, with the Bitcoin price on the rise again, it will be interesting to see if the MAUs will return. If so, Coinbase will likely always be tied to the price of Bitcoin and Ethereum moving forward.
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