Coinbase News: Stock Faces Potential 20% Crash Amid Cryptocurrency Market Decline

Cryptocurrency exchange Coinbase is facing a turbulent period, with its stock prices experiencing a significant decline. The ongoing crash coincides with the broader decline of major cryptocurrencies such as Bitcoin and Ethereum.

Coinbase Stock Eyes 20% Crash as Death Cross Forms

Coinbase stock has slipped this year, erasing over $38 billion in value, amid intensifying crypto woes. The company’s share prices have plunged from a peak of $350 in November last year to $190, with technical patterns indicating further downside. The ongoing crash coincides with the decline of Bitcoin (BTC) from an all-time high of $109,400 in January to $84,400 today, and Ethereum (ETH) slipping from last year’s high of $4,100 to $2,000. The total market cap of all cryptocurrencies has dropped from over $3.8 trillion in 2024 to $2.76 trillion. Coinbase is highly exposed to crypto prices, with its business booming when prices rise and suffering when they fall.

Crypto Stocks Erase Billions as Bitcoin, Altcoins Slump

Crypto stocks are experiencing a significant free fall, mirroring the market-wide slump in Bitcoin and altcoins. Coinbase, the largest crypto exchange in the U.S., has crashed from nearly $350 per share in November to $190, resulting in a $38 billion wipeout in market cap. Similarly, Michael Saylor’s Strategy (formerly MicroStrategy) has shed billions of dollars in value, dipping from a high of $106 billion last year to $79 billion today. The company continues to accumulate Bitcoin and now holds 499,226 Bitcoins in its balance sheet. Robinhood, which has become a major player in the crypto market, has also seen its stock crash from $66.85 earlier this year to $45, erasing $18 billion in value.