Coinbase Stocks Slide Over 30% This Quarter, Matching Post-FTX Collapse Lows 📉
Shares of Coinbase, the largest US crypto exchange, have fallen over 30% this quarter amid economic concerns affecting digital assets. This marks the worst performance since the FTX collapse in 2022, reflecting a broader trend among major crypto stocks like Galaxy Digital, Riot Platforms, and Core Scientific. Bitcoin and Ethereum have also faced significant declines.
The situation is further strained by a "global trade war" escalating economic fears and pushing the S&P 500 toward its worst quarter since mid-2022. Analyst Owen Lau highlights that macroeconomic issues and potential recession risks are influencing investor sentiment, making crypto-linked stocks more volatile.
Despite a positive start to the year with Bitcoin's peak, the market struggles to regain momentum. Notwithstanding broader market downturns, the cryptocurrency sector is growing in influence in Washington. Analyst Connor Loewen notes investor skepticism, emphasizing the need for new market catalysts.
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