Coinbase stock has lost almost 30% over the past three weeks as it becomes the latest target in America’s war on crypto.
Coinbase is reeling from recent regulatory action as investors are fleeing from its shares. This has resulted in company stock slumping 28.6% over the past three weeks.
On April 11, COIN was trading at a little over $70, however, it had slid to $51 in after-hours trading on May 2 following a 3% fall since the beginning of this week.
The stock is currently down almost 40% from its 2023 high of $84 on March 21 as America’s war on crypto intensifies. By comparison, crypto markets have retreated just 8.5% from their 2023 high.
Coinbase shares are now trading down 85% from their all-time high of $343 in November 2021, the same month as the crypto bull market peak.
Coinbase Downgraded
“Until the regulatory ‘rules of the road’ are better established in the U.S., the stock will remain weighed down by this high level of uncertainty.”
Coinbase stock started to suffer after the Security and Exchange Commission issued a Wells notice in late March.
Bank Stocks Plunge
PacWest, Western Alliance, and several other financial institutions slid over 20% on the day on May 2 following the seizure of First Republic Bank by U.S. financial regulators.