Ethereum

Cryptocurrency

COIN

April

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 <p class="paragraph">Coinbase (NASDAQ: COIN) lost around half of its trading volume year-to-date (YTD), as an effect of the extended <a rel="noopener noreferrer nofollow" title="crypto" href="https://thebittimes.com/tag/crypto.html">crypto</a> <a rel="noopener noreferrer nofollow" title="winter" href="https://thebittimes.com/tag/winter.html">winter</a>, and regulatory pressure exerted over the largest <a rel="noopener noreferrer nofollow" title="crypto" href="https://thebittimes.com/tag/crypto.html">crypto</a>currency exchanges. Trading volume accrued for the most part of COIN’s total revenue in 2023 Q2.</p>
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 <p class="paragraph">Notably, Coinbase registered $76 billion in spot trading volume in 2023 Q3, a drop of 47% from the $144 billion registered in both the last quarter of 2022 and the first quarter of 2023, according to data by CCData, reported by <em>Bloomberg</em> on October 11.</p>
 <p class="paragraph">This current spot trading volume marks a 12-quarter low for Coinbase, considering the $87 billion estimated in 2020 Q4, a few months before COIN’s listing on Nasdaq.</p>
 <p class="paragraph">Moreover, the downtrend in Coinbase’s operational volume follows the <a rel="noopener noreferrer nofollow" title="stock" href="https://thebittimes.com/tag/stock.html">stock</a> market perception of value for holding COIN shares. With subsequent worse results in each new quarter since 2021, Q4’s top at $459 billion, during the euphoric <a rel="noopener noreferrer nofollow" title="crypto" href="https://thebittimes.com/tag/crypto.html">crypto</a>currencies’ bull market.</p>
 <h2 class="wp-block-heading" id="h-coin-stock-analysis">COIN stock analysis</h2>
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 <p class="paragraph">During the second quarter, Coinbase reported that earnings from trading fees made up 54% of its overall revenue, which makes the volume metric a crucial performance indicator for COIN, heavily impacting its <a rel="noopener noreferrer nofollow" title="stock" href="https://thebittimes.com/tag/stock.html">stock</a>’s price action.</p>
 <p class="paragraph">Meanwhile, COIN is trading at $77.35 per share by press time, with 5-year losses of over 77% of its value since Nasdaq’s April 2021 listing at $342 per share.</p>
 <figure class="wp-block-image size-large"><img decoding="async" loading="lazy" width="1024" height="662" src="https://cdn.thebittimes.com/images/2023/10/12/48524ffce23e14342473f07826316007.webp" alt="COIN 5-year price chart." class="wp-image-132291" srcset="https://cdn.thebittimes.com/images/2023/10/12/48524ffce23e14342473f07826316007.webp 1024w, https://cdn.thebittimes.com/images/2023/10/12/48524ffce23e14342473f07826316007.webp 300w, https://cdn.thebittimes.com/images/2023/10/12/48524ffce23e14342473f07826316007.webp 768w, https://cdn.thebittimes.com/images/2023/10/12/48524ffce23e14342473f07826316007.webp 1536w, https://cdn.thebittimes.com/images/2023/10/12/48524ffce23e14342473f07826316007.webp 1875w" sizes="(max-width: 1024px) 100vw, 1024px">
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   COIN 5-year price chart. Source: <em>TradingView</em>
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 </figure>
 <p class="paragraph">Despite a 130% gain this year from COIN’s all-time low in early 2023, Coinbase has a challenging scenario moving forward, and recent trading volume data could have even deeper impacts on the US-based <a rel="noopener noreferrer nofollow" title="crypto" href="https://thebittimes.com/tag/crypto.html">crypto</a> exchange’s health.</p>
 <p class="paragraph">During these challenging times, Coinbase has looked into revenue alternatives, such as shorting the crypto market as part of a hedging strategy and launching its own layer-2 blockchain for the Ethereum Network, Base.</p>
 <p class="paragraph"><strong><em>Disclaimer:</em></strong><em> The content on this site should not be considered investment advice.</em> <em>Investing is speculative. When investing, your capital is at risk.</em></p>
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<p>Source: <a rel="noopener noreferrer nofollow" target="_blank" href="https://thebittimes.com/is-the-crypto-winter-coming-for-coinbase-stock-tbt66115.html">https://thebittimes.com/is-the-crypto-winter-coming-for-coinbase-stock-tbt66115.html</a></p>

Is the crypto winter coming for Coinbase stock?

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