Late Tuesday, the cryptocurrency brokerage disclosed a first-quarter loss and revenue that was down 27% year over year, below Wall Street’s expectations. Coinbase’s stock fell more than 25% on Wednesday, reaching its lowest point ever.
Coinbase’s stock has dropped more than 75% this year and is now trading at over 85% of its all-time high from November. In the last week, stocks have lost more than half of their value.
Coinbase’s stock has plummeted in tandem with the significant decrease in the value of bitcoin, ethereum, and other cryptocurrencies in recent months. In its quarterly financial report, Coinbase stated that bitcoin and ethereum accounted for nearly half of its transaction income.
Following the Consumer Price Index, bitcoin prices dipped below $30,000 on Wednesday.
Price Index report on inflation.
As a result of the volatility, Coinbase reported steep drops in the number of users, trading volume and assets from the fourth quarter.