Coinbase (COIN) Drops 6% as Bitcoin Price Drops
Digital asset exchange Coinbase has seen a decline in its stock price due to bearish macroeconomic factors. Historically, the asset has been traded on activities in the crypto market, among other factors. This leads to price volatility characterized by dips in crypto bear seasons and peaks with bullish outlooks.
Broader crypto stocks also faced daily lows to extend previous losses. However, bulls think that the next bull phase and upside swing will break the $72,000 barrier. While this is uncertain, factors and the price trend point to a rebound in prices along with a potential interest rate cut.
Coinbase Losses Deepen
The largest crypto exchange by volume in the United States has expanded short-term outflows over the past 24 hours. COIN It traded down 6% today at $212.31 as crypto prices fell. The asset’s weak performance reflects current market sentiment due to the halt of on-chain activity.
As a result, transaction volumes and decentralized finance (DeFi) activities decreased, affecting the value of the stock market. This week, COIN gained over 11% in value, while monthly outflows were over 10%. These double-digit outflows influenced traders and their bullish bets on the asset.
However, according to previous estimates, the asset has a tendency to reach highs during the bull season. This year, COIN has experienced an astronomical rise due to the recovery in broader crypto assets, while the price of Bitcoin has reached an all-time high of over $73,000. This led to the asset reporting better-than-expected earnings in the first quarter and positive forecasts for the rest of the year.
Crypto Stocks Remain Dormant
Broader crypto stocks remain as low as last week, with many daily losses compounded by the industry correction. Recently, a well-known trader, Peter Ship He raised concerns about some hedge funds moving funds from Bitcoin and shorting positions in MicroStrategy’s assets. MSTR is down 7.5% in the last 24 hours as Bitcoin price drops below $61,000, causing major declines in crypto stocks.
So read: Bitcoin Price Is Affected by 3 Liquidity Factors, Here Are They All?
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David is a financial news writer with 4 years of experience in Blockchain Technology and Cryptocurrencies. He is interested in learning about emerging technologies and has a talent for keeping up with breaking news. Staying on top of trends, David is knowledgeable about regulations, partnerships, crypto assets, stocks, NFTs, etc. He reported in various fields such as. Away from the financial markets, David cycles and rides horses.
The content presented may contain the personal opinion of the author and is subject to market conditions. Do your market research before investing in cryptocurrencies. Neither the author nor the publication accepts any liability for your personal financial loss.
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