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Coinbase Stock Hits New Lows, Plummets 6% in Five Days

Coinbase stock (COIN) has fallen to an all-time low of $32.40 per share, dropping 6% over the past five days. The stock has recovered some and is trading at $32.65 pre-market.

This caps off what has been a brutal 2022 for Coinbase investors, with the company’s stock plummeting almost 87% over the year and over 23.19% in just the past month.

The exchange, which is currently the third-largest crypto exchange by volume traded, has been hit hard by a mixture of regulation-related fears and FTX contagion diminishing investor confidence in the sector.

Revenues at the firm have also tumbled. The company reported net revenue of $576 million for the third quarter of 2022, a 28% decline from $803 million in the previous quarter.

(by Will McCurdy)

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