Cryptocurrency trading and investing platform Coinbase Global, Inc. (COIN) offers users the ability to buy, sell, and exchange over 100 tradable cryptocurrencies. The stock has declined 16.9% over the past month and 78% year-to-date.
A massive crypto sell-off on fears over the Fed’s steep interest rate hikes and consequent decline in retail transactions led to COIN witnessing this poor performance. The largest cryptocurrency by market capitalization, Bitcoin lost 37.3% in June, the biggest monthly price drop since 2011. This triggered job cuts across the crypto industry.
