As a rule of thumb, investment market writers should choose different sectors to cover to keep the content flow fresh and varied. However, with all eyes turning to the cryptocurrency space due to its recent conspicuous fallout, Coinbase (COIN) is now on my radar. Yesterday, blockchain miner Riot Platforms (RIOT) represented my go-to story.
Fundamentally, the backdrop presented a rough environment for the once-skyrocketing blockchain-mining industry. In particular, trading volume for major coins and tokens slumped to their lowest level of the year last month. While cryptos have incurred volume declines before, the current deterioration comes amid an incredibly challenging post-pandemic economic recovery.
