Coinbase’s stock has endured a bruising few days as it has experienced a significant drop amid a downturn in the digital asset market.
On Friday (Sep, 6) the centralized crypto exchange’s share price plummeted 20% to its lowest point since February. By Monday the shares had recovered slightly up 5% after a day’s trading.
This volatility comes as investor concerns continue around faltering US and Asian markets. The health of the US economy has come into question several times over the last month, with the general technology sector feeling the squeeze.
Coinbase wasn’t the only company to feel these market pressures, as huge players in the AI technology space have seen their market cap fall in recent weeks.
At the start of September Nvidia’s stock price fell by 9.5%, wiping $278.9 billion off the chip maker’s value.
Just last month, it was announced that Coinbase had more than doubled its second quarter compared to last year despite seeing a decline in net income over the previous quarter.
The company saw $1.45 billion in Q2 revenue, but the net income has drastically fallen to $36 million compared to nearly $1.2 billion in Q1.
[Source: Readwrite]
