Coinbase (COIN) Drops 6% Amid Bitcoin Price Decline

Coinbase (COIN) Drops 6% Amid Bitcoin Price Decline

Bearish macroeconomic conditions have caused the stock price of digital asset exchange Coinbase to decline. The asset has historically traded alongside activity in the cryptocurrency market and other variables, causing price volatility, which is typified by dips during bear markets for cryptocurrencies and peaks during bull markets.

Moreover, more significant cryptocurrency equities have seen daily lows that ended trade and prolonged losses. Bulls believe that the $72,000 barrier will be broken during the upcoming bull phase and upward momentum. Although this is questionable, price trends and on-factors indicate that prices may rise with a possible reduction in interest rates.

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Deepening Coinbase Losses

With the highest volume in the past day, the US cryptocurrency exchange has prolonged short-term withdrawals. As cryptocurrency prices fell today, saw a 6% fall to trade at $212.31. Due to a standstill in on-chain activity, the asset’s poor performance reflects the current market sentiment.

Transaction volumes and decentralised finance (DeFi) activity decreased, affecting the exchange’s value. While monthly departures are over 10%, fell over 11% this week. These double-digit outflows impacted the traders’ optimistic expectations regarding the asset.

On the other hand, historical estimations indicate that the asset is likely to reach its peak during a bull market. This year, when the price of Bitcoin reached a new all-time high of around $73,000, the comeback in broader crypto assets caused COIN to climb tremendously. As a result, the asset reported first-quarter results that were higher than anticipated and had optimistic outlooks for the remainder of the year.

Bitcoin Stocks Stay Silent

Due to the sector correction, wider cryptocurrency equities have been at the same lows as last week, with many extending daily losses. Notable trader Peter Schiff expressed concern recently about several hedge funds shifting money away from Bitcoin and taking short positions in MicroStrategy’s holdings. MSTR lost 7.5% the previous day as significant offsets in cryptocurrency stocks resulted from Bitcoin’s decline below $61,000.

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