Coinbase (COIN) Falls 6% As Bitcoin Price Dips
Highlights
- Coinbase stock dropped 6% in the last 24 hours alongside other crypto stocks.
- This follows the decline in crypto assets as Bitcoin traded below $62,000.
- Bullish action reduces but holders remain positive for a rebound.
Digital asset exchange, Coinbase has seen its stock price fall due to bearish macroeconomic factors. Historically, the asset trades with activities in the crypto market in addition to other factors. This leads to price volatility characterized by falls during crypto bear seasons and peaks with a bullish outlook.
Wider crypto stocks have also faced daily lows closing trading to extend previous losses. However, bulls opine that the next bull phase and upward swing will break the $72,000 mark. While this is uncertain, on-factors and price trend points to a price rebound coupled with a potential interest rate cut.
Coinbase Losses Deepens
The largest crypto exchange by volume in the United States has extended short-term outflows in the last 24 hours. COIN declined 6% today to trade at $212.31 as crypto prices plunged. The asset’s poor performance reflects the present market sentiments as on-chain activity stalls.
As a result, transactional volumes, and decentralized finance (DeFi) activities dropped having an impact on the exchange’s value. This week, COIN tanked over 11% while monthly exits are over 10%. These double-digit outflows affected the traders and bullish projections on the asset.
However, based on previous estimates, the asset has the propensity to reach highs during a bull season. This year, COIN soared astronomically due to the rebound in wider crypto assets as Bitcoin price hit a new all-time high above $73,000. This led to the asset posting better-than-expected earnings in the first quarter with positive projections for the rest of the year.
Crypto Stocks Remain Idle
Wider crypto stocks have remained as low as they were last week with many extending daily losses due to the industry correction. Recently, a notable trader, Peter Schiff raised concerns over some hedge funds moving funds from Bitcoin and shorting positions in MicroStrategy’s assets. MSTR plummeted 7.5% in the last 24 hours as the price of Bitcoin fell below $61,000 causing major off-sets in crypto stocks.
Also Read: Bitcoin Price Influenced By 3 Liquidity Factors, Here’s All?
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