Coinbase Stocks Lose 70% Of Its Value Since March

Coinbase reported first-quarter earnings on Tuesday, May 10, showing that the stock has lost more than 70% of its value since March. Bitcoin is also down 30% this year and is currently sitting around $30,000.

Coinbase’s usage has also declined, with retail transactions falling from 11.4 million to 9.2 million since the fourth quarter. Trading volume has also dropped from $547 billion to $309 billion.

Since last year, the company’s revenue has been down 27%, with a net loss of $430 million. With all of that said, Coinbase doesn’t seem worried about the long-term.

“We believe these market conditions are not permanent and we remain focused on the long-term,” the company wrote in a letter to shareholders.

“While we continue to invest and enhance our core investment platform, the application era of crypto is upon us, led by NFDs and decentralized finance, and we are increasingly focusing our efforts on these market opportunities.”

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