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21.05.2022 14:45:00

Coinbase Has Gotten Crushed -- Is It Time to Buy?

If you follow the large U.S.-based cryptocurrency exchange Coinbase (NASDAQ: COIN), you probably know that the stock has been getting crushed this year. Since going public a little more than a year ago, shares of Coinbase are down more than 80%. The significant decline has made the stock look cheap, now trading at less than seven times earnings.Let's look at why Coinbase's stock is down so much and whether or not it's a buy.Coinbase makes the bulk of its revenue from transaction fees on crypto trades, and most of its trades are from retail investors, so naturally, there is a strong correlation between crypto trading volume and Coinbase's revenue. In the first quarter of 2022, crypto trading volume slumped as the crypto winter took hold, and the price of cryptocurrencies significantly declined. The world's largest currency, Bitcoin, currently trades for under $30,000.Continue reading
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