{"id":36919,"date":"2022-09-30T11:17:24","date_gmt":"2022-09-30T15:17:24","guid":{"rendered":"https:\/\/coinscreed.com\/staging\/?p=36919"},"modified":"2022-09-30T11:17:27","modified_gmt":"2022-09-30T15:17:27","slug":"coinbase-stock-sees-decline-amidst-other-crypto-stocks","status":"publish","type":"post","link":"https:\/\/coinscreed.com\/staging\/coinbase-stock-sees-decline-amidst-other-crypto-stocks\/","title":{"rendered":"Coinbase Stock sees decline amidst other crypto stocks"},"content":{"rendered":"\n
The stock prices of various publicly traded companies and even that of cryptocurrency exchange<\/a> Coinbase incurred a heavy decline on Friday morning.<\/h5>\n\n\n\n
\"\"
Coinbase Stock sees decline amidst other crypto stocks<\/figcaption><\/figure>\n\n\n\n

A less-than-bullish recommendation from Wells Fargo and critical remarks from renowned short-seller Jim Chanos contributed to the over 8% decline in Coinbase stock.<\/p>\n\n\n\n

The stock prices of several other publicly traded businesses\r\n \r\n \r\n \r\n <\/g>\r\n \r\n \r\n \r\n <\/clipPath>\r\n <\/defs><\/svg><\/span><\/a> that are close to the Bitcoin ecosystem, like MicroStrategy and Block Inc., also increased.<\/p>\n\n\n\n

Block's shares (SQ), which were selling at $164 at the beginning of the year, decreased by 5.37% on Thursday, closing the trading session at $55.90.<\/p>\n\n\n\n

The price of MicroStrategy (MSTR), which was above $550 in January, dropped by 3.92% to close at $211.82 before climbing to $214 on Friday morning.<\/p>\n\n\n\n

COIN instantly decreased from $64.65 to $60.76 at the opening of today. Since then, the stock <\/a>has made some progress and is currently trading at about $62.<\/p>\n\n\n\n

According to a CNBC report, Wells Fargo claimed that the San Francisco-based business now faces more competition from firms like FTX and Binance.<\/p>\n\n\n\n

According to a research note by Wells Fargo analyst Jeff Cantwell, Coinbase will inevitably face downward pressure in the present bear market and will sell its COIN holdings for a fixed price of $57, which is over 83% less than its all-time high of $342 in April 2021.<\/p>\n\n\n\n

Cantwell claims that this is a “reasonable value, in our view, for a high-quality company, but one that works in a sector with increasing price pressure, competition, and regulation, as well as an ambiguous road to sustainable profitability<\/a>.”<\/p>\n\n\n\n

Coinbase, which earns revenue through fees that users pay when they trade Bitcoin and other cryptocurrencies, reported a net loss of over $1 billion in the second quarter of 2020, marking the company's second consecutive period of declining revenue. The exchange's net income totaled 1.6 billion in Q2 2021.<\/p>\n\n\n\n

According to CoinGecko, Bitcoin is currently trading mostly sideways with a loss of 0.2% over the last day to reach a price of $19,485.<\/p>\n","protected":false},"excerpt":{"rendered":"

The stock prices of various publicly traded companies and even that of cryptocurrency exchange Coinbase incurred a heavy decline on Friday morning. A less-than-bullish recommendation from Wells Fargo and critical remarks from renowned short-seller Jim Chanos contributed to the over 8% decline in Coinbase stock. The stock prices of several other publicly traded businesses that […]<\/p>\n","protected":false},"author":12,"featured_media":36931,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[32],"tags":[150,132,1241],"class_list":["post-36919","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-crypto-exchange-news","tag-coinbase","tag-crypto","tag-stocks"],"jetpack_featured_media_url":"https:\/\/coinscreed.com\/staging\/wp-content\/uploads\/2022\/09\/image-173.png","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts\/36919","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/users\/12"}],"replies":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/comments?post=36919"}],"version-history":[{"count":0,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts\/36919\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/media\/36931"}],"wp:attachment":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/media?parent=36919"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/categories?post=36919"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/tags?post=36919"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}