Coinbase's Stock Plummets as Crypto Market Struggles

Coinbase, one of the world’s leading crypto exchanges, has seen its stock plunge to a new all-time low due to increasing pressure from the crypto market. The exchange, which went public last year, has seen its stock price drop 87.04% to $35.00, compared to its all-time high of $268.15. The crash comes after the Central Bank of Ireland granted Coinbase permission to act as a Virtual Asset Service Provider (VASP).

The crypto market has struggled in recent months, with many tokens and companies taking a hit, including Dogecoin and Coinbase Global. Dogecoin has seen a 2.16% increase, while Coinbase Global has dropped 0.71%. The selloffs have been sparked by rising interest rates and concerns over crypto regulation, which have caused traders to lose confidence in the market.

Rumors have been spreading about a proposed $245 million coin purchase by Coinbase, causing an increase in trading volume. Day traders have taken advantage of this, seeking to capitalize on the potential for a spike in the price of the coins. However, it remains to be seen whether the purchase will go ahead, as Coinbase co-founder and CEO Brian Armstrong recently wrote a blog post about the future of crypto regulation.

The collapse of Terra Luna and algorithmic stablecoin TerraUSD in May was one of the biggest setbacks for the crypto market this year, and it has weighed heavily on Coinbase's stock. The exchange has dipped another 17% over the past 30 days, bringing its year-to-date plunge to more than 85%.

Coinbase's stock price has been hit hard by the crypto market's struggles, and there are no signs of it recovering soon. Until the market recovers and traders regain confidence, Coinbase's stock is unlikely to rebound to its all-time highs.