Could Coinbase’s Position as a Major Crypto Player Be Undermined?

Could Coinbase lose its position as the Western Hemisphere’s leading digital currency exchange?

Coinbase Has Reached Rock Bottom

The crypto exchange is frequently recognized as one of the world’s largest and most popular crypto trading companies. It was also the first digital currency exchange to go public, having debuted on the Nasdaq in April of last year. Things were looking great for the exchange, and many believed it would reach a high unprecedented in the crypto space, but now it appears like things are coming apart for Coinbase, and it may take some time for the organization to fully recover.

With the crypto crisis affecting every digital currency company, it’s not unexpected that Coinbase has been hit as hard as it has. When the company first emerged on the public exchange in April, stock shares began trading for about $300 each, but those shares have subsequently fallen into the $50 level. Given that the corporation is so inextricably linked to bitcoin, it seems to reason that the digital currency exchange will follow suit.

Furthermore, the crypto market is losing value like never before. The crypto industry has lost more than $2 trillion in value since the beginning of the year. Bitcoin, the world’s most valuable digital currency by market capitalization, has lost 70% of its value after reaching a new all-time high in November of last year (the asset peaked at $68,000), and other assets, such as Ethereum, have followed suit.