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Coinbase Falls As Cryptos Take a Beating

Stock MarketsMay 17, 2021 16:55
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© Reuters.

By Dhirendra Tripathi

Investing.com – Coinbase (NASDAQ:COIN) shares fell 4% Monday as cryptos took a hammering on concerns governments and regulators would come down hard on them.

Coinbase reported its March quarter earnings, its first since going public in April, Thursday. It did not provide any revenue guidance, not a very surprising event given the volatile nature of the crypto world.

The crypto exchange earns most of its revenue through cryptocurrency transaction fees.

Both Bitcoin (BitfinexUSD), the largest cryptocurrency, and Ethereum ETH/USD, a distant second, are trading 9% lower. Dogecoin DOGE/USD, a recent favorite of crypto champion and Tesla (NASDAQ:TSLA) CEO Elon Musk, is 5% lower. BNB/USD and ADA/USD were both down around 12%.

Bitcoin slipped below another psychologically crucial mark of $44,000. It is now down by more than 44% from the $63,500 it touched just over a month ago. The crypto is also suffering from Musk's recent flip-flops who till last week was its biggest champion. He remains a fan of crypto but not so much of Bitcoin, which requires a lot of energy to mine new coins.  

The world of crypto and particularly that of Bitcoin has recently been mired in debates over its stability, energy consumption, and use by criminals.

Recently, Colonial Pipeline, the largest energy pipeline in the U.S., shut down after a cyberattack by ransomware gang DarkSide. According to Bloomberg, Colonial paid DarkSide the ransom in cryptocurrency to take back its network.

 

 

Coinbase Falls As Cryptos Take a Beating
 

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