According to MarketWatch, COIN prices recovered slightly to trade at $41.36 during after-hours trading.
Furthermore, Coinbase shares fell to $40.64 on Monday, marking a collapse of 88.6% from its all-time high until a new historical low daily close.
In November 2021, Coinbase shares peaked at around $357 during the peak of the cryptocurrency market.
Coinbase stock price falls
MarketWatch reported that the fall in Coinbase shares reduced the company’s market value below $10 billion for the first time since it was made public. The cryptocurrency company had been worth as much as $76.9 billion since going public, he added.
According to Bloomberg, Coinbase has 14 buy ratings, 12 hold ratings, and six sell ratings. On November 18, Bank of America downgraded Coinbase shares to neutral.
CNN reports that the biggest COIN holders are The Vanguard Group, Ark Investment Management, and Blackrock Fund Advisors.
Coinbase posted a 50% revenue loss in the third quarter compared to the same period in 2021. The firm derives up to 85% of its revenue from industry-standard transaction fees.
Coinbase was not the only cryptocurrency company to see its shares fall as mining companies took the hardest hit.
Marathon Digital Holdings is down 17%, Riot Blockchain is down 10.6%, Canaan is down 8.7%, and Iris Energy is down 18%. Furthermore, the Bitcoin investor, MicroStrategy, fell 7.6% on the day.
Grim Outlook for Cryptocurrencies
CoinShares weekly asset flows report also paints a bleak picture. On November 21 it was reported that short investment product inflows accounted for 75% of total inflows. This suggests that “aggregate sentiment was deeply negative for the asset class,” he added.
Fund inflows from Bitcoin were offset by those accumulating in products that shorted the asset. The same is happening with Ethereum which recorded record inflows into ETH shorting funds.
Additionally, total assets under management (AUM) now They are at their lowest level in two years with 22 billion dollarsCoinShares noted.
Source: Ambito
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