Why Coinbase Stock Traded Higher Today
Shares of cryptocurrency-exchange company Coinbase Global (NASDAQ: COIN) traded modestly higher on Tuesday after the company updated investors on its hiring plans. Spoiler: It's slowing down. And that's something the market is viewing in a positive light. As of 10:15 a.m. ET, Coinbase stock was up 5%.
Coinbase reported financial results for the first quarter of 2022 on May 10 and the report showed a slowdown in its business. Monthly transacting users fell to 9.2 million from 11.4 million in the previous quarter -- a 19% sequential decline. And quarterly trading volume of $309 billion was the lowest in over a year.
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Source Fool.com
