Why Coinbase Stock Was Plunging by Over 43% This Week
Like the coins and tokens it specializes in, shares of top crypto exchange operator Coinbase (NASDAQ: COIN) were really taking it on the chin this week. As of Thursday's market close, according to S&P Global Market Intelligence, the stock was down nearly 44% week to date.
No one is hot on anything related to cryptocurrencies just now.
There's a perfect storm of factors at work behind this. Global economic uncertainty and the war in Ukraine are driving people toward investments seen to be safer. Exacerbating this, the Federal Reserve's recent inflation-battling interest rate has made debt securities more attractive while at the same time making loans more expensive for businesses who need them.
Source Fool.com
