Skip to Content
AP National Business

Coinbase loses half its value in a week as crypto slumps

KVIA
By
Published 1:05 PM

By MATT OTT
AP Business Writer

SILVER SPRING, Md. (AP) — Cryptocurrency trading platform Coinbase has lost half its value in the past week. That includes its biggest one-day drop to date on Wednesday as the famously volatile crypto market weathers yet another slump. Coinbase reported a $430 million net loss in the first quarter, or $1.98 per share, on declining sales and active users. Analysts expected profit of 8 cents per share. It’s unlikely those results surprised investors — Coinbase shares declined 43% in the four days leading up to their earnings release Tuesday. On Wednesday, its shares fell 26% to $53.72 per share. On the day the company went public just 13 months ago, prices hit $429 per share.

Article Topic Follows: AP National Business

Jump to comments ↓

Associated Press

BE PART OF THE CONVERSATION

KVIA ABC 7 is committed to providing a forum for civil and constructive conversation.

Please keep your comments respectful and relevant. You can review our Community Guidelines by clicking here

If you would like to share a story idea, please submit it here.

Skip to content