Coinbase loses half its value as Crypto plunges|Marco Verch Professional Photographer|CC BY 2.0
Cryptocurrency trading platform Coinbase faced its most significant drop, losing half its value the past week, following the steady decline of the crypto market. The company just had the biggest one-day drop on Wednesday.
The loss
Coinbase announced a $430 million loss in its first quarter as sales declined, and so did the active users.
The company shared a drop of 43% in the four days leading up to its earnings release on Tuesday; shares fell further to 26%—$53.72 per share—the next day, marking its most significant loss.
On the day of its IPO a little over a year ago, prices hit $429 per share.
Analysts expect to face more losses, and the increase in crypto regulation by the government in the upcoming quarters will likely outweigh the pros in the crypto market.
