Spurred by rapidly rising interest rates, the cryptocurrency market drawdown in 2022 wiped out roughly $1.4 trillion of value from the asset class. Investor appetite waned as they sought out safer places to park their capital in a period when uncertainty was elevated. Additionally, the failures of multiple major crypto firms shined a spotlight on just how much the regulatory framework needs to improve.
One of the most popular cryptocurrency companies, Coinbase Global (NASDAQ: COIN), saw its shares crater by 86% last year. And although the stock is up 78% in 2023 (as of this writing), it is still well off its all-time high. Does this mean now is a good time for you to buy the dip?
Let's take a closer look.
Source Fool.com