Coinbase Stock Down Today, but Certainly Not Out

Popular cryptocurrency exchange Coinbase Global (NASDAQ: COIN) has certainly felt the impact of where cryptocurrency prices have headed over the past 24 hours. As of 10 a.m. EST Tuesday, Coinbase stock was down 1.5% over yesterday's close. Earlier this morning, that drop was as steep as 4%.

Cryptocurrency prices have come down considerably over the past 24 hours. Many high-profile cryptocurrencies have witnessed double-digit declines as investors price in regulatory risks as well as shifting sentiment into the valuations of anything cryptocurrency-related today.

Given the outsize decline in crypto prices, some sort of sell-off could be expected with Coinbase stock. However, it appears this company is seeing continued interest following yesterday's announcement that Coinbase co-founder Fred Ersham would be launching a massive venture capital fund with partners.

Source Fool.com