This Is the Last Thing Coinbase Needed

It hasn't been an easy year for Coinbase Global (NASDAQ: COIN). Shares are down over 80% from their 52-week high and 75% year to date. The innovative company has a "first mover" advantage in the nascent cryptocurrency industry and serves as a "stand-in" with institutional investors, which worked in its favor while the price of Bitcoin (CRYPTO: BTC) and other cryptocurrencies surged in late 2020 and through 2021. But as Bitcoin and other cryptos have fallen from their all-time highs, investors have soured on Coinbase as well. However, even after the steep year-to-date declines, Coinbase may not be out of the woods yet, and a recent development in the space is something that potential investors looking to buy the dip on Coinbase need to consider.

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That recent development is not one driven by Coinbase itself, but rather a move by an emerging competitor, Binance.US. Binance.US announced it will eliminate trading fees on Bitcoin, in a move reminiscent of traditional brokerages eliminating commissions on buying and selling stocks over the last few years.

Source Fool.com