Why Coinbase Global Stock Got Socked in the Mouth Today
Stocks and cryptocurrencies were strongly out of favor with investors on Wednesday. Unfortunately for crypto-exchange operator Coinbase Global (NASDAQ: COIN), it's a combination of both, as it's a publicly traded company that's reliant on the popularity of digital coins and tokens. In what hardly qualifies as a surprise, investors traded Coinbase down mercilessly, and its share price closed more than 9% lower on the day.
If cyptocurrencies as a general asset class are getting the cold shoulder from investors, you can bet your bottom Bitcoin that Coinbase is taking a hit, too.
Image source: Getty Images.
Source Fool.com
