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Why Coinbase Plunged 24.7% in January

TheMotleyFool

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Shares of cryptocurrency brokerage Coinbase Global (NASDAQ: COIN) fell 24.7% in January, according to data from S&P Global Market Intelligence.

While some had thought Bitcoin and other crypto assets might serve as a hedge against inflation, most cryptocurrencies have been trading like high-growth tech stocks. January saw inflation fears take hold of the market, but instead of increasing, Bitcoin and other crypto assets plunged during the month along with the tech sector. Since Coinbase takes a cut of trades based on the volume of crypto traded on its platform, Coinbase's stock price tends to mirror that of leading cryptocurrencies, so its stock fell as well.

Image source: Getty Images.

Source Fool.com

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