Why Is Coinbase Stock Trading Lower in 2021?

Coinbase Global (NASDAQ: COIN) picked an auspicious day to go public earlier this year. The leading cryptocurrency trading exchange's market debut on April 14 coincided with what continues to be the all-time high for Bitcoin (CRYPTO: BTC).

It wasn't just Bitcoin hitting a high-water mark that day; Coinbase also peaked on its first day of trading. Hitting the market at a reference price of $250, the shares nearly fetched almost $430 before going on to give back all of those upticks in subsequent months. Coinbase is essentially back to where it was when it all started, closing on Tuesday 0.3% below its $250 starting line. Bitcoin has been rallying in recent weeks, but it's still 13% below its springtime peak.

Why is Coinbase now trading slightly in the red for 2021? What has to happen for it to get back above its debut price? Let's kick the tires to see what went wrong -- and what can still go right for Coinbase in the final few months of the year.

Source Fool.com