Coinbase (NASDAQ: COIN), one of the world's largest cryptocurrency exchanges, reached a peak valuation of nearly $77 billion on Nov. 9, 2021. But today, it's only worth about $11 billion. It lost 85% of its value as rising interest rates, regulatory threats, and the failures of several high-profile tokens and exchanges crushed the cryptocurrency market. Bitcoin (CRYPTO: BTC) and Ether (CRYPTO: ETH), the world's two largest cryptocurrencies, have both lost nearly 70% of their value after reaching their own all-time highs at roughly the same time as Coinbase's stock.

Last June, Coinbase CEO Brian Armstrong bluntly admitted that a new "crypto winter" had started and began to rein in the company's spending.

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Source Fool.com