With Its Back Against the Wall, Should Investors Buy Coinbase Global Stock Right Now?
The stock market has tanked since the start of 2022, owing largely to the Fed's decision to raise interest rates to tamp down inflation and a string of detrimental impacts from the war in Ukraine. During times of economic instability, it's not uncommon for investors to liquidate riskier assets in favor of more secure ones like value stocks and fixed-income instruments. And at the summit of speculative investments lies cryptocurrencies.
After surging north of $60,000 toward the end of 2021, the price of Bitcoin (CRYPTO: BTC) has nosedived 55% year-to-date. The digital coin has settled at $21,615 at the time of this writing. Leading cryptocurrency exchange platform Coinbase Global (NASDAQ: COIN) has struggled as a result of the crypto sell-off, having shed 77% of its value so far in 2022. But as negative sentiment continues to dominate the industry, is now the time to double down on crypto stocks?
Let's examine Coinbase's situation in more detail to help investors decide whether or not they should buy the stock today.
Source Fool.com
