The stock lost 10.6%, putting it on pace for its biggest drop since June 2023, when it fell 12.1%. A broader market decline also pressured Coinbase., which is often a big influence on the price of Coinbase, slid 2% after hovering below its all-time high this week.
Devin Ryan, an analyst at JMP Securities, chalked it up to a temporary unwind in crypto-related names and called it an opportunity for longer-term focused investors in Coinbase and Robinhood. "There is a lot that's going to happen here over the next couple months – the U.S. election ramifications of that – that will be become the much bigger story for the space, not to mention the recent appreciation in crypto prices and volume could put upward pressure on fourth-quarter revenue if the trend continues over the next two months," said Ryan, who has an outperform rating on Coinbase.
‘Ghosting is the worst way': Here's how to politely decline a second date, according to a dating coachOwen Lau, an analyst at Oppenheimer with a buy rating on Coinbase, put Thursday's drop on the warning that subdued volume could persist going forward and that lower U.S. interest rates could cut into the growth of Coinbase's stablecoin revenue.