Coinbase Global Inc (NASDAQ:COIN) took a 16% clobbering on Monday in response to a broader sell-off of technology stocks and collapsing bitcoin spot price.
The Nasdaq-listed cryptocurrency exchange, which primarily generates revenues from bitcoin trades, posted strong second-quarter financials on Friday.
But broader anxieties around a US recession, coupled with a multi-trillion-dollar sell-off of US tech stocks, has kept the stock from remaining well bid amid general market turmoil.
Bitcoin has been particularly hard hit by the global risk-off pivot, having plummeted to a six-month low against the US dollar on Monday.
The BTC/USD pair fell as low as $49,000 – 16% belo Sunday’s closing price – before buying pressure pushed the pair back above $51,000.
Coinbase shares were swapping for $175 at the time of writing.