Coinbase’s stock price fell to fresh lows Monday amid broader declines in US equities.
At press time, $COIN is trading at $82.31, having hit a low of $81.84. This represents a decline of more than 20% since the start of the session.
The development comes a day before Coinbase reports its first-quarter earnings for 2022. The Q1 results will be released after the close of market on Tuesday.
Coinbase is far from alone with respect to market volatility during Monday’s trade, with major US indices all reporting declines.
The Nasdaq Composite is down just over 4% at press time, having lost 493 points since the open. The S&P 500 and DJI are down 3% and 1.8%, respectively. Today’s market action builds on declines seen last week, which observers have attributed to macro factors such as the war in Ukraine and last week’s interest-rate raise from the US Federal Reserve.
The crypto market, too, is seeing significant volatility, with particular action happening around the algorithmic stablecoin UST, which has fallen below $1 parity. Bitcoin is trading down more than 10% in the last 24 hours, and is trading at $30,560 per coin, according to TradingView.