Coinbase worth less than $10 billion for the first time as ‘crypto winter’ continues to set in

The punishing decline of Coinbase Global Inc.’s stock brought the company’s market value lower than $10 billion Monday for the first time since the cryptocurrency exchange went public last year.
$Coinbase (COIN.US)$ declined 8.9% Monday, pulling the stock’s market capitalization down to about $9.36 billion. That’s a far cry from the peak market capitalization of $76.9 billion that Coinbase achieved on Nov. 9, 2021, according to Dow Jones Market Data.

Monday’s action extends a rough year for Coinbase’s stock, which has lost about 84% thus far in 2022 amid what has been called a “crypto winter.” Coinbase’s woes align with a sharp plunge in the value of digital assets, though the stock has fared worse than $Bitcoin (BTC.CC)$ , which is down 66% on the year, and $Ethereum (ETH.CC)$ , which is down 70%.
Coinbase also must contend with the negative attention brought on the crypto market by the recent implosion of fellow exchange FTX, which filed for bankruptcy earlier this month after pausing customer withdrawals.
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