As the popularity of cryptocurrencies — especially Bitcoin and Ethereum — surges, Coinbase (COIN) $Coinbase (COIN.US)$ is at the forefront of the cryptocurrency industry. After the company's hyped IPO, is Coinbase stock a buy or sell in the current stock market weakness?
Coinbase Stock IPO
The crypto giant launched its direct listing on the Nasdaq on April 14, pricing at 250 a share. Coinbase stock shot up nearly 72% to 429.54 before closing its first day of trading at 328.28, up 31.3%, for a valuation of $87.3 billion.
Analysts expect the Coinbase IPO to give the cryptocurrency market increased validation.
Is Coinbase Stock A Buy Right Now?
Coinbase slid over 2% Monday. The price of Bitcoin dropped to $47,600 Monday, according to Coindesk. Bitcoin hit a record high on Nov. 10 at $68,990.
For now, the stock is no longer a buy after its sharp losses in recent weeks. Wait for the stock to form a new base before purchasing shares.
Part of the content is taken from Investor's Business Daily.

There're two kinds of earthquakes. The first one is shaking up and down, and the second one is side to side. The up and down earthquake usually causes more significant damage to one's property. And the same goes for the stock market; up-down shakes cause money loss. The big shake did happen in the market on Wednesday.
Major averages fell more than 1% on Wednesday after a morning rally faded. After having advanced as much as 1.9% by late morning, the $S&P 500 Index (.SPX.US)$ gave up all its gains in the afternoon along with the $Dow Jones Industrial Average (.DJI.US)$ and $Nasdaq Composite Index (.IXIC.US)$ , which fell the most on the day. All three indexes breached key technical levels during the session.
Good luck to all the mooers, and hope you won't get hurt.