Why Shares of Coinbase Global Fell Today

Shares of the large cryptocurrency exchange Coinbase Global (NASDAQ:COIN) fell 2.35% in trading today for no obvious reason other than movement in general cryptocurrency prices and the broader market. 

So what

Most stocks in the cryptocurrency space tend to move with prices for broader cryptocurrencies such as Bitcoin (CRYPTO:BTC) and Ethereum (CRYPTO:ETH), which were up today before eventually falling. As of 4:25 p.m., Bitcoin had fallen 1.8% and Ethereum had fallen 2.1%.

Last Tuesday, Coinbase reported its second-quarter earnings with adjusted earnings per share of $3.45, significantly surpassing the $2.33 consensus estimate set by analysts. Revenue of $2.23 billion also beat the $1.78 billion consensus estimate from analysts for the quarter.

Despite the positive earnings results, management’s guidance of lower trading volume in Q3 sent shares down following the beat.

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