In this articleCOINBTC.CM= your favorite stocksCREATE FREE ACCOUNTThe Coinbase logo is reflected on a cellphone screen in London, England, on Nov.
9, 2021.Leon Neal | Getty Images News | Getty ImagesCoinbase s slid on Tuesday after the company announced a $2 billion private offering of convertible senior notes.s were last down more than 5%.
The decline occurred as investors adopted a risk-off stance on Tuesday and the three major averages declined.Stock Chart IconStock chart iconCoinbase s over the past monthCoinbase is now off more than 30% from its all-time high of $444.65, reached on July 18.
s popped in mid-July as legislators voted on a series of crypto-related bills, ending with President Donald Trump signing the GENIUS Act stablecoin legislation — the nation's first-ever crypto law.
s have been collapsing since then.s of the crypto-trading platform have been running hot since May.
That month, the cryptocurrency market started to lead the way back from the market's April 8 low, and Coinbase joined the benchmark S&P 500.
While investors remain optimistic on the crypto services company's long-term opportunity spects, some on Wall Street have warned it could be time to take some money off the table as the stock's momentum starts to wane.Last week, Citi hiked its price target to $505 from $270.
The analyst said Coinbase stands to gain from legislative momentum as well as stronger bitcoin prices and imved custodial fee revenue.An explosion in demand for crypto beyond bitcoin — particularly coins and companies in the Ethereum universe — are also widely viewed as a boon to Coinbase.Coinbase reported disappointing second-quarter revenue last week, causing investors to sell their s despite a stronger start to the third quarter.
Coinbase is still up 21% year to date.—CNBC's Adrian van Hauwermeiren contributed reportingDon't miss these cryptocurrency insights from CNBC : Jefferies sees Mike Novogratz's Galaxy Digital rallying another 20%Bitcoin could pull back with equities in the coming weeks, warns Piper SandlerEther is starting to outperform bitcoin – and further gains could be ahead for the crypto, charts show