2024

COIN

Bitcoin

Shares of crypto exchange Coinbase Global (COIN) had their biggest single-day drop in over two years after its latest earnings missed analyst estimates amid a broader stock market decline.&nbsp;
Still, traders are confident that the stock will make a strong comeback in 2025.
On Oct. 31, COIN closed the trading day at $179.25, representing a 15.3% decline — its largest intraday drop since July 26, 2022, when the stock fell 21% amid a <a data-ct-non-breakable="null" href="https://www.bloomberg.com/news/articles/2022-07-26/coinbase-faces-sec-investigation-over-cryptocurrency-listings" rel="null" target="null" text="null" title="null">probe</a> from the United States Securities and Exchange Commission.
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 <img alt="Coinbase, Markets, United States" src="https://s3.cointelegraph.com/uploads/2024-11/0192e5e1-6301-7dc5-9fc0-729100ab879c" title="">
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 COIN has seen a 1.43% rebound in after-hours trading. Source: <a data-ct-non-breakable="null" href="https://www.google.com/finance/quote/COIN:NASDAQ?sa=X&amp;ved=2ahUKEwiQpY2VobqJAxUvxzgGHbY8Ai8Q3ecFegQIPhAX" rel="nofollow noopener" target="_blank" text="null" title="https://www.google.com/finance/quote/COIN:NASDAQ?sa=X&amp;ved=2ahUKEwiQpY2VobqJAxUvxzgGHbY8Ai8Q3ecFegQIPhAX">Google Finance</a>
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“Q1 and Q2 earnings next year will be ridiculous,” crypto trader Pickle <a data-ct-non-breakable="null" href="https://x.com/Pickle_cRypto/status/1851972733208248321" rel="null" target="null" text="null" title="null">told</a> their 16,100 X followers, while also saying, “everyone overblowing the Coinbase earnings call.” 
On Oct. 30, Cointelegraph reported that Coinbase Q3 2024 earnings fell short of <a data-ct-non-breakable="null" href="https://cointelegraph.com/news/coinbase-drops-after-hours-q3-2024-earnings-miss" rel="null" target="null" text="null" title="null">Wall Street analysts’ estimates by around 11%</a>.
<h2 id="traders-show-confidence-in-coin-performance">Traders show confidence in COIN performance</h2>
Pickle said, “Summer is the quietest period for all markets, crypto was chopping, and retail interest waned,” before forecasting that COIN is set for “$600.”
The exchange saw transaction revenues fall 27% quarter-on-quarter to $573 million — still, that was a 98% increase from Q3 2023.
Stock market commentator Geert Leysen <a data-ct-non-breakable="null" href="https://x.com/gleysen/status/1852078695608918205" rel="nofollow noopener" target="_blank" text="null" title="https://x.com/gleysen/status/1852078695608918205">pointed</a> out that COIN’s price is still “above the trendline,” forecasting that the stock’s performance is a “play on the rise” of Bitcoin (<a data-ct-non-breakable="null" href="https://cointelegraph.com/bitcoin-price" rel="null" target="null" text="null" title="null">BTC</a>).
<figure>
 <img alt="Coinbase, Markets, United States" src="https://s3.cointelegraph.com/uploads/2024-11/0192e5e6-de38-79d3-8f6c-2e5b681ad59f" title="">
 <figcaption style="text-align: center;">
 Source: <a data-ct-non-breakable="null" href="https://x.com/gleysen/status/1852078695608918205" rel="nofollow noopener" target="_blank" text="null" title="https://x.com/gleysen/status/1852078695608918205">Geert Leysen</a>
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Bitcoin was trading at $69,310, about 6.3% below its all-time high of $73,679 set in March. Traders are keeping a close watch on the upcoming United States election on Nov. 5, anticipating it could bring heightened volatility in either direction.
Meanwhile, pseudonymous crypto trader Cable <a data-ct-non-breakable="null" href="https://x.com/MrCable0x/status/1851192098189668759" rel="null" target="null" text="null" title="null">finds</a> it “wild” that COIN is still trading below its initial public offering (IPO) price of $250, the price at which the company went public in April 2021.
Oct. 31 was a tough day for the stock market overall, with financial analyst Andrew Lokenauth <a data-ct-non-breakable="null" href="https://x.com/FluentInFinance/status/1852105820479041720" rel="null" target="null" text="null" title="null">noting</a> that “over $950 billion was wiped out from the market.”
<h2 id="microstrategy-overtakes-coinbase-market-capitalization">MicroStrategy overtakes Coinbase market capitalization</h2>
Amid the stock market turmoil, traders recently took note of Michael Saylor’s MicroStrategy (MSTR) overtaking Coinbase in market capitalization.
Related: <a data-ct-non-breakable="null" href="https://cointelegraph.com/news/coinbase-armstrong-sec-criticism-united-states-elections" rel="null" target="null" text="null" title="null">Coinbase CEO wants next SEC chair to apologize for ‘damage’ done</a>
MicroStrategy holds a market cap of $49.5 billion, surpassing Coinbase’s market cap of $44.5 billion.
Bitcoin analyst Tuur Demeester recently told his 283,500 X followers that Coinbase vs. MicroStrategy “is a battle of two archetypes.”
“One is the fox who distracts himself with hundreds of strategies; the other is the hedgehog who knows One Big Thing. This is “crypto investing” versus “there is no second best,” Demeester wrote in an Oct. 9 X <a data-ct-non-breakable="null" href="https://x.com/TuurDemeester/status/1843713566811279629" rel="null" target="null" text="null" title="null">post</a>.
Magazine: <a data-ct-non-breakable="null" href="https://cointelegraph.com/magazine/ethsafari-brings-crypto-world-to-africa-and-africa-to-the-crypto-world/" rel="null" target="null" text="null" title="null">ETHSafari brings crypto world to Africa, and Africa to the crypto world</a>
This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.

Coinbase sees largest single-day decline in 2 years amid stock market wipeout

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