- Coinbase fell 15% Monday amid a broader crypto selloff.
- Cryptocurrencies lost billions and fell below a $1 trillion market cap.
- Investors are fleeing risk assets in light of Friday’s inflation report.
Coinbase stock fell as much as 15% Monday amid a broader crypto selloff that slashed billions from the total market value.
Shares of the popular cryptocurrency platform were changing hands at $49.73 at presstime. Coinbase stock is down 82% from the start of the year.
The largest crypto exchange in the US is battling a rout throughout the market that has pushed cryptocurrencies below a $1 trillion
. The latest cryptocurrency turmoil adds to an already frustrating 2022 for the market, which enjoyed a boom in 2021.
Coinbase made headlines in recent weeks when it rescinded several job offers via email over shifting market conditions, and said it expected a hiring freeze to continue into the “foreseeable future.”
Bitcoin, the largest cryptocurrency by market capitalization, tumbled as much as 17% Monday while Ethereum slipped 15%. Risk assets are proving less attractive after Friday’s Consumer Price Index report showed inflation rising at the quickest pace in 41 years. Bitcoin is often touted as a hedge against inflation akin to liquid assets like gold and silver.
Read More:Coinbase plummets 15% as broad sell-off sees billions wiped from cryptocurrency market cap