Bitcoin price stabilizes, Coinbase shares plunge
For the month, bitcoin is off more than 19%
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Bitcoin's price stabilized at around the $31,000 level.
The cryptocurrency traded down for six straight days heading into Wednesday.
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Bitcoin is down more than 22% over that time.
Bitcoin illustration (iStock)
For the month, bitcoin is off more than 19% and down more than 33% year-to-date.
Other cryptocurrencies are showing signs of stabilizing as well.
Shares of Coinbase Global took a drastic hit in after-hours trading after the company missed estimates for first-quarter revenue and posted a loss.
Shares of the crypto exchange plunged 19% in premarket trading.
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Coinbase also reported a fall in trading volumes and forecasted an even bigger drop in the current quarter due to a decline in crypto asset prices.
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Bitcoin accounted for 24% of trading volume, up 16% from the prior quarter, but down 39% from a year earlier.
Coinbase reported a 35% slump in total revenue to $1.17 billion. The estimate was for revenue of $1.48 billion.
Coinbase CEO Brian Armstrong tweeted to calm investor concerns writing, in part, "We have no risk of bankruptcy… We believe our Prime and Custody customers have strong legal protections in their terms of service that protects their assets, even in a black swan event like this."
He added, "For our retail customers, we’re taking further steps to update our user terms such that we offer the same protections to those customers in a black swan event."
Trading volumes fell to $309 billion for the quarter ended March 31 from $335 billion a year earlier. Retail trading took a big hit, with volumes tumbling 38% to $74 billion, although the institutional side grew 9% to $235 billion.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| COIN | COINBASE GLOBAL INC. | 296.20 | -14.78 | -4.75% |
Net loss attributable to common shareholders was $429.7 million, or $1.98 a share, for the three months ended March, compared with net income of $387.7 million, or $3.05 a share, a year earlier.
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Coinbase shares have shed 71% since their market debut last year though a direct listing.
Reuters contributed to this report.