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COIN Stock Alert: Coinbase Falls on Reports of Withdrawal Delays

Skylar Shaw

Sep 02, 2022 14:38

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The recent run for Coinbase (NASDAQ:COIN) shares has not been smooth, and things aren't looking much better on Thursday. The announcement that the business is now looking into a network problem that is delaying deposits and withdrawals sent the price of COIN shares down around 5% for the day.


The organization said yesterday that it has resolved delays "in processing ETH/ERC-20 deposits on Coinbase.com and Coinbase Pro." Without giving much information, it is now experiencing a different problem with another outage.


Of course, having problems today is not a good thing. Prices for Bitcoin (BTC-USD) are falling, and the whole market is also suffering.


Coinbase has been having trouble overall. Shares have lost almost 75% of their value thus far this year, with a 90.5% loss from peak to trough. In spite of the fact that COIN stock had risen from its 2022 low, almost doubling at one time, it has suddenly dropped by about 50% over the last four weeks.

What Will Happen to COIN Stock?

The business announced its second-quarter profits on August 9. As sales decreased by more than 60% year over year, Coinbase fell short of revenue and profit projections. Since then, COIN stock has been under pressure and has decreased in 13 of the last 18 sessions.


However, according to JPMorgan analyst Kenneth Worthington, Coinbase received some positive news a few weeks ago. According to him, Coinbase will "meaningfully benefit" from the Ethereum Merge.


According to daily trade volume, Worthington said that Coinbase is America's biggest bitcoin exchange. He thinks that because of the company's excessive exposure to Ethereum, it is well-positioned for a greater revenue potential (ETH-USD). With regard to ether assets, Coinbase has "a bigger market share (15%) than the 7% share it holds in the broader crypto ecosystem."


Additionally, he predicts that "incremental yearly staking income from the ether merging will be $650M assuming an ETH price of $2K and a 5% ETH return"

Of sure, this is a plus, but does it really matter?

Currently, it is probable that investors will pay attention to the equity bear market, Coinbase's price movement and financial results, and the development in cryptocurrencies. Although Worthington's claim could be valid, the current trend is alarming.

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