Market Spotlight: Coinbase Collapses on Q1 Earnings Miss

market-spotlight:-coinbase-collapses-on-q1-earnings-miss

Coinbase In TroubleShares in leading crypto exchange Coinbase are falling even faster this week. Amidst the broader stock plunge we’ve seen recently, linked to hawkish Fed expectations, coin base shares have been falling rapidly. Shares in the company are now down around 80% on the year as crypto volumes have sunk on falling crypto prices. With the main crypto coins all seeing heavy losses, many amateur investors and crypto chasers have been leaving the space, driving an exodus of funds from crypto exchanges.This week, Coinbase releases its quarterly figures for Q1 which underscored the weak performance over the recent period. Earnings per share came in at -$1.98, strikingly below the $0.08 EPS Wall Street was looking for. Similarly, revenues were lower than expected at $1.166 billion versus $1.5 billion expected. Near term, with US rates moving higher and risk assets under pressure, including cryptos, Coinbase looks set to fall further.Technical ViewsCoinbaseFollowing the breakdown through the last key support at 110.37, Coinbase shares are now testing the bear channel low. With both MACD and RSI bearish, the focus is on a further push lower near term. Should bulls manage to recover the 110.37 level, 154.35 and the channel top become the next resistance zones to note.

Source: Tickmill

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