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Coinbase actions (corner), the greatest crypto exchange in the United States, faced significant declines during the first quarter (T1) of the year, mainly due to the climbing of concerns concerning the US economy and its impact on digital assets.
Coinbase and others are faced with increased volatility
According to For Bloomberg, Coinbase actions have dropped more than 30% since the start of the quarter, marking its worst performance since the collapse of the FTX exchange at the end of 2022.
This decrease reflects a broader trend affecting almost all the main actions related to cryptography, including societies like Galaxy Digital Holdings (GLXY.TO), Riot Platforms (Riot) and Core Scientific (CORZ).
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The cryptocurrency market itself experiences disorders, Bitcoin (BTC) falling greater than 20% of its top of all time and Ethereum (ETH) falling by more than 45% in value.
These changes come in the middle of the president Donald Trump’s escalation From a “world trade war”, which aroused fears concerning the health of the country’s economy. Economic data has exacerbated these concerns, pushing the S&P 500 index (GSPC) to its worst quarter since mid-201.
Oppenheimer’s analyst Owen Lau noted that many within the cryptocurrency community recognize that current market conditions are not mainly motivated by fundamental factors. Instead, Lau stressed that macroeconomic problems – such as prices and potential trade war – considerably influence the feeling of investors.
The imminent threat of a recession would have added to the discomfort, which makes stocks linked to cryptography at risk more at risk even more volatile than Bitcoin itself.
Lau explains that investments in companies like Coinbase have additional risks, including bankruptcy potential, which makes them particularly sensitive to fast sales.
The cryptocurrency market is struggling to bounce back
The current state of the cryptocurrency market contrasts strongly with the optimism that prevailed at the start of the year, after the election of Trump. Bitcoin reached a record of more than $ 109,000 on the day of the inauguration.
Earlier this month, Bitcoin prices have dropped After Trump announced a strategic reserve for the main crypto of the market, but did not allocate taxpayers’ funds to extend it. Currently, Bitcoin is negotiated at around $ 83,000, still above the pre-electoral levels but far from its peak.
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While the actions of various companies linked to cryptography jumped after the elections, minors Coinbase and Crypto have since given up these gains. In particular, Michael Saylor Strategy (MSTR) is one of the few actions in the sector that have managed to stay in positive territory since November 5.
Despite the slowdown, the cryptocurrency industry continues to gain an influence in Washington and approaches integration with traditional financial systems. However, this growing power has not yet translated as a rebound on the market.
Connor Loewen, an cryptocurrency analyst at 3iq, expressed his skepticism about the current state of the feeling of investors, declaring: “What we saw a few months ago, I don’t know how crazy it can get crazier than. I think we will have to have new catalysts. ”
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