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The sell-off hits the cryptocurrency exchange Coinbase

Coinbase-Logo an der Nasdaq

Shares of the cryptocurrency exchange have lost more than 80% from its record in November 2021.

(Photos: imago images / UPI photos)

Dusseldorf Growing investor skepticism towards digital currencies like Bitcoin isn’t just causing prices to drop. Companies like US cryptocurrency exchange Coinbase are also posting significant losses – the company posted a net loss of $ 429.7 million in the first quarter. Coinbase announced this on Tuesday evening after the market closed. In the same period last year, the company had made a profit of $ 387.7 million.

Revenue fell 27 percent from $ 1.60 billion to $ 1.17 billion in the first quarter. On average, analysts had only expected a decline to $ 1.48 billion. Trading volume fell to $ 309 billion from $ 335 billion in January-March, and the number of monthly active retail investors fell to 9.2 million from 11.4 million in the fourth quarter.

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