Coinbase loses half its value in a week as crypto slumps

By MATT OTT
AP Business Writer

SILVER SPRING, Md. (AP) — Cryptocurrency trading platform Coinbase has lost half its value in the past week. That includes its biggest one-day drop to date on Wednesday as the famously volatile crypto market weathers yet another slump. Coinbase reported a $430 million net loss in the first quarter, or $1.98 per share, on declining sales and active users. Analysts expected profit of 8 cents per share. It’s unlikely those results surprised investors — Coinbase shares declined 43% in the four days leading up to their earnings release Tuesday. On Wednesday, its shares fell 26% to $53.72 per share. On the day the company went public just 13 months ago, prices hit $429 per share.