Robinhood and Coinbase shares fall to their lowest levels ever
CNN
The bloodbath in the cryptocurrency market is taking a gigantic toll on online brokerage stocks Robinhood and Coinbase. Shares of both companies, which each went public last year, slid Monday to new all-time lows.
Robinhood was down 1% in afternoon trading but was well off its earlier lows. The stock is down nearly 30% already this year and is about 85% below its record high. Coinbase, which fell 2% Monday, has plummeted more than 25% in 2022 and is now about 60% off its peak price.
Bitcoin prices, which did rebound slightly Monday, have dropped nearly 25% this year and are about 50% below their all-time high from November. That hurts companies like Robinhood and Coinbase, which allow traders to buy and sell bitcoin, ethereum and other digital currencies.
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