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Author: Alan LittleDate: 2022-04-07

Coinbase (COIN) slides 15% – what’s in store for this crypto giant?

The world’s most popular crypto platform faces market scepticism as it eyes expansion – will Coinbase’s (COIN) falling share price hold it back?

Coinbase (COIN), the world’s most popular cryptocurrency trading platform, faced a tough week on the NASDAQ exchange as traders appeared sceptical of its long-term prospects.

In the last 24 hours, COIN is down 5.8%, having taking a sizable 15.4% tumble over the last five days.

This, of course, comes in addition to the 33.8% fall it has experienced over the course of the last year.

Given that both cryptocurrencies and cryptocurrency business have had a rough time in the open markets this year, this tumble might not necessarily seem out of the ordinary.

However, some industry analysts are viewing Coinbase’s stock price woes as a response to its longer-term strategy, which has not done much to instil confidence in traders.

Coinbase recently announced plans to launch a marketplace dedicated to non-fungible tokens (NFTs), which signalled its long-term commitment to this technology.

This service will be kept separate to the crypto trading platform and will allow users to mint, collect, discover and showcase NFTs in one central digital location.

Unfortunately for Coinbase, however, NFTs have been having a bit of a rough time of late, and have failed to keep up the momentum they experienced earlier in the year.

According to one report, the NFT marketplace OpenSea has seen just shy of a 20% decline in user activity over the last month, with a 22% fall in internal transaction volume.

These sorts of figures have got traders questioning whether Coinbase’s plans to go deeper into the NFT game have struck a wrong note.

It remains to be seen whether this gamble, which will reportedly cost Coinbase $300m, will pay off given how the NFT market has cooled.

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