It hasn’t been an easy year for Coinbase Global (COIN -2.79%). Shares are down over 80% from their 52-week high and 75% year to date. The innovative company has a “first mover” advantage in the nascent cryptocurrency industry and serves as a “stand-in” with institutional investors, which worked in its favor while the price of Bitcoin (BTC -4.57%) and other cryptocurrencies surged in late 2020 and through 2021. But as Bitcoin and other cryptos have fallen from their all-time highs, investors have soured on Coinbase as well.
