Coinbase's Stock Drops as Regulatory Issues Worsen

Shares of Coinbase, the US-based cryptocurrency exchange, have fallen almost 30% over the past three weeks, amid heightened regulatory scrutiny of the cryptocurrency industry. On 2 May, Coinbase’s stock price dropped to $51 in after-hours trading, a significant decrease from its 2023 high of $84 on 21 March. The decline comes as the US Securities and Exchange Commission (SEC) continues to enforce its crackdown on the crypto market. The recent dip has been compounded by accusations of insider trading by Coinbase executives. Other US financial institutions, including PacWest and Western Alliance, have also seen significant losses in stock values this week.