Coinbase (NASDAQ: COIN) saw a 31% decline in the first quarter of 2025, making it its worst quarter since the FTX collapse in 2022. 

The drop reflects broader struggles in the crypto market, with major cryptocurrencies also facing losses.

Bitcoin, which drives a lot of Coinbase’s trading activity, has fallen 20% from its January high of $107,180 to $87,000 by late February. Inflation concerns and proposed tariffs have added to market uncertainty. Currently, the price of bitcoin is around $85,000.

The broader crypto market has struggled, with Ethereum (ETH) dropping 45% since the start of the year. In March, Bitcoin’s price dipped 4% to $83,700, triggering a 7% drop in Coinbase stock.

Coinbase’s stock chart shows a descending broadening formation, a pattern that often signals more downside. The 50-day moving average is nearing a “death cross” with the 200-day moving average, a bearish indicator suggesting further losses.

Technical analysis suggests more downside, with a descending broadening formation and the 50-day moving average nearing a “death cross” with the 200-day moving average, both bearish signals.

Mizuho Securities lowered its price target from $280 to $217, which is 16% above the current price of $186.80. H.C. Wainwright remains optimistic, raising their target to $350, citing strong earnings and Coinbase’s growing market share.

Also Read: Govt. Should Allow User To Earn Interest on Stablecoins: Coinbase CEO