Coinbase (COIN) is down 32% since its IPO. The losses have intensified in recent days due to weakness in bitcoin. Is it time to buy the dip or is this the beginning of a bearish trend in cryptocurrencies?.Coinbase (COIN) is generating plenty of hype following its IPO. COIN was priced at $328 on April 14. The stock has slid all the way down to $239 in a little more than a month. Though COIN temporarily came back to life in the second week of May, it has been sliding since. The famed fund manager, Cathie Wood, of ARK Investment Management, invested nearly $600 million in COIN when it first hit the market. However, this has been a bad year for Cathie as her ARK ETFs and COIN splurge have underperformed across the initial five months of 2021.
Now that COIN has dipped below $250, it is fair to ask if the stock is worthy of an investment. Let’s take a look at whether this is the right time to buy COIN.
COIN Background