Coinbase and Circle Plunge 69% and 72 From Peaks as Crypto Stocks Vastly Underperform Tech

According to Cointelegraph, on June 28, Coinbase and Circle have declined 69% and 72% from their respective all-time highs, significantly outpacing losses among major tech stocks like Oracle, Salesforce, Netflix, and Palantir, which have retreated 48%-57%. In comparison, the S&P 500 has fallen only 3.5% from recent highs.

Coinbase's first-quarter results fell sharply below Wall Street expectations, with revenue declining 21% sequentially and the company posting a loss of $1.49 per share against analyst forecasts of $0.27 earnings per share. Bitcoin has broken below $60,000 this week, down over 54% from its October peak, while Ethereum has fallen to around $1,500, representing a 69% decline from last year's high.