Coinbase Is Down More Than 60% Over the Past 12 Months. Here's Why I'm Bearish on COIN Stock.

Coinbase Global (COIN) has dropped more than 60% over the past 12 months, weighed down by macro headwinds and company-specific challenges. The Motley Fool analyst points to expected interest rate hikes cooling the broader crypto market as a primary driver of the decline.

The exchange faces mounting competition from Binance and traditional brokerages pushing into digital assets. Regulatory uncertainty around stablecoins adds another layer of risk, while Coinbase has posted back-to-back quarterly losses. The analyst maintains a bearish stance despite what they describe as reasonable current valuations, citing the need for stabilization in interest rates and clearer regulatory guidance before turning constructive.

The confluence of macro pressure and operational headwinds creates a challenging setup for the stock. Rate hikes historically compress risk-asset valuations, and crypto remains particularly sensitive to monetary tightening. With no immediate catalyst for resolution on either the Fed or regulatory fronts, the analyst expects further downside.