Coinbase and Circle Tumble 69% and 72 From Record Highs as Bitcoin Breaks $60K on June 28

According to Cointelegraph, Coinbase and Circle have plunged 69% and 72% from their all-time highs respectively, significantly outpacing declines in major tech stocks such as Oracle, Salesforce, Netflix, and Palantir, which retreated 48% to 57%. The S&P 500 index fell only 3.5% from recent highs by comparison.

Coinbase reported first-quarter revenues 21% lower than the previous quarter with a loss of $1.49 per share, far below analysts' prior expectations of $0.27 earnings per share. Bitcoin fell below $60,000 this week, down over 54% from its October peak, while Ethereum declined to approximately $1,500, losing about 69% from last year's high.