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

Coinbase's stock has declined over 60% in the past year due to macro headwinds, including expected interest rate hikes that cool the crypto market. The company faces intense competition from Binance and traditional brokerages, regulatory uncertainty around stablecoins, and back-to-back quarterly losses. Despite reasonable current valuations, the analyst expects further declines until interest rates stabilize and regulatory clarity improves.