One of the major worries for investors is being covered up by Coinbase Global Inc.'s stock price doubling ever since the end of June: the largest US bitcoin exchange is losing momentum.
The market slump this year has reduced trade activity for all big exchanges, but Coinbase has been hit worse than some of its competitors. Retail users, who account for the majority of the company's revenue from trading, are not participating.
And Coinbase missed a trading-volume increase in May related to the demise of Luna, a cryptocurrency it didn't support, probably for the best since consumers may have shunned taking on risk. While this is happening, some of its rivals are promoting derivative items and providing reduced fees.