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Coinbase app downloads decline amid crypto crash

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Yahoo Finance Live anchors break down the chart of the day.

Video Transcript

- Trip now four hour chart of the day. We're going to take a look at Coinbase this morning. Share is actually on the move as we take a look at a big story for this company total app downloads for the cryptocurrency exchange falling this year.

And, Akiko, this is coinciding with the massive spill in crypto that may have some perspective crypto flippers scared. And the reason for why this is something to watch is because the stock has dropped almost 80% year to date. That makes Doordash look good. And Goldman Sachs now says it expects to see shares fall even further to $45.

Shares of Coinbase now down almost 8% off of the Goldman Sachs downgraded, which, by the way, was this morning. But you take a look at those downgrade or rather the app download numbers, I mean, not as many people are interested in getting involved. Either buying or selling crypto at the moment.

- Well, I mean, it's a tough time to get into crypto if you're going to download the app. But I think that's an interesting number because we've been trying to get a sense of the retail trade as well. We often think about sort of retail traders and crypto going hand in hand.

And what we've heard on the retail side of things, retail traders who are still investing in equities, that drop off hasn't necessarily happened. They're just investing in different spaces.

- Volume is still high.

- The volume is still there. But Coinbase is all crypto, so that's, you know-- therein lies the challenge.

- Yep. Again, Goldman Sachs expecting to see revenue base falling 61% year over year.