Coinbase Plummets Over 4% as Competition Fears

Coinbase, the largest cryptocurrency exchange in the United States, which had been rallying daily since the recent passage of a stablecoin-related bill in the U.S. Senate, plummeted by more than 4% today.
On the 1st (local time) in New York, Coinbase fell 4.33% to $335.33.
Yahoo Finance is the latest company to announce that it has acquired Kraken, a cryptocurrency exchange.
The analysis said that this is due to intensifying competition, with the announcement of the launch of a new P2P payment app by Yahoo! Shopping. In addition, the US Senate passed a stablecoin bill, which has led to an increase in the number of cryptocurrency-related companies.
The report said the recent market has shown typical signs of overheating, with stock prices of cryptocurrencies and cryptocurrencies soaring. Coinbase appears to have plummeted by more than 4% on the day due to concerns about overheated competition.
Despite the drop today, Coinbase has surged 36% over the past month, the best performance among S&P 500 stocks over that period.
It also hit an all-time high on the 26th of the month.