Is Coinbase Stock A Buy As Cryptocurrency Price Drops?

Coinbase is not only facing macroeconomic challenges, but also the threat of competition.To evaluate the possibility of a reversal in Coinbase stock, an investor needs to understand the reasons behind the recent decline in stock price.Coinbase may have to take bold decisions to come out of this challenging period, but that is not a bad thing for investors focused on the long term.Crypto prices continue to plummet, wiping all the gains in recent history. Because Bitcoin was the best performing asset class in 2020, coming into 2022, many investors assumed crypto prices will hold ground despite the challenges facing the global economy. As we now know, these investors have already been proven wrong. I could never make up my mind to invest in cryptos and other digital assets although I always believed - and still do - that cryptocurrencies will have a bright future in the long run although these digital assets might not survive in this shape and form. This is why I always thought it made more sense to invest in Coinbase Global, Inc. (COIN) to get indirect exposure to the crypto industry without having to bear token-specific risk. COIN stock got off to a good start after debuting on Nasdaq and this did not help me at the time, but with stock prices down substantially YTD, the time seems right for me to consider investing in Coinbase stock once again.Why Has Coinbase Stock Been Dropping?Coinbase stock is down 80% this year, mirroring...