The punishing decline of Coinbase Global's stock brought the company's market value lower than $10bn on 21 November for the first time since the cryptocurrency exchange went public last year.

Coinbase shares declined 8.9% on 21 November, pulling the stock's market capitalisation down to about $9.36bn. That's a far cry from the peak market capitalisation of $76.9bn that Coinbase achieved on 9 November 2021, according to Dow Jones Market Data.