Crypto stocks continue recovery after brutal week

The share price of both financial services company Galaxy Digital and cryptocurrency exchange Coinbase showed signs of resilience as markets opened this morning after a difficult week for crypto stocks. 

Last week, Coinbase plummeted to its lowest level ever with shares trading hands at $162. At the same time, Galaxy Digital’s stock hit $11—a decline of more than 60% from all-time highs. 

Friday’s recovery spilled into Monday morning with Coinbase shares up more than 4.6%, while shares in Galaxy Digital were trading hands up 2.0%. 

This could be the first sign of recovery amidst a wider lack of investor confidence in crypto or crypto-adjacent stocks as the value of digital assets has dropped. 

The recovery for Coinbase comes despite calls by some analysts that its stock is overpriced, citing a “crypto desert” alongside trading-fee compression. Last week, a Mizuho analyst poured cold water on the stock price of the cryptocurrency exchange, cutting its price target to $220 from $300.