Coinbase’s Grip on Crypto Faces Test in a Market That Won’t Slow Down

Coinbase is the closest thing crypto has to a blue-chip name: a booming exchange that joined the S&P 500 this year and at one point surged 69% to a $106 billion market value.

That streak just hit a wall. The stock plunged 17% last week after disappointing results, in its second-worst post-earnings drop. Analysts question whether Coinbase can keep using its pricing power to defend margins, without ceding ground to lower-cost rivals.