Coinbase (COIN) shares in further correction after reporting mixed earnings results on Thursday
Amid the crypto correction led by Bitcoin (BTC), Coinbase Global Inc. (NASDAQ: COIN), the largest cryptocurrency exchange in the United States by registered users and average daily trading volume, has been unable to establish a possible reversal pattern. Having reached a high of around $272 last month, COIN shares have been caught in a downtrend over the past two weeks.
COIN shares have fallen more than 20 percent in the past two weeks, trading at $218 in Friday's pre-market session, according to recent data. This steep decline highlights the stock's current struggles.
From a technical perspective, COIN shares are showing a potential double top pattern on the weekly chart with a bearish divergence on the Relative Strength Index (RSI). This suggests that if the price of Bitcoin continues to decline, COIN shares may experience more significant losses soon.
Quarterly earnings report: A mixed bag
Thursday on coinbase 
Coin base [email protected] centralized exchange 
Global reported its second quarter earnings results. According to the report, the crypto exchange's total revenue reached $1.45 billion, beating the $1.4 billion expected by analysts surveyed by FactSet.
However, the crypto exchange reported adjusted EBITDA of $596 million compared to $607.7 million estimated by Wall Street analysts.
Are investors worried?
Before Coinbase reported its quarterly results on Thursday, Cathy Wood's Arch Investments unloaded 69,069 COIN shares, worth about $14.8 million.
Notably, the company has sold COIN shares despite receiving digital assets from institutional investors. In addition, Coinbase played an important role in the approval and listing of SpotEther and Bitcoin ETFs in the United States, specifically providing liquidity and protection.
Also Read: AAVE Coin Value Skyrockets 19%—What's Behind Growth Amid Crypto Market Crash?
The crypto market is volatile. Only time will tell if these trends will continue.
