The stock was down by as much as 6.5%, even as the overall cryptocurrency market reached new all-time highs.

Shares of Coinbase Global Inc. tumbled to fresh lows on Thursday, as Wall Street investors continued to cycle out of high-flying tech stocks. The cryptocurrency market, meanwhile, reached a record valuation over $2.4 trillion. 

COIN stock bottomed at $255.15, where it was in danger of”>breaching the $250 reference price on the eve of its public listing on Apr. 14. After an”>explosive debut, COIN has been on a downward trajectory. The company now has a total market capitalization of $48.7 billion, which is roughly half of the $100 billion top it achieved last month.

Coinbase’s volatile post-IPO journey. | Chart: TradingView

Mike Bailey, director of research at FBB Capital Partners, told Bloomberg that the selloff of Coinbase was largely due to the formation of a “mini-bubble” that is now in the process of bursting. He explained:

“We saw a mini-bubble in SPACs, IPOs, crypto, clean-tech and hyper-growth in late 2020 and early 2021 and many of these asset classes are nursing bad hangovers.”

However, Bailey’s assertion that crypto is nursing a ‘bad hangover’ is misplaced, given the relative outperformance of the asset class this year. Since January 1, the cryptocurrency market has more than tripled, with the likes of Bitcoin (”>BTC), Ethereum (”>ETH) and many other leading altcoins hitting fresh records.

Of course, crypto is not without extreme price volatility. The market shed hundreds of billions of dollars between Apr. 17-23 as”>Bitcoin slipped to around $47,000, a key level of support. A swift recovery brought Bitcoin back above $50,000 and eventually $57,000, where it currently resides.

COIN’s selloff in recent days mirrors a similar decline in the technology-heavy Nasdaq Composite Index. The Wall Street benchmark index has recorded five consecutive declines and is down in seven of the last eight trading sessions. After closing at a record high of 14,138.78 on Apr. 26, the Nasdaq Composite has declined over 4%.