Like a dance partner falling down, cryptocurrency exchange Coinbase (NASDAQ:COIN) is only as healthy as the underlying sector allows it to be. Unfortunately, with both blockchain-based assets and rival platforms imploding, the narrative imposes severe pressure on COIN stock. Therefore, it’s time for investors to wake up to the harsh reality. I am bearish on Coinbase. While hope springs eternal in the crypto sphere, those anticipating a reprieve in COIN stock may be found waiting indefinitely. Structurally, the underlying company finds itself in an incredibly tight spot. Unlike the stock market, the virtual currency arena doesn’t conveniently offer opportunities to trade both sides of the aisle.
