Coinbase: Worth A Nibble After Bitcoin's 40% Drop

Coinbase's performance is closely tied to Bitcoin, which accounts for 62% of total assets as of 1Q21.Volatility is a short-term driver of MTUs and trading volume, but it's Bitcoin that ultimately determines these revenue-generating metrics.As the reserved currency in the crypto world, Bitcoin may continue to be the dominant factor of Coinbase's financials.Business is largely unpredictable as no one knows where Bitcoin will be by the end of 2021, but current share prices may justify some nibbling.