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Crypto exchange Coinbase posts loss as trading volumes plunge

Adds trading volumes, share movement, background Aug 9 (Reuters) - Coinbase Global Inc COIN.O reported a loss for the second quarter on Tuesday, hurt by a plunge in trading volumes as this year's rout in risky assets curbed investor appetite for trading in cryptocurrencies. Shares of the company were down 6% in extended trading. Investors have dumped speculative assets from stocks to crypto this year on fears that aggressive central bank policy tightening could tip the U.S. economy into a recession. That has sent bellwether token bitcoin lower and forced several companies in the sector including Coinbase - which earns the bulk of its revenue from trading fees - to cut jobs. Trading volumes slowed to $217 billion in the second quarter ended June 30, from $462 billion a year earlier when crypto's march to the mainstream attracted interest from traders. Coinbase posted a net loss of $1.09 billion, compared with a profit of $1.61 billion a year earlier. One of the largest cryptocurrency exchanges in the world, Coinbase has seen its market valuation decline more than 60% so far this year. (Reporting by Mehnaz Yasmin in Bengaluru; Editing by Aditya Soni) ((Mehnaz.Yasmin@thomsonreuters.com;)) The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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