Coinbase experiences a 10% decline in value following its earnings report, marking its worst day in over a year.

On Thursday, the company's shares were under pressure following the release of weaker-than-expected earnings and a tepid revenue outlook for the current quarter.

Coinbase's stock dropped 10.6%, matching its biggest decline since June 2023, when it fell 12.1%. The broader market also contributed to the pressure on Coinbase.

As Bitcoin's price dropped, other crypto-related stocks also fell, with Bitcoin Mining Inc. reporting weak earnings on Wednesday and experiencing a 15% decline, while Bitcoin Mining Inc. and Bitcoin Mining Inc. slid 8% and 11%, respectively.

The price of Coinbase dropped 2% after briefly falling below its all-time high this week.

An analyst at JMP Securities, Devin Ryan, viewed the recent decline in crypto-related names as a temporary unwind and saw it as an opportunity for long-term investors to focus on Coinbase and Robinhood.

Ryan, with an outperform rating on Coinbase, stated that there will be a significant story in the space over the next couple of months, including the U.S. election and its consequences, as well as the recent increase in crypto prices and volume, which could impact fourth-quarter revenue if the trend continues.

"As stablecoin trading volume has increased, the blended take rate assumption will need to be recalibrated, and the fourth-quarter implied revenue guide may be a bit soft, according to him."

An analyst at Oppenheimer, Owen Lau, with a buy rating on Coinbase, attributed Thursday's drop to the possibility of subdued volume continuing and lower U.S. interest rates negatively impacting the growth of Coinbase's stablecoin revenue.