The cryptocurrency market declined more than 60% in 2022 amid a broader exodus from risky assets, but it rebounded 110% in 2023 as investor sentiment improved, in part because of excitement about the possible launch of spot Bitcoin ETFs. That volatility hit Coinbase Global ( COIN 2.49% ) particularly hard in both directions. After tumbling 86% in 2022, the stock soared 391% in 2023.