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The collapse of FTX has put a lot of pressure on the second largest exchange by volume.
The company's shares fell nine percent on Monday. Two-year lows have been hit this week by major cryptocurrencies.
This is the lowest share price since April of 2021. The company's market cap has fallen from $85 billion to below $10 billion.
The future of the industry is in question. The company was forced to lay off 18 percent of its workforce this summer.
The news comes after the collapse of rival exchange FTX, which wiped out a $32 billion valuation in a matter of days. The collapse sent ripples throughout the industry, with a rival exchange poised to file for bankruptcy.
The leadership of the company has been trying to calm investors. The exchange doesn't have any material exposure to FTX, according to an op-ed written by the CEO.
A lot of people are losing a lot of money because of FTX's struggles.
Analysts are cautious of another disaster.
"We feel confident that Coin is not another FTX, and that's what we wrote in our note," said analyst. "But that doesn't mean they're immune from the wider ramifications of the coin."
How low is the industry going to go?
According to The Wall Street Journal, Genesis, faced with the possibility of a Chapter 11 filing, asked for a rescue from Binance.
The person said that they did not choose to invest.
The investors are afraid of the FTX collapse.
According to reports, the SEC is investigating the company.
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