The crypto market has been in a slump this year, suppressing Coinbase even further.Competition is fierce, with Binance recently surpassing COIN for having the most BTC of any exchange.Despite the announced layoffs of 1,100 employees, the improvement in operating margins from lower labor costs will be offset by trading fees margin compression.Despite the high uncertainty, the recent drop has justifiably priced in the regulatory scrutiny and relevant risks, suggesting a favorable risk/reward profile at current levels.Investment ThesisToday we explore Coinbase Global, Inc. (COIN), as it has been an attractive investment lately, considering its cheap valuation. Undoubtedly, COIN moves in tandem with Bitcoin (BTC-USD) and investors in the stock effectively bet on the crypto market. Indeed, short-term fluctuations and volatility in the crypto market translate into more fees for the company, while a strong bull run remains a strong catalyst boosting the stock price.Indeed, prices have been in a slump year to date, and COIN has crashed by 77%, while BTC only reported a drop of nearly 55% YTD. Even though it's not yet safe to call a market bottom, the recent news of the SEC investigation has sufficiently reflected in the stock price. Therefore, COIN has entered the buying zone and now earns a speculative buy rating for the short term.Data by YChartsCrypto Market Outlook 2022After a bull run during which the crypto market cap reached $2...
