Coinbase Global posted a third straight quarterly loss on Thursday as a prolonged downturn in cryptocurrency markets dented its trading volumes, sending the digital-asset exchange’s shares 5.3 percent lower after the bell.

Cryptocurrency markets came under pressure during the April-to-June quarter as investors shunned riskier assets amid uncertainty over U.S. interest rates, geopolitical tensions and persistent outflows from crypto investment products. The weakness extended a retreat from record highs reached in October.

Coinbase’s transaction revenue dropped 21 percent to US$599 million during the quarter, from US$764 million a year earlier.

“This deep and sluggish crypto winter has continued to put pressure on Coinbase and regulatory…