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Coinbase Global Inc. fell to an all-time low

Coinbase Global Inc. fell to an all-time low as big investors left the high-flying newcomers to the market. Operator of the largest US cryptocurrency exchange Coinbase Global Inc. saw a 7% decline to $ 250.52 a share on Thursday evening, for the fourth straight day, putting the stock at risk of going beyond the $ 250 reference price on a direct listing in April. The ETF, which tracks newly listed stocks, plunged on the eighth day, the longest fall since 2015. Virgin Galactic Holdings Inc. and Opendoor Technologies Inc. – Companies that entered the market through offers for blank checks lost even more than 5%. As the director of research at FBB Capital Partners, Mike Bailey, said: “We saw a mini-bubble in SPAC, IPOs, cryptocurrencies, clean tech and hyper-growth in late 2020 and early 2021, and many of these asset classes are treating a severe hangover.” The decline in Coinbase comes as investors invest in highly speculative cryptocurrencies like Dogecoin and Binance Coin, tokens that the exchange does not offer. Most of its traffic came from bitcoin trades, but the price of the largest cryptocurrency held in a narrow range for several weeks. On April 14, Coinbase started trading at $ 381 and then briefly surpassed the $ 400 mark. It is now down 22% from the day it closed. On April 13, Nasdaq set a reference price of $ 250 per share for Coinbase’s direct listing, a prerequisite for trading the stock, but not a direct indicator of the company’s potential market capitalization. Oanda Senior Market Analyst Edward Moya said, “What really hurt Coinbase is that now that direct listing has become popular, you see expectations that other exchanges will join. It is believed that in the short term, this could be so good for Coinbase. ” In any case, such a decline in the shares of the largest US cryptocurrency exchange Coinbase Global Inc. it will be very attractive for many investors to add these shares to their portfolio, as the demand and interest for cryptocurrencies is growing, and therefore, the purchase of such shares in the medium term will bring very good profit. – Source: InstaForex

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