Coinbase Stock Closes 32% Down from High as Bitcoin Pulls Back

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Avatar for tre_bor1989
3 years ago

$Coin close today at $291 per share, down from a high of $430.

After a second week of trading, shares in Coinbase have closed at $293.45. That's a 32% decline from its opening day high of $429.54 on its first day of trading.

Coinbase,the largest of US crypto exchange, debuted it's COIN stocks via direct listing on Nasdaq on April 14 at a price of $381, and quickly found buyers above the $400 mark before closing at $328. After recovering slightly mid last week,it's been a steady drumbeat downward since though the rate remains higher than the Nasdaq reference price offered before trading began.

Proir to Coinbase going public last week, analyst had speculated that the price of exchange's stock would likely be closely linked to the health of the crypto market. Today's action may have proven them right.

Crypto market lost a collective $400 billion in value based on market capitalization in the last week. Bitcoins, the market leadings coin dipped below $50,000 late Thursday night for the first time since early of March. It is currently trading just above the mark.

Meanwhile,the San Francisco based exchange yesterday added the controversial "dollar-pegged", stable coin Tether (USDT) to its pro trading platform. Tether has come under fire within the last few years oveur various allegations, including that the stable coin is used to manipulate the price of Bitcoin.

In February, Tether's parent company iFinex settled a fraud investigation launched by the New York State Attorney General's Office stemming from a nearly $900 million hole in the finances of the sister company Bitfinex , as weele it's connection to alleged Panamanian "shadow bank" CRYTO CAPITAL.

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